FlexTrade has announced the integration of the BestX analytics solution into its FlexTRADER EMS. BestX provides a transparent and analytical solution intended to improve the execution of trades, as well as to analyze the trading performance within a portfolio.
Through the partnership, when an investor opens a position in the FX market through FlexTRADER, the position can be transferred over to the BestX analytics software for real-time analysis. As more trades are entered into the BestX system, clients can run the full allotment of analytics tools available to them, on either a single trade, or on the entire portfolio of positions.
BestX Analytics Solution
The BestX analytics system can be broken down into two parts: pre-trade and post-trade. As can be derived from its name, the pre-trade analytics allow clients to analyze the costs of transactions prior to execution. The pre-trade analytics aim to provide the user data that should improve users’ efficiency, with regard to the best time to open the position, as well as the size of the trade that should be opened, and the method of execution that would be best for the position at hand. The system allows for a full comparison of the recommended pre-trade actions to the post-trade results, which allows the user to measure the accuracy of the analytics solution.
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Oliver Jerome, co-founder of BestX, commented on the partnership: “We are delighted to offer mutual clients connectivity between BestX and FlexTRADER, further automating the user-experience in the pursuit of efficiency and transparency for the client. With FlexTrade as a partner we are moving closer towards our goal of being the industry standard for FX TCA.”
Compliance with MiFID II
MiFID II has established regulatory guidelines, requiring firms to provide clients with the best possible execution, in a transparent manner that can be proven and measured. The BestX analytics provide FlexTrade with a solution to this requirement, by providing various execution methods and offering a transparent, customizable and automated reporting system. These reports can be analyzed and used by regulators, compliance departments, and asset owners.
Marek Lewandowski, FX Sales Director at FlexTrade UK, said: “We are excited to partner with BestX to offer their advanced analytics capabilities to our clients. With MiFID II legislation now in full effect, clients are focused on ensuring that meeting regulatory requirement doesn’t create additional work for the trading desk. FlexTRADER’s latest integration with BestX helps clients to ensure they are working to achieve best execution without disrupting their workflow.”
Innovation is Key
FlexTrade continues to innovate and upgrade its products in an effort to improve the overall trading experience and performance for their clients. Last year, the company upgraded its EMS system by adding a new product called FlexAlgoWheel, offering clients a variety of order characteristics through a data-driven interface. Similarly, the company implemented TradeGuide in 2016, which was at the time a groundbreaking new way to visualize and present trading data. The company hopes that its newest partnership will help to improve the trading performance and functionality for its clients.