Best Execution & Transaction Cost Analysis

Included as standard in TZ, our best execution module can perform transaction cost analysis against a range of industry standard benchmarks and generate best ex reports in just a few clicks

Best Execution Testing

TZ comes with 6 best execution tests which will be run automatically on all of your trade data. Any executions that fall outside of your threshold tolerances will trigger an alert and will be placed into a workbasket for review. All tests can be run with dynamic parameters that automatically adjust based on various market conditions.

VWAP

VWAP

The Volume-Weighted Average Price (VWAP) test identifies instances where the trade price achieved differs from the price of other executions in the market.

Time

Time

The Time test identifies instances where there is a delay between the receipt of an order and the corresponding execution being made.

Venue

Venue

The Venue test compares the executed price of a trade with the best bid or ask at nominated venues. You can customise this list of venues yourself.

Implementation Shortfall

Implementation Shortfall

The Implementation/Shortfall test compares arrival price with execution price and the price of the instrument at the end of the day, along with time between order and first execution.

Best Bid/Ask

Best Bid/Ask

The Best Bid/Ask test identifies instances where a trade is executed outside the best bid or ask at the time of the trade on the venue on which the trade was executed.

Case Management

Case Management

Compile similar alerts into convenient groups and bulk process them to streamline your workflow. This makes for easier analysis and reporting.

The TZ Best Execution & TCA Workflow

1

Data Upload

All your trade data will be automatically uploaded every day via sFTP site. Our data analysis team will help you set this up.

2

Data Enrichment

TZ will then automatically enrich your trade data with market data from over 250 global venues, and tick and reference data from Bloomberg news feeds

3

Testing

TZ will then automatically run transaction cost analysis on all your trade data, flagging any trades which fall outside your tolerance thresholds

4

Alert Processing

Any alerts which are generated as part of testing will then be placed in workbaskets where they can be reviewed by your compliance team.

5

Alert Escalation and Closure

If necessary, alerts can be escalated for review by a senior member of your compliance team. Once you’re happy that an alert has been dealt with, you’re free to close it.

6

Reporting

Run a variety of preset Best Execution reports based on your trade data and alert generation in your TZ system, including RTS 27 & 28 reports. You can also set up custom reports on any metrics captured within TZ.

Transaction Cost Analysis

Our TCA solution ingests your trade data, enriches that data with market and reference data from TZ’s data library, then tests it against a range of industry standard benchmarks.

You can set up custom dynamic parameters which will trigger alerts whenever an execution is made which falls outside your tolerance thresholds. You can then use our sophisticated case management system to view, categorise, and process these alerts.

} TZ Screen

There’s no substitute for experience

20+

Years of Development

100+

Global Clients

30+

Tests & Alerts

20+

Custom Reports

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RTS 27 & RTS 28 Reporting

MiFID II laid out a lot of new reporting guidelines. A lot of these guidelines were included in what ESMA labels as ‘Regulatory Technical Standard’ – RTS for short. Two of these Regulatory Technical Standards that apply to Best Execution are RTS 27 and RTS 28.

Our RTS 28 report can easily generate your top 5 executing venues according to the trade data already contained in you TZ system. The RTS 27 report can provide detailed overviews of execution quality which, according to MiFID II, must be published quarterly.

The reports TZ generates comply with all reporting guidelines as laid out in Article 3 and Article 27 of MiFID II.

What Our Customers Say About Us

Read testimonials from our TZ and TZTR clients

Brewin Dolphin has used TZ for Trade Surveillance for six years. At Brewin Dolphin we consider a vendor relationship to be more than just the vendor providing a product; we look for vendors who are committed to product and customer service improvement. eflow fit that requirement perfectly.

Brewin Dolphin

Lisa Todd

Assistant Director, Brewin Dolphin

eflow’s commitment to product development as regulation changes stands out amongst its competitors. With eflow we are confident that we have a partner that will evolve as our requirements also evolve.

Aegon Asset Management

Compliance Manager

Aegon Asset Management

We have been consistently impressed with eflow’s constant dedication to ensuring that our compliance needs are met. We would recommend them to any firm looking for a market abuse or best execution solution.

Plus500

Alex Phillips

Head of Compliance & MLRO, Plus500

Brewin Dolphin has used TZ for Trade Surveillance for six years. At Brewin Dolphin we consider a vendor relationship to be more than just the vendor providing a product; we look for vendors who are committed to product and customer service improvement. eflow fit that requirement perfectly.

Brewin Dolphin

Lisa Todd

Assistant Director, Brewin Dolphin

eflow’s commitment to product development as regulation changes stands out amongst its competitors. With eflow we are confident that we have a partner that will evolve as our requirements also evolve.

Aegon Asset Management

Compliance Manager

Aegon Asset Management

We have been consistently impressed with eflow’s constant dedication to ensuring that our compliance needs are met. We would recommend them to any firm looking for a market abuse or best execution solution.

Plus500

Alex Phillips

Head of Compliance & MLRO, Plus500

Brewin Dolphin has used TZ for Trade Surveillance for six years. At Brewin Dolphin we consider a vendor relationship to be more than just the vendor providing a product; we look for vendors who are committed to product and customer service improvement. eflow fit that requirement perfectly.

Brewin Dolphin

Lisa Todd

Assistant Director, Brewin Dolphin