-TradeSpex Portfolio - Portfolio management and trade implementation assistance with optimisation, risk analysis and trade scheduling. Manages full single-day TCA against a wide variety of benchmarks.
-TradeSpex Execution Review - Post-trade performance analysis and reporting. There is advanced filtering allowing reports to be configured based on various criteria - date ranges, flow type, algorithmic strategy and exchange for example. The application includes detailed smart routing performance analysis showing where orders are placed, executed and passive/aggressive ratios. The product is updated in real-time during the trading day.
-TradeSpex Alerts - Configurable live messaging and alerts service for intra-trade monitoring.
-TradeSpex Liquidity Monitor - Tracks equity trading globally showing details of which venues trade how much volume, which provide the most competitive prices and detailed intraday details.
Asset classes and markets
Nomura’s TradeSpex team provides TCA across a variety of asset classes globally, for both developed and emerging markets. The underlying framework supports equities, equity index futures, ETFs, warrants and American depositary receipts.
The raw analysis is matched by a global team of salestraders and quants that can provide client consultancy on the relevance of results and suggestions.
Analysis is both performed at the worked-order level and the execution level against a substantial list of both industry standard and proprietary benchmarks. Specific analysis of the toxicity of dark venues is available, both market wide and on clients’ order flow. On-the-day reports are returned from the TradeSpex Portfolio product.
The type of report varies depending on client requirements but TCA is provided systematically for trading with Nomura and both on-demand and at preagreed times for bespoke third-party reports.
The post-trade consultancy matches the pre-trade analyses available from TradeSpex. These cover everything from straightforward liquidity analysis to trading segmentation analysis, hedging portfolios, wide ranging portfolio construction optimisations, trading cost estimation (including close impact models) and a suite of risk analytics.
Over the next year TCA at Nomura will focus on expanding asset class coverage as well as providing much more information intra-trade allowing clients to react more quickly to changing market conditions.