BestEx Research

Move over VWAP. The data confirms it; in an A/B test across roughly 900,000 orders, IS Zero delivered lower average IS cost than VWAP in every order size category. IS Zero is a meticulously engineered IS algorithm that combines what VWAP does well (non-urgent execution and distribution throughout the day) and fixes for what it ignores to more effectively minimize implementation shortfall. Read the article on its performance on our website or request the full research paper.

🚩 Introducing Pulse AI: The World’s First AI-Powered Institutional Trading Analytics Platform. Pulse AI connects our Pulse Analytics suite to AI assistants like Claude and ChatGPT, for integration into your existing workflow. Its Pre-Trade capabilities are now live for global futures, with equities arriving in October. With it, traders and portfolio managers can optimize trading costs and study liquidity characteristics using BestEx Research's proprietary market impact cost model and realized and estimated intraday volume, volatility, spread, and more. Broker-neutral post-trade cost analytics is an entirely new offering, arriving in Q1 2027 and accessible via Pulse AI. Users will be able to measure, optimize, and report trading outcomes from overall performance and broker comparison to execution quality and venue selection, building actionable scorecards in minutes. Watch the video to see Pulse AI in action, and reach out to our team for a live demo or to request a free trial.

AMS One is a fully managed algo trading platform that allows banks and brokers to launch their global equities and futures execution business under their own brand. It covers US, Canadian, 15 European, and 4 APAC equities markets plus 19 futures exchanges, with one consistent experience across all of them.

🚩 Introducing Pulse AI: The World’s First AI-Powered Institutional Trading Analytics Platform. Pulse AI connects our Pulse Analytics suite to AI assistants like Claude and ChatGPT, for integration into your existing workflow. Its Pre-Trade capabilities are now live for global futures, with equities arriving in October. With it, traders and portfolio managers can optimize trading costs and study liquidity characteristics using BestEx Research's proprietary market impact cost model and realized and estimated intraday volume, volatility, spread, and more. Broker-neutral post-trade cost analytics is an entirely new offering, arriving in Q1 2027 and accessible via Pulse AI. Users will be able to measure, optimize, and report trading outcomes from overall performance and broker comparison to execution quality and venue selection, building actionable scorecards in minutes. Watch the video to see Pulse AI in action, and reach out to our team for a live demo or to request a free trial. Read the official announcement: https://lnkd.in/gzmWJN7B #PulseAI #PulseMarketImpactModel #PreTradeAnalytics #PostTradeAnalytics

Traders are finding that as soon as they send orders to dark algos, prices move almost immediately and reversion after the order fills is obvious in a chart. Leakage like this hurts most while trading the hardest orders, e.g., mid- and small-cap names above 5% of ADV and large-cap orders where the notional size creates real execution risk. The hard orders aren't getting easier and dark liquidity isn't getting simpler, which is why we built our new dark algorithm, Curator, for institutional traders. It applies a systematic framework built from years of empirical research to curate the right dark opportunities instead of just aggregating them.

Lack of a top-notch global algo trading solution isn't just hurting banks and brokerage firms' execution revenues- its dragging down connected businesses like market making, prime brokerage, and research. Just check-the-box algos are no longer sufficient to satisfy the buy side firms demands. Heads of markets and electronic trading at banks need to come up with a strategy quickly that sets their firm for long term success. It is not a straightforward problem to solve. A poor decision here can cost a bank tens of millions of dollars in hard costs, massive opportunity costs, and years of building and unwinding down the line. I recently sat down with Terry Flanagan at Traders Magazine to discuss: - The Strategic Options: weighing the realities of building from scratch, building on top of a vendor's platform, white-labeling from other banks, or choosing a hybrid approach. - The need for evolution of role for quants at electronic trading desks from routine maintenance and toward consultative, high-value client work. - Case studies on what kind of customers have been most successful in building their algo franchise on top of AMS One and how they compete with tier 1 firms. Read the full interview here and comment below: https://lnkd.in/ggHT76KN