TradingTech Insight Best Execution & TCA The latest content from across the platform

Tourmaline Secures Majority Investment from Copley to Fund Growth

Tourmaline Partners, which provides trading solutions to buy-side clients on an outsourced basis, has secured a majority investment from private equity firm Copley Equity Partners. The company will use the funds – terms weren’t disclosed – to finance its geographical expansion from bases in Stamford, Conn., London and Sydney, to expand its asset class coverage…

ESMA Relaxes Best Execution Reporting Requirements in Response to COVID-19

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has relaxed its requirements regarding the publication by execution venues and firms of the general best execution reports required under RTS 27 and 28 of MiFID II, in light of the COVID-19 pandemic. In a statement issued on 31 March, the regulator noted…

Financial Markets Operations Response to COVID-19: Best Practices for Working from Home

The COVID-19 pandemic is disrupting all walks of life, and carries with it implications for society beyond even the obvious and immediate health impact. Business is being hit across the board, with many corporations sending staff home in an effort to keep them both safe and working. It’s clear that firms can’t rely on a…

Kepler Cheuvreux Taps Big xyt to Add Value via TCA

Execution-only broker Kepler Cheuvreux’s decision to implement Big xyt’s execution analytics and transaction cost analysis solution is part of a growing tendency for trading firms to view TCA as an opportunity to improve the business rather than as just a compliance box to tick. Big xyt’s independent execution analysis solution supports TCA functions like benchmarking…

Hg Acquires Stakes in SmartTrade

French trading platform supplier SmartTrade last month quietly announced that private equity firm Hg had acquired stakes in the company from existing investors Keensight Capital and Pléiade Venture. SmartTrade isn’t saying much about the deal but in a statement reported that the existing management team under CEO David Vincent will remain in place and as…

BestEx Research System Offers Continuous TCA Review to Reduce Implicit Costs

Former AQR trading chief Hitesh Mittal’s new BestEx Research Group has launched its multi-asset trading system with a strong emphasis on best execution and lower trading costs. The new platform features a back-testing platform, broker-neutral transaction cost analysis (TCA) and sophisticated execution algorithms, which will be made available to more than 500 fund managers via…

US SEC Seeks Fairer Market Data Access, Deeper Data in SIP Feeds

The US Securities and Exchange Commission (SEC) is calling for reforms that would level the playing field for access to market data. In a bid to narrow the differential between those with access to high-cost data feeds that contain a greater depth of information, and other investors in the marketplace, the SEC proposals would subject…

New FX Spot Benchmark Launched by Raidne to Fix Past Challenges

Outsourced trading services specialist Raidne has teamed up with New Change FX to launch a new foreign exchange fixing benchmark aimed at providing an alternative to the WM/Reuters (WMR) benchmark, which has been at the centre of ongoing manipulation allegations. The new Siren benchmark has been designed to reduce the risk of abuse that has…

IHS Markit Boosts TCA Service Down Under with Yieldbroker

IHS Markit is enriching the fixed income analytics within its Trade Cost Analysis (TCA) service by adding transaction data from the Yieldbroker electronic trading platform for Australian and New Zealand debt securities and derivatives. The move seeks to bolster IHS Markit’s best execution capabilities for the fixed income marketplace, for which sourcing robust data sets…

SteelEye Outlines International Expansion and Product Development Plans Following Series A funding of $10 Million

SteelEye will extend its presence in Europe, evolve its regulatory compliance and data analytics products, and expand its team after raising $10 million of Series A funding in a round led by Eight Roads, the proprietary investment firm backed by Fidelity, and including its existing investor Illuminate Financial. Looking two years out, the company is…