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Best Execution

A new approach for measuring bond trade execution quality. Our Best Execution service utilizes our Continuous Evaluated Prices to help traders, portfolio managers and compliance officers to more closely monitor trading activities, meet regulatory compliance requirements, and measure trading effectiveness across the growing number of venues and protocols.

Learn more about our Data Solutions

Best Execution Score


Our Best Execution score provides a trade-by-trade measure of relative execution quality. The score is a percentile rank of trade vs. comparable transactions in the marketplace. You can use the Best Execution Score calculator as a pre-trade screen for proposed trade prices or as the basis for a thorough review process to help improve the effectiveness of your fixed income trading processes and your compliance requirements for regulations such as MiFID II in Europe, and FINRA Rule 5310 and MSRB Rule G-18 in the US. Knowing this score enables you to implement procedures for handling trades with scores that fall outside preset thresholds.

Score Your Trades

Best Execution is available as part of VantageSM, our Transparency portal, offering you insight into the characteristics of each trade. Best Execution scores are computed across four categories of comparable trades, beginning with all bonds of comparable maturity; this group is then divided by industry sector and issuer. The final score is based solely on trades in the selected bond.

Uses for Best Execution

  • Internal Best Execution Compliance: Use the scores to help satisfy internal Best Execution requirements from a pre and post trade perspective, saving time & minimizing the information leakage that can compromise your trading strategy.
  • External Best Execution Compliance: With new and pending regulatory schemes (e.g., MiFID II, FINRA 5310 and MSRB G-18), pre and post trade detection and reporting can support compliance requirements and introduce efficiencies into client workflows.
  • Execution Quality Measurement: Create reports to assess the quality of service being received from trading counterparties, measure the impact of trading venue and protocol selections.

Application Programming Interface (API)

BestEx Platform

Web

The gold line can be used to set a minimum acceptable score for a pre-trade price check or as a threshold in a post-trade check for outliers or use the Best Execution calculator to find the price that will deliver your desired score.

BestEx Trade Blotter

Check the Trade Blotter

The Best Execution Score is included in a TRACE blotter, providing further context around market conditions at the time of each trade (where applicable). Use the trade blotter upload tool to easily assess the performance of all your trades. Pop them up into the calculator for a more comprehensive review.

Coverage, Tools & Delivery


Asset Classes

  • EMEA Sovereign & Credit
  • U.S. Investment Grade
  • U.S. High Yield
  • Municipals

Delivery Methods

  • Vantage Web Application
  • Apex Web Services API
  • Reports

Coming Soon

  • U.S. Agency Debentures
  • TBA MBS

Resources


Video

Measuring Execution Quality in 3 Steps

  • Vantage Web Application
  • Apex Web Services API
  • Reports

Webinar

Evolution & Efficiency: Reviewing Best Execution

  • U.S. Agency Debentures
  • TBA MBS

Understand how analytics that measure execution quality can fulfill regulatory requirements, and provide trend analysis on trading patterns to help efficiently manage your workflow and drive measurable results.