BestX was created in 2016 with a vision to create an Industry Standard for FX TCA, and deliver state of the art technology to:
Improve the Client’s execution process, resulting in a quantifiable cost savings, through utilization of the most rigorous and granular pre-trade and post-trade software analytics (FX TCA) available in the market.
Create the industry standard for best execution via a totally open-architecture analytics service which operates autonomously from any liquidity provider or execution venue and which facilitates clients in their internal and external audit and compliance requirements across the entire trade process.
Enable clients to conduct independent analysis to implement a flexible, rigorous, justifiable and repeatable execution process in accordance with market and regulatory evolution.
Facilitate ‘buy-side’ reporting requirements, including MiFID II RTS 28, best execution committee reporting, counterparty review, and bespoke reports by portfolio/trader/currency/venue.
BestX commissioned Linklaters LLP to produce an independent opinion setting out the product's stated functionality together with relevant requirements for Best Execution stipulated by MiFID II & RTS 28 in respect of which the product may assist users, as well as guidance by ESMA, the FCA and the FX Global Code of Conduct. The opinion also describes application functionality relevant to FX TCA under PRIIPS.
BestX was acquired by State Street in September 2018 and is domiciled within their GlobalLink business. GlobalLink is recognized across the industry as a standalone technology services provider, alongside other State Street market utilities such as FX Connect & Fund Connect. The acquisition will enable BestX to respond swiftly to client demand to expand our existing analytics and deliver a truly multi-asset TCA platform.
Founders & Directors
Pete Eggleston was previously at Morgan Stanley, joining in August 2010 to set up the Quantitative Solutions & Innovations (QSI) team within the Fixed Income Division, a client-facing quantitative group that sought to add value to client investment processes through the delivery of TCA and execution analytics, algorithmic products and bespoke projects.
Prior to joining Morgan Stanley, Pete has held a number of roles within the financial sector, commencing his career at NatWest Markets in 1992, and subsequently ABN AMRO and RBS. Pete holds a BSc in Chemistry from London University, as well as an MSc in biodiversity conservation, also from London University.
Ollie Jerome was most recently European Head of FX at Morgan Stanley in London, responsible for Sales, Trading & Structuring. Oliver joined Morgan Stanley in 2010, performing a number of roles including Head of FX & Emerging Markets Sales for EMEA & the US, and Head of FX & EM in Europe.
He was a member of the MS Global FID Management Committee. Oliver began his career in FX Sales at Chase Manhattan in 1998, and was promoted to Managing Director in 2007. He remained at the institution through the merger with JPMorgan until 2009, when he left to work for Standard Chartered. Oliver has a BA in Economics from the University of Manchester.
Aman Thind was previously at Morgan Stanley, leading multiple efforts within the Electronic Trading and Realtime Analytics Technology Division. He joined Morgan Stanley in 2009 as a Fixed Income Strat and since then held a number of key leadership roles in technology managing the Quantitative Solutions and Innovations (QSI) group, Client Architecture for Matrix e-Trading platform, Realtime Analytics across FX and Equities, and the Big Data and UI Strategy.
Prior to joining Morgan Stanley, Aman has held roles within both the financial and software sectors, commencing his career at Quark Media in 2002, and subsequently Fidelity Investments, Adobe and Lehman Brothers. Aman holds a BTech in Computer Science from Kurukshetra University.