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Best Execution & TCA Monitoring Software

S3’s Best Execution & TCA tool compares client executions to numerous benchmarks and allows you to evaluate your trading strategies for achieving best execution in all jurisdictions around the world.

Regulations such as MiFID II have meant increased scrutiny on best execution & TCA reviews.  S3’s software allows institutions and funds of any size to better determine execution quality in order to source liquidity through large block trades with minimal market impact. Users can view and analyse data for larger orders, as well as for individual executions that make up each order, providing a complete picture of execution quality for every trade.

  • Perform a detailed post-trade venue analysis using multiple data points to evaluate your trading destinations
  • Evaluate expected cost using our machine-learning model that is trained by billions of historical orders and trades, resulting in a pre-trade analysis based on a much larger dataset than traditional expected cost models.
  • Easily compare metrics – like total cost, cost per share, at or better, and average order duration – on a monthly or quarterly basis to identify trends
  • Analyse and adjust your trading behaviour to achieve optimal performance
  • Customise and schedule automated reports to be delivered directly to your inbox – for your review, or to share with your clients
  • Review your data using a high-level graphical summary of trends, or drill into the detail of each trade
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What are the Best Execution requirements under MiFID II?

  • MiFID II requires firms to establish and implement a process to review their execution quality.  Firms must take sufficient steps to obtain the best possible execution for their clients, taking into account price, speed, size of the order, likelihood of execution, settlement costs, and any other benchmark relevant to order execution.

What are some of the metrics that should be considered when determining whether best execution was achieved?

  • Price
  • Speed
  • Likelihood of execution & settlement
  • Implicit and explicit costs
  • Order size