RBC Capital Markets has upgraded its transaction cost analysis (TCA) tools for eFX with the addition of BestX for independent TCA alongside its existing TCA offering.
The independent TCA analysis will be made available to RBC’s buy-side clients to verify the quality of FX execution.
Ed Monaghan, global head of FX at RBC Capital Markets, explained the quality of liquidity and execution has been at the heart of the firm’s algorithmic FX trading services, which launched 18 months ago.
“BestX provides a holistic and independent view of execution which complements our own offering and will help our clients verify and understand the quality of their FX execution, empowering them to make an informed decision when choosing an algo provider,” he said.
Co-founder at BestX, Oliver Jerome, added: “As our momentum within the industry continues to grow, we are moving ever closer to our ambition of creating the industry standard for FX TCA, which aligns the interests of the buy-side and the sell-side when it comes to FX execution.”