Virtu Launches TCA For FX Algos
Virtu Financial, Inc., a leading provider of global, multi-asset, financial services and products across the complete investment cycle, announced today the continued expansion of its global TCA offering with the launch of a new analytics product dedicated to FX algorithmic execution.
As consumers of its own products, Virtu incorporates first-hand learning into its Analytics tools that are designed to assist clients in analyzing their trading decisions. Drawing on Virtu’s scale, execution and analytics expertise, the new addition to Virtu’s FX TCA offering merges data from three distinct sources:
FX benchmark data sourced from
- Virtu’s market making business
- Virtu’s global, broker-neutral market impact model: FX Agency Cost Estimator (ACE)
- Direct connections to bank algo providers on behalf of clients that subscribe to the offering
This unique combination enables Virtu’s FX TCA for Algo clients to enhance their understanding of algo performance and compare FX algo providers and strategies to help improve their execution outcomes.
“Virtu is the leading equity TCA provider to the buy-side, serving 75% of the world’s largest asset managers and this extensive experience – combined with the expertise from Virtu’s multi-asset market making operations – uniquely positions us to support our clients’ analysis of algorithmic execution across asset classes. FX algo execution is increasingly relevant for a large portion of our clients. Our new FX TCA functionality is designed to enable both comparative metrics between providers and strategies, as well as to help clients determine which execution strategies to use given their risk appetite and market conditions,” according to Kevin O’Connor, head of Virtu’s broker-neutral Analytics and Workflow Technology division.
Virtu’s TCA products are offered through Virtu’s broker-neutral Workflow Technology and Analytics division, which provides solutions used by buy-side and sell-side firms around the globe to monitor, analyze and improve their quality of execution and streamline workflows.
Agency broker moves beyond execution to offer a broader suite of services.
Algorithms have become more prevalent in the spot FX market.
QB’s Algo Suite for futures market trade execution is also being co-located to HKEX.
Breaking data silos is key to deploying automation beyond 'nuisance' orders.
They can be used on quantum hardware expected to be available in 5 to 10 years.