BestEx Research hires algo execution pioneer Tony Huck

Rick Steves

“BestEx Research has a unique value proposition as a tailored and transparent end-to-end execution platform that simultaneously meets the distinct needs of both buy-side and sell-side customers.”

Tony Huck joins BestEx Research

BestEx Research has appointed Tony Huck as Global Head of Business Development, tasked with broadening the reach of the firm’s execution algorithms for equities and futures, and spearheading the launch of new asset classes and regions later this year.

Tony Huck is known for his pioneering work in algorithmic execution, having led innovation in the segment for over 35 years. His experience in portfolio, electronic, and algorithmic trading across various asset classes, includes a 14-year tenure at ITG where he launched a top-ranked portfolio trading platform and managed all non-US subsidiaries in Europe, Asia, Australia, and Canada, coordinating all global product lines and brands.

He also held leadership roles at the Royal Bank of Scotland, Citadel, and was most recently CEO of Score Priority (now Lime Trading).

“BestEx Research has a unique value proposition”

Hitesh Mittal, Founder & CEO of BestEx Research, said: “At this stage of our growth, we are positioned to run farther and faster this year than ever before. With new regions and asset classes being developed, bringing Tony on board to lead business development will amplify our ability to deliver these products to the customers and prospects who have been asking for more transparency and control over their trading of additional products. There are very few people suited to this unique role, growing multiple business lines globally. Tony’s proven success in developing and scaling businesses across asset classes and regions make him exceptionally qualified to drive our expansion.”

Tony Huck, Head of Business Development at BestEx Research, said: “BestEx Research has a unique value proposition as a tailored and transparent end-to-end execution platform that simultaneously meets the distinct needs of both buy-side and sell-side customers. Our clients are eager to have us extend their trading desk with our research and tailored approach to optimizing their execution performance. I’m excited to join at such a pivotal time in the growth of the firm. I look forward to engaging with institutions globally to expand our coverage to more regions and asset classes and connect customers to this boutique approach to execution.”

BestEx Research aims to differentiate itself with a tailored and transparent execution platform that addresses the unique needs of both buy-side and sell-side clients.

The firm’s Algorithm Management System (AMS) offers multi-asset execution algorithms, a no-code strategy customization and automation tool, simulation and A/B testing capabilities, an order management dashboard, and transaction cost analytics (TCA).

BestEx hired Sandra Delmore as Managing Director of Client Success

BestEx Research recently appointed Sandra Delmore as the new Managing Director of Client Success, focusing on enhancing customer experience through various initiatives, including onboarding, engagement, and issue resolution.

Delmore’s previous roles include serving as Global Head of Commission Management Services at Liquidnet, where she led domestic and global expansion strategies, and Vice President of Operations and Client Service at BNY ConvergEx.

Last year, BestEx Research raised $10 million in follow-on investment from its existing investors. The new funding, which valued the firm at $110 million, will be used to accelerate its growth and expand the global team as it prepares to roll out a differentiated suite of algorithms for FX and enhancements to existing tools for equities and futures.

BestEx Research helps both buy-side and sell-side firms reduce transaction costs and increase transparency around execution:

  • Buy-side firms can access BestEx Research algorithms via most execution management systems (EMS) and order management systems (OMS) with no disruption to their workflow.
  • Sell-side firms can use BestEx Research’s holistic Algorithm Management System (AMS) to build completely custom execution solutions with no coding required, support their clients via web-based dashboard, backtest custom strategies with its realistic exchange simulator, and measure performance with sophisticated transaction cost analysis (TCA).

BestEx launched IS Zero for low-urgency orders

Earlier this year, BestEx Research launched IS Zero, an algorithm designed to revolutionize the approach to minimizing implementation shortfall (IS) in trading. IS Zero marks an evolution from the traditional volume-weighted average price (VWAP) algorithm, a mainstay in handling low-urgency orders.

Implementation shortfall (IS) in trading refers to the difference between the decision price and the final execution price of a trade, including all associated costs and delays. It’s a measure used to evaluate the efficiency and effectiveness of trade execution. Here’s a breakdown:

Decision Price: This is the price of the asset at the time when the decision to trade was made. It’s the benchmark against which the success of the trade execution is measured.

Execution Price: This is the actual price at which the trade is executed. It can vary from the decision price due to market movements and other factors.

Components of IS:

Explicit Costs: These include brokerage fees, taxes, and other direct costs.
Market Impact Costs: The effect of the trade on the market price. For large orders, buying can drive the price up, and selling can drive it down, leading to less favorable execution prices.
Delay Costs: The cost associated with the time lag between the decision to trade and the actual execution. Prices can change during this period.
Opportunity Cost: The cost incurred if the trade is not executed promptly or fully, resulting in missing potential profits.

Understanding and minimizing IS is crucial for traders, particularly institutional investors, as it directly impacts the returns of their trading strategies. High IS indicates inefficiency in trading, leading to higher costs and lower returns. Traders use various strategies and tools, like algorithmic trading solutions, to minimize IS. These solutions can help in executing large orders more efficiently, reducing market impact and delay costs.

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