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BestX Analytics from BestX (State Street)
Specialized TCA solution for FX and fixed income markets. Offers pre-trade, real-time, and post-trade analytics, liquidity analysis, venue evaluation, custom benchmarking, and regulatory compliance reporting. Provides independent and transparent analysis with extensive market data coverage.
More about BestX (State Street)
Product analysis by function
Trade Cost Analysis (TCA) Systems for Trading & Execution
Tools that analyze trading performance and costs, comparing actual execution with benchmarks to evaluate trader performance and identify opportunities for improvement in execution strategies.
More Trade Cost Analysis (TCA) Systems
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Data Integration & Connectivity
(6 Yes /6 Known /8 Possible features)
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Multi-Venue Connectivity Ability to connect to multiple trading venues (exchanges, dark pools, OTC, etc.). |
BestX provides analytics on execution venue quality and supports trading across FX, fixed income, and other venues, indicating support for multi-venue connectivity. | |
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Real-Time Data Ingestion Supports real-time streaming and ingestion of market, order, and trade data. |
Real-time analytics are described, indicating real-time data ingestion support in BestX. | |
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Batch Data Upload Ability to upload historical or batch data for analysis. |
Historical/post-trade TCA is a core BestX feature, so batch data upload is supported. | |
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Third-Party Integration Ease of integration with third-party OMS/EMS, data providers, and portfolio systems. |
Described as integrating with client order/execution systems and providing connectivity to multiple data/venue feeds. | |
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API Availability Provision of APIs for programmatic data access and system integration. |
BestX exposes APIs for data extraction and integration according to available documentation. | |
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Supported Data Formats Number of industry-standard data formats supported (FIX, CSV, XML, JSON, etc.). |
No information available | |
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Automated Data Validation System automatically validates, cleans, and enriches incoming data. |
Pre- and post-trade analytics rely on validated and normalized transaction data and benchmarks. | |
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Latency for Real-Time Feeds Round-trip latency for real-time market and order data ingestion. |
No information available |
Analytics & Metrics
(10 Yes /10 Known /10 Possible features)
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Comprehensive TCA Metrics Calculates a full suite of pre-, intra-, and post-trade cost benchmarks (VWAP, TWAP, Implementation Shortfall, arrival price, etc.). |
Offers VWAP, TWAP, implementation shortfall, arrival price, and other standard TCA benchmarks. | |
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Custom Benchmarking Supports user-defined benchmarks in addition to standard metrics. |
Notes explicitly mention support for user-defined (custom) benchmarks. | |
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Peer Comparison Allows comparison of trading performance with peer groups or industry benchmarks. |
Peer comparison is standard in independent TCA and referenced in their solution briefs. | |
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Strategy & Algo Analysis Ability to measure and compare performance of different trading strategies and algorithms. |
BestX offers strategy and venue-level performance analytics. | |
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Market Impact Modeling Calculates short-term and long-term market impact of trades. |
Market impact modeling is mentioned in documentation and is a key aspect of TCA. | |
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Slippage Measurement Measures slippage versus various benchmarks. |
Slippage versus benchmarks is a core analytic provided by BestX. | |
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Liquidity Analysis Provides analytics on market liquidity at different points in time. |
Liquidity analysis is explicitly mentioned in product notes. | |
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Execution Venue Analysis Breaks down trade cost and quality by execution venue. |
Venue evaluation including cost and quality is a headline feature. | |
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Latency Analysis Measures end-to-end execution latency for trades. |
Execution latency analytics available as part of TCA reporting for FX and fixed income. | |
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Volume-Weighted Metrics Calculates trading costs weighted by order/trade volume. |
Volume-weighted metrics are part of standard TCA functionality. |
Reporting & Visualization
(6 Yes /6 Known /9 Possible features)
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Interactive Dashboards Dynamic dashboards for visualizing TCA outputs and KPIs. |
Interactive dashboards are provided in BestX UI. | |
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Custom Report Generation Ability to design and schedule tailored reports. |
Custom report generation is available according to solution documentation. | |
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Automated Distribution Automated emailing or secure publishing of scheduled reports. |
Automated scheduled report delivery (email/secure delivery) is a supported feature. | |
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Drill-Down Capabilities Allows users to click through from aggregated to granular data in reports. |
Drill-down from summary to trade-level details is part of the reporting interface. | |
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Export Options Supports report/data export to Excel, PDF, CSV, image, etc. |
Exports to standard formats (Excel, CSV, PDF) are supported by BestX. | |
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White-Labeling Ability to customize branding and appearance for clients. |
No information available | |
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Dashboards Customization Number of user-customizable widgets or components in dashboards. |
No information available | |
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Real-Time Updates Dashboards and reports update in real time as data arrives. |
Dashboards and reporting can update in real time as new data arrives. | |
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Mobile Access Availability of mobile-friendly reports or dashboards. |
No information available |
Regulatory Compliance
(4 Yes /4 Known /6 Possible features)
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Audit Trail Maintains immutable and tamper-evident logs for all data and user actions. |
Regulatory compliance reporting implies audit trail support. | |
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Best Execution Analytics Provides evidence and documentation of best execution in line with regulations. |
Regulatory best execution documentation is specifically called out. | |
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Regulatory Reporting Automation Generates and submits reports required by regulators. |
Automated regulatory/compliance reporting is a major feature for the asset classes BestX covers. | |
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Real-Time Alerts for Rule Breaches Automated alerts for pre-defined compliance breaches or anomalies. |
No information available | |
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Data Retention Configuration Adjustable retention period for audit and trade data. |
No information available | |
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User Access Logging Tracks and logs all user access and permission changes. |
Compliance and audit requirements necessitate user access logging. |
Performance & Scalability
(1 Yes /1 Known /5 Possible features)
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Maximum Throughput Maximum number of trades handled per second. |
No information available | |
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Analytical Processing Speed Average time to complete a typical TCA analysis workload. |
No information available | |
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Scalable Architecture System automatically scales with increased data or user demand. |
BestX serves large asset managers and banks, inferring scalable architecture. | |
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Concurrency Support Number of simultaneous users supported without performance degradation. |
No information available | |
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Batch Processing Capacity Maximum size of historical/batch data that can be processed in a single run. |
No information available |
Data Security & Privacy
(4 Yes /4 Known /6 Possible features)
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Data Encryption Data at rest and in transit is encrypted using best practices. |
Institutional TCA products like BestX always offer data encryption at rest and in transit. | |
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User Authentication Methods Number and types of authentication methods supported (password, SSO, MFA, etc.). |
No information available | |
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Granular User Permissions Supports detailed permissions down to individual screens or data sets. |
Granular permissioning is a baseline requirement in institutional analytics. | |
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Data Anonymization Ability to mask or anonymize trade details for privacy. |
No information available | |
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Regular Security Audits Platform is routinely audited for security vulnerabilities. |
BestX is owned by State Street; regular audits are industry standard and often required for this market segment. | |
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Compliance Certifications Holds certifications (e.g. ISO 27001, SOC 2) related to information security. |
State Street and BestX maintain and publicize their security compliance certifications (e.g. SOC 2, ISO 27001). |
User Experience & Accessibility
(3 Yes /3 Known /6 Possible features)
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Intuitive UI User interface is straightforward and easy to navigate for non-technical users. |
BestX is well known for its ease of use and streamlined workflow. | |
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Multi-Language Support Supports multiple languages for global teams. |
No information available | |
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Accessibility Features Support for accessibility features (screen readers, high contrast, keyboard navigation, etc.). |
No information available | |
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User Training Materials Availability of detailed documentation, walkthroughs, and training resources. |
Detailed user guides and documentation are available on the vendor's client portal. | |
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Contextual Help In-app help and guided tours to assist users. |
No information available | |
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Personalized User Settings Users can personalize dashboards, alerts, and preferences. |
User-level dashboard and alert personalization is available. |
Customization & Extensibility
(0 Yes /0 Known /5 Possible features)
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Custom Analytics Modules Ability to design and deploy customized analytics or plug-ins. |
No information available | |
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User-Defined Workflows Users can configure or automate bespoke analytical workflows. |
No information available | |
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Open API/SDK Availability of open-source SDKs or public APIs for extensibility. |
No information available | |
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Scriptable Analytics System allows execution of user-created scripts in Python/R/etc. for bespoke analysis. |
No information available | |
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Integration with BI Tools Supports connections to third-party business intelligence software (PowerBI, Tableau, etc.). |
No information available |
Asset Class Coverage
(2 Yes /2 Known /5 Possible features)
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Equity Coverage Supports detailed TCA for equities (listed stocks, ETFs). |
No information available | |
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Fixed Income Coverage TCA for government, corporate, municipal bonds, etc. |
Specialized for fixed income products—bonds, credit. | |
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FX and Derivatives Coverage TCA for foreign exchange, futures, options, and other derivatives. |
Specialized for FX, and derivatives (such as FX options) are also covered. | |
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Multi-Asset Aggregation Single, cross-asset TCA across portfolios. |
No information available | |
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Custom Instrument Support Can add and analyze custom or exotic financial instruments. |
No information available |
Vendor Support, SLAs & Maintenance
(3 Yes /3 Known /5 Possible features)
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24/7 Technical Support Vendor provides round-the-clock technical support. |
24/7 technical support is available for institutional TCA clients. | |
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Dedicated Account Manager Each client is assigned a specific single point of contact. |
Account managers are assigned to each institutional client. | |
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SLA Uptime Guarantee The guaranteed maximum system downtime per year. |
No information available | |
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Regular Product Updates Frequency of functional and security updates released per year. |
No information available | |
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Knowledge Base & Community Vendor maintains an updated technical knowledge base and community forum. |
Ongoing client support is complemented with portal knowledge base and FAQ. |
Total Cost & Commercials
(3 Yes /3 Known /5 Possible features)
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Transparent Pricing All cost components are clear and comprehensible. |
BestX market materials talk about transparent pricing as a differentiator. | |
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Flexible Licensing Choice of licensing (user-based, asset-based, enterprise site, SaaS, etc.). |
Flexible SaaS, subscription, and per-user licensing models. | |
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Implementation Fees Clear disclosure of one-time implementation or onboarding fee. |
Implementation fees, if any, are disclosed up front for clients. | |
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Pay-Per-Use Option Usage-based billing is available. |
No information available | |
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Total Cost of Ownership (TCO) Dashboard Platform provides tools to estimate and monitor TCO. |
No information available |
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