Thomson Reuters brings TCA to FX buy-side by partnering with BestX

Trades on FXall and FX Trading will be automatically sent to BestX for post-trade transaction cost analysis.

Thomson Reuters has partnered with BestX to provide its FX buy-side clients with transaction cost analysis (TCA), ahead of best execution requirements under MiFID II.

FXall and FX Trading desktop users will gain access to TCA with trades now being automatically sent to BestX for post-trade analysis.

The partnership was in response to MiFID II and the Global FX Code which defines conduct and requirements of all market participants, including the increasing need for buy-siders to prove best execution.

Neil Penney, co-head of trading at Thomson Reuters explained the partnership with BestX will bring its clients “improved capabilities while eliminating the integration work they would otherwise have to perform themselves.”

Thomson Reuters has also taken a minority equity stake in BestX as part of the agreement and BestX will adopt Reuters’ market data for its analytics platform.

Co-founder and director of BestX, Oliver Jerome, explained by using Thomson Reuters’ market data to power the analytics, the firm “can now deliver the highest quality of analysis utilising an unparalleled breadth and depth of market data.”