Open TCA
for Execution Analytics and Transaction Cost Analysis

Independence and accuracy, combined with the transparency we provide on the underlying data, is at the core of our Open TCA offering, for pre-trade, intra-trade and post-trade TCA.

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 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?


With no external ownership, and no conflicting trading function, big xyt’s data analytics are completely unbiased.


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).


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 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


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 &

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 &

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

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.


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.



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 & 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.



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.


Differentiating Factors


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


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.


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.