London, UK – 04 September 2017 – BNP Paribas today announced a partnership between its Global FX business and BestX, a Fintech company and specialist independent provider of FX transaction cost analysis (TCA).
The initial focus of the partnership will be on the provision of post-trade TCA on algorithmic FX transactions, which will enable clients to gauge the quality of their execution versus a number of benchmarks.
If the client requests it, details of their algorithmic transactions will be automatically shared with BestX who in turn will perform their own TCA on the transaction. The partnership will allow clients to supplement the existing pre- and post-trade TCA provided by BNP Paribas with the additional assurance afforded by BestX’s independent analysis.
Adrian Boehler, Global Co-Head of FX, Local Markets and Commodity Derivatives at BNP Paribas said:
“This partnership is an exciting development as it further empowers our clients to make more informed decisions about their execution process. More granular post-trade TCA enables clients to go beyond a one-dimensional discussion about execution fees, and enables them to look more holistically at the relative savings they are able to capture as a function of the quality of the algorithm they choose to deploy. Hence clients can factor in the entire cost of the execution workflow, rather than just one part of it, when assessing the merits of one algo provider versus another.”
Pete Eggleston, a co-founder of BestX said:
“We are delighted to be selected by BNP Paribas to provide independent FX TCA analytics for their clients. The vision for BestX is to provide the industry, both buy side and sell side, with a standard set of rigorous, consistent analytics to help measure and achieve best execution, and this announcement is another key step towards achieving that goal.”
Regulation, the release of the Global FX Code and changes in the microstructure of the market will continue the trend towards transparency, and BNP Paribas continues to focus resources on developing new algorithmic execution and TCA functionality.
“The trend towards transparency is here to stay, and the provision of TCA will form an integral part of the service we offer to our clients in the future,” Boehler said.
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About BNP Paribas
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 74 countries, with more than 192,000 employees, including more than 146,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance.
In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the European leader in consumer lending.BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
About Best X
BestX is a financial software company, headquartered in London, with the objective of delivering independent, world class analytics for clients to measure, demonstrate, record and manage best execution. BestX provides a level, standardised playing field which enables clients to assess and compare the quality of the execution they receive, agnostic of counterparty, medium or venue.