Virtu Financial expands its FX TCA offering

Maria Nikolova

The company is expanding its FX TCA offering with the addition of new high precision, low latency FX TCA benchmarks.

Virtu Financial Inc (NASDAQ:VIRT) today announces it is expanding its FX transaction cost analytics (TCA) offering with the addition of new high precision, low latency FX TCA benchmarks.

The new FX benchmarks leverage Virtu’s technology platform and experience as a major liquidity provider to the global FX markets to provide Virtu’s unbiased view of fair value at any point in time. FX TCA clients can utilize the new benchmarks for detailed analysis of algorithm execution performance and to measure the quality of liquidity.

Virtu’s TCA products are offered through Virtu’s broker neutral, Workflow Technology and Analytics division which is used by many buy-side and sell-side firms to monitor, analyze and improve the quality of execution.

Kevin O’Connor, head of Virtu’s Analytics and Workflow Technology division, commented:

“Our new FX benchmarks provide our FX TCA clients with access to Virtu’s unique FX market insight as a global multi-asset market maker. The enhanced time granularity and breadth of coverage provide a valuable tool to measure the quality of broker liquidity and the performance of algorithmic executions.”

In September this year, Virtu announced the launch of new transaction cost and market impact models for FX and fixed income, as part of the company’s efforts to enhance its TCA offering. The newly released FX and FI models enable Virtu’s pre-trade and post-trade TCA clients to better manage execution costs and perform portfolio construction analysis using Virtu’s Agency Cost Estimator (ACE) Model.

Model applications include pre-trade execution strategy selection, performance benchmarking normalized for trade uniqueness and difficulty, portfolio trading optimization and portfolio liquidity metrics – functionality that was not previously available for FX and FI.

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