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Best Execution Service

Measuring bond trade execution quality

A statistical distribution approach for measuring bond trade execution quality, our Best Execution Service utilizes ICE’s evaluated prices to help clients monitor trading activities and to help measure trading effectiveness across the growing number of venues and protocols more closely, which can assist users with meeting regulatory obligations.

Fixed income execution analysis is best observed over time and with many trades. While ICE’s Best Execution Service can help identify individual trade outliers, it also enables even deeper analysis by aggregating fixed income trades on a variety of levels and across broad asset coverage, including securities where trade details are not publicly disseminated.

View, compare and analyze execution data and results with ICE’s Best Execution Service

Best Execution Score

Our Best Execution Score provides a trade-by-trade measure of relative execution quality. The score is a percentile where the trade differential (Trade Price to Reference Price) falls within a given distribution. Each night, ICE builds thousands of distributions based on market transactions.

Clients can also use the Best Execution Score for proposed trade prices or get a mark up / down to a price in a pre-trade context.

The Best Execution Service is designed to help clients improve the effectiveness of their fixed income trading processes while also helping to meet compliance requirements for regulations such as MiFID II in Europe, and FINRA Rule 5310 and MSRB Rule G-18 in the U.S. Knowing this score enables procedures to be implemented so clients can more effectively manage trades with scores that fall outside preset thresholds.

Score Your Trades

Trading ticker
Time Series of Scores
Analyze the trade up to 5 times giving context to the trading environment
Depth of Scores
Best Execution Service enables the comparison of trades at multiple levels—from bonds within the same asset class and tenor all the way down to the trades of bonds from the same issuer or even a specific bond itself

Visualizing Best Execution

As part of the Best Execution Service, clients are provided access to a web portal to review results. Whether sending daily, monthly, or quarterly blotters, the web portal enables clients to create customized views of the analysis.

Robust set of roles

Comfortably share this data broadly within your organization by limiting the views each user can see within your own organization

Outlier review

Identify outlier trades, add comments for additional context to the trade, and recalculate scores based on new inputs

Historical backfill

Analyze back a number of years* with an immediate and robust set of trades scored to hit the ground running

* Dependent upon Asset Class coverage start date

Robust set of roles

Comfortably share this data broadly within your organization by limiting the views each user can see within your own organization

Outlier review

Identify outlier trades, add comments for additional context to the trade, and recalculate scores based on new inputs

Historical backfill

Analyze back a number of years* with an immediate and robust set of trades scored to hit the ground running

* Dependent upon Asset Class coverage start date

Tackling challenges around Best Execution

Our senior director of product management Tim Monahan discusses three takeaways on Best Execution.