Elaine Wah

Modern Markets, Modern Metrics - A Blog By IEX

In this blog by IEX's Elaine Wah, the newest public exchange looks to refute public claims that the metrics it uses are designed to inflate its own volume numbers and mislead people.

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February 14, 2011

TradingScreen Adds BECS and Clients

By James Ramage

Looking to juice its trade-cost analysis technology and client list, TradingScreen acquired Citi's multi-broker, post-trade TCA product BECS for an undisclosed price.

Citi, which acquired BECS in April 2004, is retaining the pre-trade analytics product within its suite of services.

TradingScreen, developer of the execution management system TradeSmart, said it now holds the exclusive license for the post-trade analytics of BECS, or Best Execution Comparison Services. TradingScreen will migrate BECS's post-trade analytics customers over to its own TCA-in-a-Box and phase out the Citi TCA product, said Robert Kay, TradingScreen's head of analytics.

"It will give us an entrée to a number of clients who have no relation to TradingScreen at the moment," Kay said. He declined to disclose how many BECS customers there are.

BECS and TCA-in-a-Box share similar technology, as far as database software and presentation layout go. But TCA-in-a-Box will adapt features of BECS's online reporting system, including some graphics capabilities, industry classes, market capitalization breakdowns, among others. And TCA-in-a-Box will see some upgrades this year, Kay said. It will come with real-time TCA. It will also see an extension of its multi-asset class functionality, which includes exchange-traded futures, fixed income and foreign exchange, alongside equities.

"We, as a firm, are quite determined to achieve a higher profile in the TCA and analytics space," Kay said.

Under Citigroup Global Markets, BECS was fully owned, but managed independently.


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