BestX Partners with FastMatch for FX Tape Market Data Service

One of the leading FX transaction cost analysis solutions in the industry, BestX, has announced that the company entered into a partnership deal with Fastmatch. Last year the electronic communications network (ECN) has launched a new service called FX Tape.

Fastmatch launched the FX Tape service as a central reference point which market participants can use to evaluate best execution practices. Since the establishment of BestX, the company has been focused on becoming the industry standard product to evaluate FX TCA, delivering services to asset managers, hedge funds, banks and non-bank liquidity providers.

Following the partnership with Fastmatch, clients of BestX all be able to choose whether to include data from the FX Tape to incorporate an additional benchmark against which they can analyse their trade portfolios.

Transparency as a Key Function of the FX Market

Ever since the implosion of the global FX fixing scandal and the resulting FX Global Code of Conduct, market data analytics for the foreign exchange market have been getting more and more popular.

The increasing demand for transparency is well facilitated by a central reference point for FX market data which is transparent in construction and ownership. The addition of FX Tape as a reliable and accurate representation of the broader market, enables one more source for benchmarking best execution.

Commenting on the news, the Co-Founder at BestX, Oliver Jerome, said: “As the industry standard for FX TCA, it is important that BestX offers the FastMatch FX Tape as an additional benchmark within our analytics for our clients. The inclusion of the FX market’s default streaming mid is another material step towards increasing the transparency of the FX market.”

FastMatch’s FX Tape is available on a subscription basis to all market participants that are willing to gain access to last trade data. The feed is comprised of a diverse group of participating segments within the global foreign exchange market. Back in March, Fastmatch also added Bitcoin data to the feed.

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