Virtu introduces Prism Frontier TCA for traders

Maria Nikolova

Virtu continues to expand its execution services offering with the launch of Prism Frontier.

Provider of trading technology and liquidity Virtu Financial Inc (NASDAQ:VIRT) keeps expanding its execution services offering. Today, the company announced the launch of Prism Frontier, a post-trade analytics tool which provides transparency and forensics around client executions.

In order to perform meaningful analysis of execution quality, investors require transparency and data regarding how their orders are handled. Virtu explains that such a task is not easy, as it requires an entire trading system built around this purpose. To that end, Virtu’s algorithms are built around trader intuition with simple principles in mind, based on information about a given order and the prevailing market activity. This produces a trading strategy with specific intentions whose results are easily measured.

Steve Cavoli, Global Head of Virtu Execution Services, says:

“Virtu’s algos don’t over-complicate the task they’ve been assigned. They digest massive quantities of market data, in real-time, and make appropriate decisions. When the trade is complete, Prism makes it easy to review the results. This is TCA for a trader. It’s a practical review of execution.”

Examples of Virtu’s growing catalogue of Prism Frontier templates include:

  • Prism Post-Trade: Conventional post-trade analysis augmented with algorithm-specific performance metrics, raw liquidity codes on executions from Virtu’s ATS’ and mark out analysis on fills based on the child order’s intention.
  • Prism Real-Time (expected to be released in 3Q 2020): Traders can monitor executions in real time, with a focus on harmonizing fills with Virtu’s optimized market data at granular time increments.

Let’s recall that, in August this year, Virtu expanded its analytics platform by offering TCA for FX algos.

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