Thomson Reuters has partnered with foreign-exchange (FX) technology vendor BestX to deliver enhanced transaction cost analysis (TCA) to buy-side users of Thomson Reuters FXall and FX Trading.
As a result of the partnership, Thomson Reuters will offer connectivity to the independent TCA service from BestX from its FXall and FX Trading desktops, with trades sent automatically to BestX for independent post-trade TCA.
BestX will also adopt Thomson Reuters FX market data to power the proprietary models in the BestX FX Best Execution Analytics application, which provides users with interactive reports that include a range of performance metrics designed for the specific characteristics of the FX market covering spread cost, impact cost, performance against specific benchmarks, post-trade revaluations, implementation shortfall, and signaling risk.
"Thomson Reuters recognizes the very specific needs of the FX buy-side for transaction cost analysis and for this reason we have been really impressed with the BestX analytics, which are unique in this space," said Neill Penney, co-head of trading at Thomson Reuters, in a statement. "Our open platform approach means we are able to connect BestX with our FXall and FX Trading platforms, bringing our customers improved capabilities while eliminating the integration work they would otherwise have to perform themselves."
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