The Tradetech Daily

Mizuho Securities

Mizuho Securities

Mizuho Equity TCA is an application that allows clients to conduct pre-trade and post-trade analysis of their Japanese equities trades. The post-trade tool provides users with a post-trade execution analysis for all flow including single stocks, program and electronic trading to help assess execution quality and assist in making improvements to the trading process.

The execution summary will look at parent order level execution data for single stocks, program trading, DMA and algo orders. The transaction cost analysis can also look at the child order level.

Benchmarks

Available benchmarks include VSOT, previous close,
open, close, arrival price, day VWAP, AM VWAP, PM VWAP, as well as bid-offer
spread, participation rate, smart order router (SOR) breakdown, SOR savings,
reversion metrics.

Reporting & consultancy

Post-trade reporting is available via application
or e-mail using a pdf or an Excel attachment after the close. Reports compare
the execution with all (or selected) benchmarks above, grouped by flow type,
side, market cap, participation rate, sector and names. Reports can be delivered
daily, weekly, monthly or for a specified time period.

Based on the post-trade analytics offered by our Equity
TCA, we provide consultancy depending on specific client needs. We discuss
elements that are impacting the overall performance of the execution and
suggest options to minimise execution costs while reducing slippage versus the
client benchmark.

Future plans

Mizuho plans to continuously enhance pre-trade
analytics for stock baskets, enabling users to easily upload a basket from an
excel sheet and consider options in his/her trading style. Future enhancements
to post-trade capabilities will allow users to create their own custom formats
and will include more quantitative benchmarks to break down the cost of
execution.