Mizuho’s TCA product is designed to help users understand how their orders were executed against various benchmarks by using customisable reporting tools. It also allows users to: audit smart order routing executions, visualise trading costs across time to identify trends and schedule reports to run automatically. The firm can process parent orders, child orders and fills, and offers services for firms that want to audit third-party broker executions.
Asset classes and markets
Mizuho currently supports TCA for Japanese and Hong Kong equities. Stocks listed on the Singapore Exchange and Australian Securities Exchange will be added in the near future.
Mizuho offers common benchmarks used in Asia (such as open, close, previous close, arrival price, VWAP-based benchmarks etc) as well as more advanced benchmarks e.g. participation weighted price. The firm can also offer customised benchmarks that best suit our client’s needs.
Reports can be generated via a web browser accessible for clients worldwide on a T+0 basis. The most common formats are supported (e.g. Adobe PDF, PowerPoint, Excel, rich text format). Reports are customisable and can contain flow summary details as well as a detailed view of each order execution.
Mizuho can assist clients in benchmarking their orders to identify causes of slippages and suggest some enhancements to their trading strategies.
Mizuho’s pre-trade analysis product, StockView, assists clients with algorithm selection before order placement. It provides intraday monitoring of stocks against historical profiles and provides visualisation of historical data to research trends and spot anomalies.
Following client feedback, Mizuho plans to expand the market coverage of its TCA services.