S3 Launches Canadian Best Execution Quality Suite

folder_openNews and Events
comment20 Comments

New trade analytics tools mark the Company’s international product expansion via World View reporting capabilities

TORONTO, ON and AUSTIN, TX–(Marketwired – May 26, 2015) – S3 (“the Company”), a financial services software company that provides customized solutions to monitor and analyze trade execution, today from the 2015 TSX Equities Trading Conference announced the launch of its Canadian Best Execution Quality Suite (“the Suite”). The Suite, representing the Company’s international expansion as the first offering on its World View reporting platform, includes a number of components designed to offer traders sophisticated information on differing market conditions between the U.S. and Canada.


Given varying conditions between the U.S. and Canadian markets, execution considerations become more complicated and change in real time for dual-listed stocks.  S3’s Canadian Best Execution Quality Suite keeps traders informed of these shifting circumstances by allowing clients to search for, view and filter execution analysis for stocks listed on both U.S. and Canadian venues.  This unique feature ensures that S3’s clients are always able to determine where and when historical best execution occurs, enabling them to identify and prove the optimal destination for their orders, regardless of whether the destination is Canada or U.S. Based.

The Suite, whose first user is one of Canada’s bulge bracket investment banks, also marks the first market structure analytics offering included as part of the Company’s World View reporting platform.  With World View, S3 provides its clients greater transparency through cross-border trade monitoring and analytics in an easy-to-use dashboard, streamlining the search for best execution.  Canada is the first market to be included in the World View platform, and in the near future the Company plans to incorporate data from other advanced trading markets.

Mark Davies, CEO of S3, commented on today’s news, “Simultaneous market analysis across multiple countries is a critical component to provide venue analysis and to determine order routing decisions.  The Canadian BestEx Quality Suite allows both U.S. and Canadian traders to determine factors impacting their orders across exchanges in both countries, as impactful liquidity can be found on both sides of the border.  Our new market structure analytics platform assists clients in monitoring relative trading performance between both markets, and provides them with the required information to adjust, or simply justify order routing decisions to regulators.”

S3’s Canadian Best Execution Quality Suite provides traders with a number of execution monitoring tools that factor in market conditions across the U.S. and Canada, including:

-CBBO (Canadian Best Bid and Offer) Data from all Canadian venues, including TMX, Pure Trading, Omega ATS, etc.

-Symbols: S3 now maintains a complete securities “master list” of all Canadian-listed companies and their ticker symbols for greater cross-border market intelligence.

-Cross-Listing: S3’s database now incorporates a complete list of dual-listed stocks that are traded in both the U.S. and Canada, including those stocks that are fully listed in Canada but trade over-the-counter (OTC) in the U.S.

-Matching: Canadian customers can access the same advanced match types that S3 provides for its U.S. clients, such as millisecond matching, quote-before-trade, time window, and more.

-Portal: S3’s full suite of best execution reports are now available for the Canadian marketplace, incorporating factors such as limit performance, missed fills, etc.

-Exchange Fees: Depending on the information provided by clients, S3 has the capability to offer reporting on U.S.-Canadian exchange fees on a per trade basis.

Mr. Davies continued, “Varying currencies along with the propagation of international trading venues compound today’s fragmented market structure, and managing orders becomes especially complicated when accounting for market conditions in multiple countries.  Including multi-country data via our World View reporting platform in our trade analytics software suite allows our clients to quickly and easily determine execution quality across international markets.  This simplifies the order management process when trading across country lines, preventing frustration and opening the door to better trade execution.  The Canadian Best Execution Quality Suite is our first entry into the international order monitoring space, and we expect to add market structure analytics for additional countries in the future.”

About S3

S3 is a financial services software company that provides customized solutions to monitor and analyze trade execution, facilitate transparency, and simplify regulatory compliance. The Company’s products are used today by many of the world’s largest financial institutions, broker-dealers and exchanges to deliver market structure analytics and best execution reporting. With over 30% of U.S. listed options volume and a growing equities business, S3 leverages its proprietary software to provide 3rd party verification and optimize trade execution.

Jay Morakis (for S3)
M Group Strategic Communications

Related Posts