Refinitiv adds TCA to FXall electronic trading platform

FXall has added Trade Performance Analytics for assessing historical trade data to help meet best execution requirements. 

Refinitiv, formerly Thomson Reuters Financial & Risk, has launched analytics for trading performance on its foreign exchange (FX) electronic trading platform FXall.

Known as Trade Performance Analytics, the service acts similar to transaction cost analysis (TCA) providing traders with the ability to assess historical trading data with comparisons of liquidity providers and data visualisation technology. 

“We developed Trade Performance Analytics to help FXall users gain a better understanding of the transaction costs they incur during the normal course of their daily trading, and enable them to have more meaningful conversations about pricing with their liquidity providers,” Jill Sigelbaum, head of FXall at Refinitiv, commented.

Refinitiv also said that as regulation and heightened conduct standards, market participants are paying closer attention to their FX execution performance. The TCA tool on the FXall platform was also developed to offer greater transparency and to improve traders’ abilities to meet best execution requirements.

The multibank FX trading platform currently has a client base of more than 2,300 clients and 180 FX banks and alternative market makers. Refinitiv stated that the TCA has initially launched for FXall users only, and it will be upgraded to include other Refinitiv trading venues.   

“Trade Performance Analytics differentiates itself by utilizing Refinitiv’s powerful FX data to deliver a comprehensive analytics solution that is seamlessly tied to the trading workflow,” Sigelbaum added. 

Thomson Reuters established the Refinitiv business following the sale of a 55% stake in its Financial & Risk company to private equity firm Blackstone. The company’s flagship Eikon and Elektron desktop services continue to be a pivotal part of the business.