Jp morgan forex trading platform

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JPMorgan announced this week it would become the first FX bank to use BestX, a provider of post-trade transaction cost analysis TCA for FX trades that was launched in September Both Jerome and co-founder Pete Eggleston had worked previously in senior FX roles at Morgan Stanley, leaving the bank in December to launch BestX. Like many other banks, JPMorgan has developed its own in-house analytics to support its electronic FX franchise and help clients achieve best execution in line with evolving regulatory requirements, but there is growing recognition of the value provided by independent analysis.

JPMorgan will initially use what is known as point-of-trade analytics, whereby if clients request it, details of their electronic and algorithmic FX trades will be passed instantly to BestX, which will perform detailed analysis against various benchmarks and then generate a PDF report that will be sent directly to the client. BestX expects that, in time, JPMorgan and other banks might choose to access more sophisticated analytics and stream them as part of their own electronic offering, but the point-of-trade option is the natural first step in that journey.

Having started its business with post-trade analytics, BestX is now developing a pre-trade service that would allow clients to assess trades before executing.

This is expected to be launched within months. While still only a small start-up, BestX has experienced rapid growth. Before JPMorgan, a number of buy-side firms had already adopted the technology, and the company has a prospective client list of buy-side and sell-side firms in testing and contract negotiation.

eXecute | J.P. Morgan

However, the JPMorgan deal is significant in that it shows sell-side support for independent TCA. Offering access to independent TCA is something of a leap of faith for any dealer, as the analysis could reasonably show that using an alternative bank for FX dealing might yield better results, but JPMorgan is confident BestX will cast it in a favourable light.

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If you're happy with cookies, continue browsing. Start-up BestX wins first bank client with JPMorgan By: Joel Clark Published on: Wednesday, January 18, Further reading ON EUROMONEY. MOST READ FOREX Bank of America Merrill Lynch delivers greater liquidity through MOEX connectivity.