Nonbank market maker Citadel Securities has partnered with startup foreign-exchange transaction cost analysis provider BestX to provide Citadel clients independent analysis of their FX trades.

“Quality execution and transparency are at the core of our client offering and partnering with BestX helps us demonstrate this,” said Kevin Kimmel, global head of eFX at Citadel Securities. “We have always supported transparency in the marketplace and view this partnership as another important step forward.”

The market maker has been raising its profile in eFX trading over the past year and more than doubled its average daily volume in 2016.

“Citadel Securities’ adoption of our FX Analytics moves BestX another significant step towards our goal of being the industry standard for FX TCA,” noted Oliver Jerome, co-founder of BestX.

Morgan Stanley FX veterans Jerome, Pete Eggleston, and Aman Third created the business in January 2016 and developed the company’s real-time platform using the high-level programming language Julia, Amazon Web Services, machine learning, and other technologies.

“Our minimum viable product went live on Labour Day last year, September 5, 2016,” Jerome told Markets Media. “We have had many many iterations since and probably cover about 90 percent of what is possible in the post-trade space.”