Open TCA for Execution Analysis

Independence and accuracy, combined with the transparency we provide on the underlying data, is at the core of our Open TCA offering.

This is seen as essential by our clients to improve workflows, optimise trading strategies and ensure best execution.


 As global markets evolve, pre and post-trade 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. 

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 (ask any European exchange operator), because they are built on the same foundations: delivering granular and accurate data sets in an accessible and practical package.
big xyt Best Transaction Cost Analysis (TCA) Tool A-Team Trading Tech Insight Awards 2022 Europe2022

As winners of 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 fast becoming known as one of the best transaction cost analysis providers in the financial services community.

TCA is no longer just for box-ticking. 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 and 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 and Estimation

Understand the expected market impact for single stocks or portfolios and compare the estimate with historical results. 

Best Execution and 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 and Venue Analysis 

Compare benchmark performance by broker and strategy. Review venue quality and access according to custom criteria. Observe the impact of changes to algo wheel configuration. 

Be the driver and let us be the data mechanics

data-mechanics-landscape

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. 

White-label Solutions

Provide secure access to powerful (branded) visualisation tools for clients to interrogate themselves. 

Convenient Access and 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 such as PDF or 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. 


* Normalised data across regions, venues and condition codes


Differentiating Factors

Independence

As a privately owned company, our clients see big xyt as an unbiased and objective provider of data analytics. 

Transparent Methodology

All benchmarks are fully documented and can be verified with the underlying tick data. Matching client fills to the underlying data is the first step in our trade validation process. 

Cost Management

We reduce the Total Cost of Ownership. Our technology team is focussed on collecting, curating and delivering analysis that any of our clients would require a team of people to support, in addition to the cost of raw data and infrastructure. 

Our Open TCA for execution analysis 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.