Trillium Surveyor has launched an upgraded version of its best execution analytics engine, designed to help investment firms reduce trading costs and improve execution performance. The new release of Surveyor Best Ex introduces a unified, user-friendly interface aimed at both trading desks and compliance teams, aligning with updated regulatory standards such as the SEC’s amended Rule 605.
The platform aims to address longstanding industry challenges posed by legacy systems that rely on infrequent reporting and manual analysis. Surveyor Best Ex enables daily monitoring of trade performance through interactive reporting. It automates the detection of outliers in trade price, timing, and fill quality, allowing firms to identify inefficiencies and optimise execution strategies without the burden of extensive data processing.
“Traditionally, trading and compliance teams have approached best execution from different angles with traders focused on performance and strategy, and compliance teams monitoring regulatory adherence,” explains Melissa Watras, Director of Product at Trillium Surveyor, to TradingTech Insight. “Often, these teams work in silos, relying on different tools, datasets, or reporting formats that can make collaboration difficult and slow down investigations or reviews. Surveyor Best Ex bridges that divide by giving both trading and compliance teams access to the same execution data and analytics through a shared, intuitive interface. This unified view improves transparency, eliminates data discrepancies, and allows both teams to operate with greater confidence and alignment. The platform also simplifies complex execution data into clear, visual reports that support faster, more informed decision-making. Whether identifying outliers, assessing venue quality, or validating best execution processes, both teams can move quickly and stay in sync. This works to move best ex from a disconnected function into a more collaborative, strategic advantage.”
Developed in collaboration with execution committees across the financial sector, the latest version focuses on shortening review cycles and eliminating manual workflows. It is designed to function as either a standalone analytics tool or in tandem with Trillium’s trade surveillance platform, providing firms with a more comprehensive approach to execution oversight and regulatory compliance.
“With new regulations like the SEC’s amended Rule 605 set to take effect this December, firms are under growing pressure to monitor execution quality with greater speed and precision. At the same time, we’re seeing a shift in how firms are approaching best execution: not only as a regulatory imperative, but as a strategic tool to improve trading outcomes,” observes Watras. “Surveyor Best Ex was built for this dual mandate. It empowers firms to make their trade data go further by transforming data at scale into intuitive, actionable insights that support both compliance and performance goals. As market conditions accelerate and expectations rise, firms need technology that keeps pace with change and helps them stay competitive. Surveyor Best Ex works with firms at all levels to transform best execution analytics into a performance edge.”
The product is aimed at both retail and institutional markets, with the goal of transforming trade data into a measurable performance advantage in increasingly volatile conditions.
Watras describes how early feedback from users has been positive: “We’ve had a really strong response from early demos, especially from teams looking to move away from manual workflows or legacy tools,” she notes. “One of the most consistent points of feedback is how Surveyor Best Ex eliminates weeks of manual data prep. Instead of spending hours sorting through trade files and spreadsheets, users get built-in, instant calculations and clear visualisations that surface insights with one click. This shift is delivering measurable ROI by significantly reducing time spent on reporting and analysis. Teams can quickly identify outliers, evaluate execution quality, and make faster, more informed decisions while saving technology and business resources. Because analytics are refreshed daily, not monthly or quarterly, firms are able to respond faster in volatile markets and unlock more timely value from their trade data.”
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