State Street

State Street’s BestX Launches Post-Trade TCA Module for Equity Markets

BestXBestX has expanded its execution analytics software and launched a post-trade transaction cost analysis (“TCA”) module for equity markets.

State Street’s foreign exchange and fixed income best execution analytics platform is pushing the TCA module for equity markets as it provides clients with benefits of its web interface alongside flexible data analysis, report configuration, and generation.

BestX’s asset class approach to their product architecture, with FX, fixed income and equities all having specific analytics engines, allows the generation of relevant metrics, with common metrics being computed to allow aggregation of costs across portfolio and entities.

Pete Eggleston, Co-Founder at BestX, commented: “We responded to our clients’ needs by expanding BestX to provide a full multi-asset class offering. Whilst launching fixed income at the end of 2018, it quickly became clear that clients wanted one application to analyze all of their tradings. The desire to consolidate data and vendors is a trend that we anticipate will accelerate over the next few years and we needed to ensure we were positioned appropriately for this.”

Martine Bond, head of GlobalLink, State Street’s suite of e-trading platforms, technology, data and workflow solutions, said: “BestX’s expansion into fixed income and equities is a testament to the team that in less than five years since inception, BestX now offers a full multi-asset class offering. Through our partnership with BestX, following State Street’s acquisition in 2018, we’re delighted to provide the resources and support to access the enormous volume of market data required to support such a complete product offering.”

Best execution is a top priority under the new legislation and BestX provides a transparent solution for these buy-side requirements through a complete range of automated and customizable reporting for compliance departments, regulators, asset owners, and counter-party reviews, as well as ad-hoc reporting issued by portfolio/trader/currency/value.

BestX quickly emerged as a leading provider of best execution and TCA software since its launch. State Street joined BestX’s list of customers in early 2018, but soon after, the bank acquired the firm as part of its strategy to build a seamless front-to-back analytics solution that allows institutional investors to conduct all of their operations on a single platform, from portfolio construction to trading, to analysis and custody. In 2019, BestX was recognized as the Best Execution Product of the Year at the 2019 Market Technology Awards. That was the second consecutive year BestX won this award.