As global markets evolve, pre and post-trade transaction cost analysis and execution analysis has to manage increasingly complex data sets at previously unmeasurable levels of granularity.
big xyt harvests, stores and normalises those global granular data sets, and with Open TCA, we provide the tools to interrogate them in order to estimate a client’s pre-trade costs, benchmark their trading when they executed, and calculate the cost when they did not.
Why do our clients
choose Open TCA?
INDEPENDENCE
With no external ownership, and no conflicting trading function, big xyt’s data analytics are completely unbiased.
Flexibility
Our innovative approach, domain expertise and transparent methodology means the user has everything at their fingertips, from a standard TCA report, to an API to facilitate the latest machine learning techniques and apply them to their trading datasets (essential for data science and quant teams).
Service
From POC to production and beyond, our technical support is designed to be an extension of our clients’ teams. By partnering with big xyt, clients gain the accurate insights they need, whenever they need them.
Our clients report 97% accuracy in finding trades. How many exceptions do you have with your current transaction cost analysis provider?
Open TCA brings the same benefits to execution analysis and research as our Liquidity Cockpit has to market structure experts, because they are built on the same foundations: delivering granular and accurate data sets in an accessible and practical package.
As winners of Waters Technology Asia Awards 2024 Best Transaction Cost Analysis (TCA) Solution, A-Team’s TradingTech Insight Awards for Best TCA Tool 2021 and 2022, and The Trade’s Leaders in Trading Outstanding TCA Provider Award 2019, we’re known as one of the best TCA providers in the financial services community.
TCA is no longer just a box-ticking exercise. How are you ensuring you have the tools and processes to lead and monitor your best execution requirements?
Use Cases
Performance
Analysis
Empower the execution feedback cycle by tracking the effect of changes to execution strategy and aggression. Reviewing results over time allows the user to perform consistent, comparative execution analysis.
Optimisation &
Modelling
Apply a more systematic approach to execution strategy evaluation by leveraging sophisticated quantitative models (proprietary or managed by big xyt) through flexible APIs.
Pre-trade Modelling
& Estimation
Understand the expected market impact for single stocks or portfolios and compare the estimate with historical results.
Best Execution &
Compliance
Benchmark trades to demonstrate execution quality and meet regulatory requirements. Spot outliers and identify fill level breaches based on client-specific policies.
Broker Evaluation &
Venue Analysis
Compare benchmark performance by broker and strategy. Review venue quality and access according to custom criteria.
Algo Wheel
Monitoring
Observe the impact of changes to strategy configuration over time and across brokers, driven by weighted empirical inputs balancing benchmark performance with other trade metrics.
USE CASES
Key Features
Global Coverage
Over 120 markets covered with the necessary history and granularity.
Our methodology is applied consistently to provide reliable and comparable results.
Integration
Embed Open TCA execution analytics into existing workflows – pre and post-trade.
Convenient Access & Reporting
Benchmark results can be provided via a variety of delivery mechanisms including our API and unique web-based visualisation tools, along with file delivery including PDF and CSV. Schedule regular standard or bespoke client reports for internal and external stakeholders.
Flexibility
Client-order, parent-order, unfilled orders, custom benchmarks, white-label reports. Analysis by region, by country, by sector, by market capitalisation, by client, by fund, by venue, by broker, by strategy, by trader – it’s up to the user.
Real-time Analytics
Using our real-time analytics service, firms can effectively monitor consolidated liquidity, including unexpected off-book trading activity, trades of unusually large size, pending trades and sudden increases in OTC volumes.
Research
xyt Lab supports more in-depth quantitative research and provides a secure environment to enable data scientists to perform their own analytics on the most granular (Level 3) data which can be overlaid with their own private content, and provides convenience for Python users wanting to generate new metrics or to schedule regular delivery of results.
White-label Solutions
Our white-label solutions provide secure access to powerful visualisation tools under a firm’s own branding for clients to interrogate themselves.
Differentiating Factors
INDEPENDENCE
As a privately owned company, our clients see big xyt as an unbiased and objective provider of data analysis.
FLEXIBILITY
Data can be provided via a variety of delivery mechanisms and analysis via our unique browser-based visualisation tool enabling optimal flexibility when filtering different venues and comparing date ranges.
TRANSPARENT METHODOLOGY
All measures are fully documented and can be verified with the underlying tick data.
Our Open TCA for execution analytics is a key tool for asset managers and hedge funds to gain market insight, and for sell-side firms and exchange operators to offer transparency to their clients.
For all clients we provide the tools to reduce costs, optimise trading and demonstrate their role in the generation of alpha for the end investor.
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