Tag: Best Execution

Best Execution

Does the WMR Still Serve a Valid Purpose?

Alex Dunegan, founder and CEO of Lumint, talks to Profit & Loss deputy editor, Galen Stops, about the challenges facing the buy side around selecting and evaluating benchmarks.

The WMR benchmark has come under severe scrutiny since the allegations that banks colluded to manipulate it, leading to changes in the way that the benchmark is calculated and questions from buy side firms about whether they should be using it at all.

Dunegan claims that this is a “critical” question, and provides his take on the answer.

Thomson Reuters Partners with BestX for TCA Solution

Thomson Reuters has partnered with BestX to enable buy-side participants using its FXall and FX Trading platforms to streamline analysis of transaction costs, helping them define, achieve and demonstrate best execution.
Through the partnership Thomson Reuters will offer connectivity to the independent transaction cost analysis (TCA) service from BestX from its FXall and FX Trading desktops.
Thomson Reuters customers will be able to have their trades sent automatically to BestX for independent post-trade transaction cost analysis, and also have a single sign-on desktop integration.

BestX Rolls Out First Product

BestX, formed earlier this year, has released its first TCA product. Colin Lambert takes a look.

If there has been a positive outcome from the trials and tribulations of the FX market in recent years it has been more focus on not only achieving best execution, but also about what that phrase actually means. This has resulted in more products and services aimed at helping clients make informed decisions around how they interact with the FX market – no longer is it just a sideshow that can be handled without due care and attention – as well as the gradual move into the market of new firms.

P&L Talk Series with Petra Wikstrom

Petra Wikstrom, global head of Execution and Alpha solutions at BNP Paribas, talks to Profit & Loss about why FX TCA benefits from “a pragmatic engineering approach”.

Profit & Loss: When it comes to producing meaningful TCA, what are the big data challenges facing market participants?

Petra Wikstrom: Over the last five years we’ve seen a constant uptick in the electronification of FX, but the number of venues offering FX liquidity has increased far beyond that, which means that similar volumes are now offered across more venues.

ESMA Provides More Clarity on BestEx Rules

The European Securities and Markets Authority (ESMA) has published a Q&A document seeking to clarify expected standards around certain practices, including best execution.
The questions have been set following feedback and enquiries from the general public, other regulators and market participants.
On best execution ESMA publishes two Q&As, the first explains the different between the “reasonable steps” firms were expected to take to obtain the best possible execution under MiFID I and the “sufficient steps” they are required to take under MiFID II.