e-FX Initiative Award – BestX

It is testimony to how BestX changed the TCA and analysis landscape that the product needs no introduction – the firm solved a problem that was perplexing banks and their clients when it came to high-quality, independent, analysis of a firm’s trading. The original build also ensured the robustness and ‘future=proofing’ of the service, meaning changes, when they come, are largely incremental – often the sign of a successful business.

BestXecutor, long a product idea of the firm it should be noted, is an incremental change in that it does not interrupt the clients’ closely-protected workflow, but it is also a leap forward for those seeking a better way to conduct pre-trade analysis, not just around algos, but also RFQ/RFS trades.

BestXecutor offers a high level of parameterisation, meaning it is more easily tailored to individual client needs and operating methods, thus bringing to the pre-trade space, a feature that was largely offered post-trade. The flexibility extends to aspects such as time-of-day analysis (as well as the more standard views such as currency pair).

Perhaps the key change, however, is in how BestX has managed, without disruption, to embed itself earlier in the trading workflow. By providing analysis around different execution styles and, in an RFQ/RFS environment, an optimal panel of dealers for pricing, it has become more of a decision-making assistant, rather than a justifier.

Ultimately, BestXecutor offers best-in-class analytics, in. workflow-friendly environment. Equally, and this may become more important going forward, it provides a single-dealer platform level of quality functionality and analytics, in an independent environment.