FlexTrade Adds BestX Trade Analytics
FlexTrade Integrates BestX Trade Analytics into FlexTRADER EMS
Enhances FX Best Execution Capabilities Under MiFID II
London, 29 January 2018 — FlexTrade (@FlexTrade) today announced the integration of the BestX trade analytics solution for FX within its FlexTRADER EMS. With a fully interactive interface, users can use BestX to analyse their FX executions in real-time, delivering transparency to enable better decision making whilst meeting the needs of MiFID II compliance for FX trading.
“We are excited to partner with BestX to offer their advanced analytics capabilities to our clients,” said Marek Lewandowski, FX Sales Director at FlexTrade UK.
How It Works
Every FX trade made within FlexTRADER can be transferred live to BestX where users can analyse their performance in real-time. Using the BestX cloud-based application, clients can self-sufficiently run the full suite of BestX analytics on a sing le trade or across their entire portfolio.
“We are delighted to offer mutual clients connectivity between BestX and FlexTRADER, further automating the user-experience in the pursuit of efficiency and tran sparency for the client,” said Oliver Jerome, Co-Founder of BestX. “With FlexTrade as a partner we are moving closer towards our goal of being the industry standard for FX TCA.”
Compliant with MiFID II
Under MiFID II, firms are required to take ‘all sufficient steps’ to achieve best execution for their clients in a manner which is provable and transparent, whilst considering a variety of execution factors.
BestX facilitates a transparent solution for these buy-side requirements through a complete range of automated and customisable reporting for compliance departments, regulators, asset owners and counter-party reviews, as well as ad-hoc reporting issued by portfolio/trader/currency/value.
“With MiFID II legislation now in full effect, clients are focused on ensuring that meeting regulatory requirement doesn’t create additional wor k for the trading desk,” continued Lewandowski.
“FlexTRADER’s latest integration with BestX helps clients to ensure they are working to achieve best execution without disrupting their workflow.”
There are three key areas where action is required.
Some material changes have come out of ESMA’s review of algorithmic trading.
A consolidated tape will significantly improve transparency and create a level playing field.
AFME said there should be mandatory free data contribution to the consolidated tape.
The review is an opportunity to recalibrate MiFID II regulations post-Brexit.