Unlocking the insights from vast volumes of currency (FX) market data has long been the aim of skilled traders. Unlike equity market data, the over-the-counter (OTC) nature of FX trading means there is very little data standardization. With the new FX transaction cost analysis (TCA) tool built by BestX®, non-standardized data is normalized and presented back to traders in a way that is easily analyzed and acted upon.
Tomo Tokuyama, head of trading at First Quadrant, a large systematic alternatives manager in Los Angeles, California, has deep experience in currency markets, both on the sell side and the buy side, and has witnessed first-hand how technology has transformed FX trading. Lou Maiuri, State Street’s Chief Operating Officer, recently sat down with Tomo to discuss that evolution and how the BestX® TCA tool has taken execution to a new level with data intelligence that is helping traders better architect and deploy FX strategies in a more targeted and cost-efficient way.
