Virtu Financial today announces the expansion of its global TCA offering with the launch of a new analytics product dedicated to FX algorithmic execution.
As consumers of its own products, Virtu says it incorporates firsthand learning into its analytics tools that are designed to assist clients in analysing their trading decisions. Drawing on its scale, execution and analytics expertise, Virtu says the new addition to its FX TCA offering merges data from three distinct sources: FX benchmark data sourced from Virtu’s market making business; its global, broker-neutral market impact model, FX Agency Cost Estimator (ACE); and direct connections to bank algo providers on behalf of clients that subscribe to the offering.
The combination enables Virtu’s FX TCA for Algo clients to enhance their understanding of algo performance and compare FX algo providers and strategies to help improve their execution outcomes, the firm says.
“Virtu is the leading equity TCA provider to the buy side, serving 75% of the world’s largest asset managers and this extensive experience – combined with the expertise from Virtu’s multi-asset market making operations – uniquely positions us to support our clients’ analysis of algorithmic execution across asset classes. FX algo execution is increasingly relevant for a large portion of our clients. Our new FX TCA functionality is designed to enable both comparative metrics between providers and strategies, as well as to help clients determine which execution strategies to use given their risk appetite and market conditions,” says Kevin O’Connor, head of the broker-neutral analytics and workflow technology division.