29 March 2021 at 3:36 pm #1304
And finally, the group shared some concerns about the future direction of BestX:
1. In the early days BestX was very FX focused. Now they make provision for Fixed Income is the platform trying to become something that works for everyone? will that FX excellence resulting from specialism be impacted?
2. Buy side used to like the independence of the platform. Does the change of ownership to StateStreet generate a conflict or loss of neutrality? And will the fact it is now part of a big corporation impact the nimbleness, reactivity and innovation that buy side early adopters liked so much?
29 March 2021 at 3:35 pm #1302
Some frustrations and suggestions for improvement shared by the group:
1. Sometimes benchmarking measures are inaccurate because of the pre-defined way they measure trade performance, especially on mids
SOLUTION: internally flag if there is a sizeable deviance.
2. Data provision is generally good but the next step is how to use the data to make meaningful decisions… what more can BestX do to make data based decision making easier and faster?
3. Time stamps! (see point 1).
4. Could there be greater automation on broker review side which is currently cumbersome and manual – BUY SIDE ALL AGREED CREATION OF A BROKER REVIEW PAGE ON BESTX WOULD BE EXTREMELY USEFUL.
5. Could there be clearer TCA outputs for peer data to analyse?
6. What about FX Options?
29 March 2021 at 3:34 pm #1301
Generally the feedback on BestX was very positive and for many buy side BestX seems to be the partner of choice because:
– Well established
– Global coverage
– Sales team delivered a great pitch
– Useful for algos – helps build the case for when they are suitable
– Works straight out of the box – does not require internal resource to build extra tech to be able to use the tech efficiently
– Good flexibility
– Great team who work hard to listen to feedback and make improvements – they are reactive, innovative and nimble
– Bbility for users to tailor who they interact with in the market and remove those who are not useful
– Really clear provision of liquidity on exotic pairs
- This reply was modified 2 months, 2 weeks ago by The Finance Hive.
29 March 2021 at 3:33 pm #1300
We have been talking with a group of buy side users about BestX. Things they like about the solution, shared frustrations, and things they would like to see improved. Here is a summary of what they said. WHAT DO YOU THINK? Please share your experience and view points, and any ideas for workaround to some of the shared challenges..
29 March 2021 at 3:31 pm #1297
Read the discussions and comments from the Finance Hive Community and post a question to get your answers!
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