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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1641919774637-M3TXXBQCOK55V3O7ZG4R/image-asset.png</image:loc>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1641919775233-QFKGP8FYGKK2MQ5FEISC/image-asset.png</image:loc>
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      <image:caption>Figure 1: Example Actual Spread Costs by Liquidity Provider</image:caption>
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      <image:title>Publications - Applying the Pareto Principle to Best Execution</image:title>
      <image:caption>Figure 2: Example Actual vs Expected Spread Costs by Liquidity Provider</image:caption>
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    <image:image>
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      <image:caption>Table 1: Standard Deviation of Costs and TWAP Performance (bps) by Notional Size (USD) for EURUSD Algos executed between 8am-4pm GMT</image:caption>
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    <image:image>
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      <image:title>FX - BestX® Best Execution Analytics – Algo</image:title>
      <image:caption>BestX Proprietary Measures for: Expected Cost – providing an estimate for how much that trade should have cost. Risk Transfer – was the decision to use an algo justified. Signalling Risk – was there potential information leakage. Fill Position – how efficient was the algo at sourcing the best liquidity. With the world’s largest Algo providers utilizing BestX, you can view the metrics on a like-for-like basis across all your LPs.</image:caption>
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      <image:title>FX - BestX® Best Execution Analytics – Regulatory Reporting</image:title>
      <image:caption>The Regulatory Reporting module utilizes the BestX Factors whereby clients can customize and weight which factors of the execution process are most important to them.</image:caption>
    </image:image>
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    <loc>https://www.bestx.co.uk/resources/bank-england</loc>
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    <lastmod>2022-01-06</lastmod>
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    <loc>https://www.bestx.co.uk/resources/financial-conduct-authority</loc>
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    <loc>https://www.bestx.co.uk/resources/monetary-authority-singapore</loc>
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    <lastmod>2022-01-06</lastmod>
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    <loc>https://www.bestx.co.uk/resources/securities-futures-commission</loc>
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    <lastmod>2022-01-06</lastmod>
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    <loc>https://www.bestx.co.uk/resources/mifid-mifir</loc>
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    <lastmod>2022-01-06</lastmod>
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      <image:title>Home2</image:title>
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    <image:image>
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      <image:title>Home2</image:title>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/bcd379c1-56dc-4a6a-89bd-9659ce51fb09/Risk_Markets_Award_Asia_Best_TCA.jpg</image:loc>
      <image:title>Home2</image:title>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/e19c2920-4ed7-4cb8-8913-2cbd6549de83/award2.jpg</image:loc>
      <image:title>Home2</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/ba8d989e-decc-42a2-b9d5-1b251f939cf4/award3.jpg</image:loc>
      <image:title>Home2</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/dc3688ee-9fe1-4184-8830-68ff49229e3b/FX-Trading-Awards.jpg</image:loc>
      <image:title>Home2</image:title>
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    <image:image>
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      <image:title>Home2</image:title>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1261385e-02b6-439f-9cc1-a65c45235133/Finance-Magnates-Awards.jpg</image:loc>
      <image:title>Home2</image:title>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/0e03e611-479d-4991-8bfa-ba11a028103e/hp-image-1.jpg</image:loc>
      <image:title>Home2 - BestX® is recognised by more than 120 clients* as the Industry Standard for TCA &amp; Best Execution Analytics.</image:title>
      <image:caption>We are a technology company, delivering independent open-architecture real-time analytics, that operate autonomously from any liquidity provider or execution venue. Our analytics create a level playing field across which clients can assess and compare the quality of their FX execution and demonstrate best execution. Our Clients are Asset Managers, Hedge Funds, Banks &amp; Sovereign Wealth Funds. We help Clients to Define, Achieve and Record a process of Best Execution.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.bestx.co.uk/products/eq</loc>
    <changefreq>daily</changefreq>
    <priority>0.75</priority>
    <lastmod>2022-02-24</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/6656595c-0258-49fe-9341-1012ab75d986/about-image-2.jpg</image:loc>
      <image:title>Equities</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644320658666-U3OECVX5295TJS6GT5VY/EQ-slide-1.jpg</image:loc>
      <image:title>Equities</image:title>
      <image:caption>Delivering state of the art software, providing real-time interactive analytics based on unique quantitative analytics &amp; models.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644255275793-TU80IFP3FNJKXL84UE53/EQ-slide-2.jpg</image:loc>
      <image:title>Equities - BestX® Best Execution Analytics – Post Trade</image:title>
      <image:caption />
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644255328444-INXGAIJOR21I2KNI71AZ/EQ-slide-3.jpg</image:loc>
      <image:title>Equities - BestX® Best Execution Analytics – Trade Inspector</image:title>
      <image:caption>Individual trades can be analyzed easily within the Trade Inspector screen with all charts driven by the selected trade in question.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644255369777-VWETNPTEGOOXA6F4DIZB/EQ-slide-4.jpg</image:loc>
      <image:title>Equities - BestX® Best Execution Analytics – Smart filtering and adhoc report generation</image:title>
      <image:caption>Reports can be filtered and re-run based on any selected criteria, e.g. individual counterparty, or a specific security names etc. Allows large data sets of trades to be analysed quickly and visually. Provides ability for user to generate ad hoc reports as required without having to send any new specification or request to BestX.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644255438157-F3I59IOHP889K23YCS3X/EQ-slide-5.jpg</image:loc>
      <image:title>Equities - BestX® Best Execution Analytics – Regulatory Reporting</image:title>
      <image:caption>The Regulatory Reporting module utilizes the BestX Factors whereby clients can customize and weight which factors of the execution process are most important to them.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.bestx.co.uk/products/fixed-income</loc>
    <changefreq>daily</changefreq>
    <priority>0.75</priority>
    <lastmod>2022-09-15</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/6656595c-0258-49fe-9341-1012ab75d986/about-image-2.jpg</image:loc>
      <image:title>Fixed Income</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644320136521-IDPZB41O9KVH0CP1HJW4/FI-slide-1.jpg</image:loc>
      <image:title>Fixed Income</image:title>
      <image:caption>Delivering state of the art software, providing real-time interactive analytics based on unique quantitative analytics &amp; models.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644320186452-XK4R49XCV76PEZS25AZ6/FI-slide-2.jpg</image:loc>
      <image:title>Fixed Income - BestX® Best Execution Analytics – Post Trade Screens</image:title>
      <image:caption>Reporting available in both notional and DV01 terms in major currencies.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644320284396-AQDQUJJRAKIBVUZ3LI0D/FI-slide-3.jpg</image:loc>
      <image:title>Fixed Income - BestX® Best Execution Analytics – Trade Inspector Screen</image:title>
      <image:caption>Individual trades can be analyzed easily within the Trade Inspector screen with all charts driven by the selected trade in question.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644320325187-BYMKRS2ISFPO8LMJY28A/FI-slide-4.jpg</image:loc>
      <image:title>Fixed Income - BestX® Best Execution Analytics – Tailor-made Exception Reporting &amp;amp; Workflow</image:title>
      <image:caption>Exception reporting can be configured on any execution metric(s) and for any chosen portfolio of trades.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644320368747-3SJL3ZNF4WKL7TA5Z6ZL/FI-slide-5.jpg</image:loc>
      <image:title>Fixed Income - BestX® Best Execution Analytics – Regulatory Reporting</image:title>
      <image:caption>The Regulatory Reporting module utilizes the BestX Factors whereby clients can customize and weight which factors of the execution process are most important to them.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644320408220-WME2QQ7EH47AQ6X1GGFA/FI-slide-6.jpg</image:loc>
      <image:title>Fixed Income - Price Explainer</image:title>
      <image:caption>Deep dive into the price composition. Isolating the benchmark rate. Comparing the credit spread vs the market mid at multiple points in the day.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.bestx.co.uk/futures</loc>
    <changefreq>daily</changefreq>
    <priority>0.75</priority>
    <lastmod>2022-04-07</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/6656595c-0258-49fe-9341-1012ab75d986/about-image-2.jpg</image:loc>
      <image:title>Futures</image:title>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644320658666-U3OECVX5295TJS6GT5VY/EQ-slide-1.jpg</image:loc>
      <image:title>Futures</image:title>
      <image:caption>Delivering state of the art software, providing real-time interactive analytics, designed ‘by FX people, for FX people’ based on unique quantitative analytics &amp; models.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644255275793-TU80IFP3FNJKXL84UE53/EQ-slide-2.jpg</image:loc>
      <image:title>Futures - BestX® Best Execution Analytics – Post Trade</image:title>
      <image:caption />
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644255328444-INXGAIJOR21I2KNI71AZ/EQ-slide-3.jpg</image:loc>
      <image:title>Futures - BestX® Best Execution Analytics – Trade Inspector</image:title>
      <image:caption>Individual trades can be analyzed easily within the Trade Inspector screen with all charts driven by the selected trade in question.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644255369777-VWETNPTEGOOXA6F4DIZB/EQ-slide-4.jpg</image:loc>
      <image:title>Futures - BestX® Best Execution Analytics – Smart filtering and adhoc report generation</image:title>
      <image:caption>Reports can be filtered and re-run based on any selected criteria, e.g. individual counterparty, or a specific security names etc. Allows large data sets of trades to be analysed quickly and visually. Provides ability for user to generate ad hoc reports as required without having to send any new specification or request to BestX.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644255438157-F3I59IOHP889K23YCS3X/EQ-slide-5.jpg</image:loc>
      <image:title>Futures - BestX® Best Execution Analytics – Regulatory Reporting</image:title>
      <image:caption>The Regulatory Reporting module utilizes the BestX Factors whereby clients can customize and weight which factors of the execution process are most important to them.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.bestx.co.uk/commodities</loc>
    <changefreq>daily</changefreq>
    <priority>0.75</priority>
    <lastmod>2022-09-15</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/6656595c-0258-49fe-9341-1012ab75d986/about-image-2.jpg</image:loc>
      <image:title>Commodities</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644320658666-U3OECVX5295TJS6GT5VY/EQ-slide-1.jpg</image:loc>
      <image:title>Commodities</image:title>
      <image:caption>Delivering state of the art software, providing real-time interactive analytics, designed ‘by FX people, for FX people’ based on unique quantitative analytics &amp; models.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644255275793-TU80IFP3FNJKXL84UE53/EQ-slide-2.jpg</image:loc>
      <image:title>Commodities - BestX® Best Execution Analytics – Post Trade</image:title>
      <image:caption />
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644255328444-INXGAIJOR21I2KNI71AZ/EQ-slide-3.jpg</image:loc>
      <image:title>Commodities - BestX® Best Execution Analytics – Trade Inspector</image:title>
      <image:caption>Individual trades can be analyzed easily within the Trade Inspector screen with all charts driven by the selected trade in question.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644255369777-VWETNPTEGOOXA6F4DIZB/EQ-slide-4.jpg</image:loc>
      <image:title>Commodities - BestX® Best Execution Analytics – Smart filtering and adhoc report generation</image:title>
      <image:caption>Reports can be filtered and re-run based on any selected criteria, e.g. individual counterparty, or a specific security names etc. Allows large data sets of trades to be analysed quickly and visually. Provides ability for user to generate ad hoc reports as required without having to send any new specification or request to BestX.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1644255438157-F3I59IOHP889K23YCS3X/EQ-slide-5.jpg</image:loc>
      <image:title>Commodities - BestX® Best Execution Analytics – Regulatory Reporting</image:title>
      <image:caption>The Regulatory Reporting module utilizes the BestX Factors whereby clients can customize and weight which factors of the execution process are most important to them.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.bestx.co.uk/rsvp</loc>
    <changefreq>daily</changefreq>
    <priority>0.75</priority>
    <lastmod>2024-04-18</lastmod>
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    <loc>https://www.bestx.co.uk/glossary</loc>
    <changefreq>daily</changefreq>
    <priority>0.75</priority>
    <lastmod>2025-12-19</lastmod>
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  <url>
    <loc>https://www.bestx.co.uk/careers</loc>
    <changefreq>daily</changefreq>
    <priority>0.75</priority>
    <lastmod>2022-03-25</lastmod>
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      <image:title>Careers</image:title>
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      <image:title>Careers</image:title>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/6197c084792cea0ea3c8ddb7/1648209878264-MPZ8I2NWAEKD7NF7BDZE/unsplash-image-FWoq_ldWlNQ.jpg</image:loc>
      <image:title>Careers</image:title>
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    <changefreq>daily</changefreq>
    <priority>0.75</priority>
    <lastmod>2022-06-29</lastmod>
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