RBC Investor Services Unveils TCA Tool Powered by BestX
Posted by Colin Lambert. Last updated: June 4, 2021
RBC Investor & Treasury Services has tapped State Street’s BestX for the launch of a new transaction cost analysis (TCA) tool for its Currency Overlay Services (COS) clients.
The service will provide independent FX TCA reporting to oversee and assess the execution quality of COS transactions – COS is available on a custody or standalone basis, and as a product within the bank’s overall suite of FX and outsourced solutions for asset owners and asset managers globally.
RBC says BestX provides the industry standard for FX TCA and highlights how it operates autonomously from any liquidity provider or execution venue.
“The partnership with BestX demonstrates our ongoing commitment to providing market-leading client experiences and raising the bar on execution transparency,” says Mark Hogg, head of COS at RBC Investor & Treasury Services. “It also shows how we continue to provide clients with innovative and differentiated solutions and help them meet their oversight requirements.”
Ollie Jerome, co-founder of BestX, adds, “As the demand for transparency permeates through all layers of the FX market, BestX will work hard to help RBC continue to differentiate themselves through the provision of independent validation of the quality of their execution.”