A-Team Insight Blogs

big xyt Extends Analytics Platform to Include TCA Functionality

Following consultation with clients, independent data analytics provider big xyt has added Transaction Cost Analysis (TCA) to its platform. The company’s aim is to apply analytics to create a consolidated view of a fully automated trading environment that traders can access to assess trends.

big xyt solutions specialise in normalising and storing trade data. Using an automated reporting facility, or their own internal applications, clients can interrogate information for analyses such as broker review, sales, workflow optimisation, compliance and best execution.

Although TCA benchmarking calculations have not changed drastically over the years, there are growing market requests for transparency regarding how they are calculated and what they mean. big xyt has supported market makers through back-testing on its analytics platform, and is now leveraging its back-testing capabilities to serve clients searching for more transparency around TCA benchmark calculations, such as Volume Weighted Average Price (VWAP).

Robin Mess, CEO at big xyt, says: “What the community is seeking to understand is how VWAP is being calculated and which conditions code is being used. It also wants to decide based on its smart order routers or business which condition code should be used in the VWAP, just to make sure that it’s comparing executions against the right benchmarks. That means the community is asking for more transparency about not only aggregation, but also about the filters and datasets being used.”

Leave a comment

Your email address will not be published. Required fields are marked *

*

Share article

Related content

WEBINAR

Recorded Webinar: Best practices for best execution in multi-venue environments

Don’t miss this opportunity to view the recording of this recently held webinar. Best execution has long sat at the foundation of trading operations across all market and practitioner types. But the introduction of more onerous best execution requirements under MiFID II has raised the bar, both in terms of dealing with fragmented markets from...

BLOG

Standing Settlement Instructions: Bringing the Poor Relation of Reference Data into the Fold

Awareness of the fact that missing or inaccurate standing settlement instructions (SSIs) are a major inhibitor to true straight-through processing (STP) is as long-standing as the industry’s focus on STP itself. Problems with SSIs are still the biggest single cause of reference data-related trade fails, which themselves are the second biggest cause of fails behind...

GUIDE

Directory of MiFID II Electronic Trading Venues 2018

The inaugural edition of A-Team Group’s Directory of MiFID II Electronic Trading Venues 2018 offers a guide to the European landscape resulting from new market structure introduced by the January 3, 2018 implementation of Markets in Financial Instruments Directive II (MiFID II). The directory provides detailed profiles of more than 70 venue operators and their...