State Street and FlexTrade are the latest firms to sign up for trading software provider BestX’s transaction cost analysis (TCA) for foreign exchange activities.
The execution venue at State Street, FX Connect, has integrated the software in order to provide TCA services to its global client base.
FX Connect provides a platform for institutional trading firms that require management of multiple portfolios, best execution and operational risk from pre- to post-trade.
“With a continued emphasis on best execution driven by regulation, market participants are increasingly looking for holistic solutions to be compliant,” said David Newns, head of execution solutions for Global Link, State Street’s suite of e-trading platforms, technology, data and workflow services.
Similarly, FlexTrade has incorporated the TCA tool into its execution management system (EMS), FlexTRADER EMS, meaning users can monitor and analyse performance in real-time.
FX trades executed within the EMS at FlexTrade can now be transferred to BestX for analysis, helping firms to meet best execution requirements under MiFID II.
“With MiFID II legislation now in full effect, clients are focused on ensuring that meeting regulatory requirement doesn’t create additional work for the trading desk,” Marek Lewandowski, FX sales director at FlexTrade UK, commented.