Tag: BestX

BestX

Market Impact: Friend or Foe?

Speakers at the Profit & Loss Forex Network New York event highlighted that how you define, measure and respond to market impact when trading FX depends on a number of different variables. Opening the discussion ‘Market Impact – Finding Execution Styles that Work’ moderator Paul Aston, the CEO of Tixall Global Advisors, argued that while […]

Currenex and FX Connect: An Aggressive Roadmap

2018 “began with a bang” for Currenex and FX Connect due to the implementation of MiFID II, according to David Newns, global head of Global Link Execution Services at State Street, which owns both platforms. He adds that a “not inconsiderable amount of blood, sweat and tears” went into ensuring that the two Multilateral Trading Facilities (MTFs) that it was required to launch were up and running ahead of the January 3 deadline, an experience that was shared by many market participants in Europe last year.

Currenex and FX Connect: An Aggressive Roadmap

2018 “began with a bang” for Currenex and FX Connect due to the implementation of MiFID II, according to David Newns, global head of Global Link Execution Services at State Street, which owns both platforms. He adds that a “not inconsiderable amount of blood, sweat and tears” went into ensuring that the two Multilateral Trading Facilities (MTFs) that it was required to launch were up and running ahead of the January 3 deadline, an experience that was shared by many market participants in Europe last year.

Does TCA Really Need to be Independent?

Speaking at the Forex Network Chicago conference, Mike Harris, president of Campbell & Company, discussed the pros and cons of independently provided transaction cost analysis (TCA).

Pressed on whether a fintech firm being acquired by a larger company is necessarily a bad thing for their clients, Harris pointed to the example of BestX, the TCA provider that was acquired by State Street in August.

Harris explained that Campbell & Company partnered with BestX because their TCA product was focused specifically on FX rather than being adapted from equities, and that they were the first to offer peer-to-peer functionality so that firms could opt-in to compare their trades to other people’s, as well generally being at the forefront of the TCA space.

In the FICC of It

In this week’s In the FICC of It, your podcasters are taken to task by a listener over some points they may have missed when discussing the State Street/BestX deal last week and Galen Stops asks Colin Lambert the question (on behalf of a listener), ‘can you be too client focused?’
They also look at the impact of political events on FX markets and Lambert appeals to listeners of a ‘certain generation’ (i.e. as old as he is!) to come up with times when global politics was potentially such an influence on FX markets?
The evolving market structure of crypto markets also attracts their attention, and they ask the question; ‘Can innovation really thrive in banks today?’

In the FICC of It

In this week’s podcast episode, Colin Lambert and Galen Stops share their views on the takeover of BestX by State Street. What does it mean for BestX’ USP of independence? What drove the deal? Will it be a success?
They also touch upon the latest lawsuit in FX circles, served by former Fastmatch CEO and founder Dmitri Galinov against the firm and its owner, Euronext US, and ask whether this highlights yet another barrier to success for the swathe of fintech firms targeting the FICC sector?

State Street Acquires BestX

State Street has acquired BestX, a software company that provides independent trade technology and TCA analytics.

The financial terms of the deal, which is expected to close in Q3 subject to closing conditions and regulatory approval, are not being disclosed. Following the deal, BestX will sit within State Street’s Global Link product suite, which is run by Martine Bond, executive vice president and head of trading and clearing for State Street Global Markets.

“Over the past few years, Mifid II, combined with broader economic and political stresses in the market and great competition in the FX market, has meant that our clients are looking for greater transparency and ways to improve their performance and their returns to client and shareholders,” says Bond

Cochrane Joins BestX

Jim Cochrane has been named as head of North America sales for execution analysis firm BestX. Based in New York, the new role is something of a return to a speciality for Cochrane who spent almost five years at rival firm ITG running its FX TCA product set.
Cochrane left Deutsche Borse’s 360T earlier this year, where he was head of institutional investor sales for the Americas. Prior to that he was at ITG in the US, having moved from roles at Citi, Deutsche Bank and Royal Bank of Scotland.

In the FICC of It

In this week’s In the FICC of It podcast, Colin Lambert has another one of his “theories” – this time about why 360T bought GTX – and Galen Stops thinks he knows why CboeFX is doing so well.
They also rail against PR-speak when looking at this week’s news from the crypto and corporate world and ponder the value of corporate treasuries turning themselves into professional FX trading units.
They close out by discussing the possibilities of voice activated trading by creating “eFXa” (Trademark pending) and P&L’s managing editor looks to continue his stellar* run of World Cup predictions by tipping yet another surefire winner.

BestX to Offer Crypto TCA

BestX is expanding its best execution analytics suite to include the main digital currencies of bitcoin, ether, litecoin, bitcoin cash and ripple.

In a release issued today, BestX says that as adoption of these cryptocurrencies increases across new markets, the firm will look to meet the demand from its clients and deliver analytics that provide them the same transparency as for the traditional ‘fiat’ currencies.

“We are proud to be the first independent TCA provider in the world to offer this service, enabling our clients to leverage the award-winning BestX analytics to provide transparency into otherwise quite opaque markets,” says BestX co-founder, Ollie Jerome. “We continue to future-proof our offering to meet client demand as digital currencies become increasingly legitimised by the professional investor community.”