BestExHub shuts down operations after nearly five years

Following ongoing changes in the regulatory landscape, the two co-founders have decided to close operations and will cease to provide the firm’s data API offering.

BestExHub, a platform developed to analyse Mifid II best execution quality reporting data, has decided to wind up its operations after four years.

In a social media post announcing the close of BestExHub, co-founder Daniel Mathews said: “Six years ago, I met the head of trading at a large asset manager who explained some of the challenges they would face trying to make sense of new best execution reporting under MiFID II. These were the seeds of what was to become, BestExHub.”

Mathews, alongside co-founder Chris Lees, set out to create a platform to consolidate best execution reporting data from more than 500 investment firms and 100 venues.

The platform offered clients an application programming interface (API) to query data as well as equipping them with analytics tools. With the growing realisation of the value of data, BestExHub’s client base grew steadily to include trading venues, asset managers, banks and liquidity providers.  

However, with ongoing changes in the regulatory landscape and with best execution in the ‘firing line’, Mathews and Lees decided to close operations of BestExHub and to instead seek new solutions to new challenges that are being presented.

“Thank you again to our clients, and specially to those who had faith in us to carry out our vision from day one. I have been overwhelmed by the support, client feedback and best wishes,” added Mathews.

Moving forward, Lees will continue to build tools that help firms automate client onboarding at FixSpec, a company he founded.

Meanwhile, Mathews re-joins MarketAxess Post-Trade (formerly Trax) as APA product manager, where he will develop solutions to combat challenges that Mifir II/Mifid III and the UK Wholesale Market Review will present, as well as building the next generation of post-trade transparency services.