BestX was founded in January 2016 to deliver state of the art technology, allowing market participants to analyse the costs and execution performance of their FX transactions (spot, forward, swaps, NDFs). The Post-Trade Analytics product was released in September 2016. The product provides a unique set of analytics, measuring all aspects of execution performance, including spread & impact costs and signalling risk.
In July 2017, BestX launched their Pre-Trade Analytics which allows clients to perform analysis prior to execution, to compare different styles and aspects of execution and to help justify the decision making around, for example, choice of execution method, time of day, size etc. The application combines the unique BestX cost analytics with empirical analysis based on historical trade performance, to provide a dashboard of execution metrics, allowing more informed decision making at point of trade.
Further product development saw the launch of the Reporting module in October 2017, which allows buy-side clients to schedule and automate best execution reports in order to comply with MiFID II. The expansion into Fixed Income is scheduled from Q2 2018 onwards.
BestX consumes market data from over 100 liquidity providers, supplied through real-time feeds from EBS, Thomson Reuters and IDC, giving a unique and comprehensive data set to feed into the analytics. This data is used to compute representative benchmarks, including BestX mid and top of book bid/offer estimates, that facilitate a consistent and fair evaluation of performance on a level playing field. Fully flexible exception reporting is supported, allowing institutions to configure their own best ex policy based on any execution metric and thresholds.