BestEx Research
BestEx Research is a private fintech founded in 2017 that provides research-driven algorithmic execution and trade analytics to institutional buy-side and sell-side clients across global equities, futures, and FX markets. Its AMS One platform and proprietary algorithms serve asset managers, hedge funds, quant funds, banks, and brokers.
- Company typePrivate
- Founded2017
- HeadquartersStamford, United States
- Headcount51–100
- GTM typeB2B
- OfferingSoftware
What BestEx Research does
BestEx Research is a private financial technology company founded in 2017 by Hitesh Mittal — previously head of AQR's Global Trading Strategies group and head of ITG's algorithmic trading business — and headquartered in Stamford, Connecticut. The firm provides independent, research-driven algorithmic execution and trade analytics to institutional buy-side clients (asset managers, hedge funds, quant funds) and sell-side institutions (banks and brokers) across global equities, futures, and FX markets, supported by a 55-person team operating from Stamford, London, Bengaluru, and Singapore.
The product portfolio centers on AMS One, an end-to-end algorithmic trading platform launched in June 2026 that combines execution algorithms, a no-code Strategy Studio with 150+ configurable parameters, smart order routing (XOR), integrated transaction cost analysis, and pre-trade analytics for sell-side institutions. Buy-side clients access a suite of execution algorithms including IS Zero (a VWAP substitute integrating volatility and volume expectations that reduced implementation shortfall by 37% in A/B testing), Curator (a dark ATS algorithm with venue-specific segmentation), TASClose (futures settlement-price capture across 29 TAS-eligible markets), Adaptive Optimal, and standard VWAP, TWAP, POV, and Close algorithms. Supporting trade analytics include the Pulse Market Impact Model for futures, validated against 72,000+ parent orders, and Pulse Analytics, both delivered via REST API. The underlying technology is a C++ low-latency execution system built in-house.
Revenue is generated through an all-inclusive tiered annual subscription model for AMS One (covering algorithms, market data feeds, FIX connectivity, co-location, maintenance, and support) and for Pulse API access, positioned as a fraction of the eight-figure annual cost of building comparable infrastructure internally. Distribution is a hybrid of direct enterprise field sales to asset managers, hedge funds, banks, and brokers and an API-first channel for technology integrations. The firm has cumulatively raised approximately $16.5 million across a 2017 seed, a December 2020 Series A led by QC·Ventures and Quadrature Capital, and a March 2023 $10M follow-on from existing investors, and holds a co-development partnership with Scotiabank to build a Canadian equities algorithmic trading platform.
BestEx Research firmographics
Firmographics- Name
- BestEx Research
- Legal name
- BestEx Research Group LLC
- Website
- https://bestexresearch.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- BestEx Research is a private fintech founded in 2017 that provides research-driven algorithmic execution and trade analytics to institutional buy-side and sell-side clients across global equities, futures, and FX markets. Its AMS One platform and proprietary algorithms serve asset managers, hedge funds, quant funds, banks, and brokers.
- Ownership category
- akta.pro rank
BestEx Research industry classification
Industry- Product category
- Algorithmic Trading Technology
- NAICS
- Computer Systems Design Services (541512)
- SIC
- Services-Computer Integrated Systems Design (7373)
- akta.pro primary industry
- Execution Management Systems (EMS) & Smart Order Routing (SOR) Platforms (FSAFANAM)
- akta.pro secondary industries
- Algorithmic Trading & Execution Platforms (FSAFANAN), Algorithmic Trading & Smart Order Routing (Equities) (FSACAFAH), Best Execution & TCA Compliance (FSAFAOAL)
Keywords
Where BestEx Research is headquartered
LocationHeadquarters
- HQ city
- Stamford
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
BestEx Research business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Infrastructure, Marketing or Sales, Operations
Revenue model
- AMS One Platform Subscription: All-inclusive tiered subscription model for the AMS One algorithmic execution platform, including market data feeds, venue connectivity, FIX connectivity, ongoing maintenance, and support. Positioned as a fraction of the eight-figure annual cost of building such infrastructure internally.
- Execution Algorithm Licensing: Access to proprietary execution algorithms (IS Zero, Curator, TASClose, Adaptive Optimal, VWAP, TWAP, POV, Close) for equities, futures, and FX trading as part of the platform subscription.
- Pulse Analytics API Access: REST API access to Pulse market impact model and trade analytics for pre-trade cost estimation and post-trade analysis, available separately or integrated with AMS platform.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | AMS One platform subscription with all-inclusive features |
| Subscription | Annual | Pulse API access for market impact modeling |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels7 records
BestEx Research product offering
Product offeringCore offering
BestEx Research provides independent, research-driven algorithmic execution solutions and a multi-asset trading technology platform for institutional clients. Its offerings include proprietary execution algorithms (IS Zero, Curator, TASClose, Adaptive Optimal, VWAP, TWAP, POV, Close), a sell-side end-to-end algorithmic platform (AMS One) with smart order routing (XOR), and trade analytics (Pulse Market Impact Model and Pulse Analytics) accessible via REST API across global equities, futures, and FX markets.
Product overview
BestEx Research offers a unified algorithmic execution platform architecture centered on AMS One for sell-side institutions, complemented by a suite of execution algorithms for buy-side clients. The core product portfolio includes IS Zero (VWAP alternative), Curator (dark liquidity algorithm), Adaptive Optimal (flexible IS framework), TASClose (futures settlement algorithm), XOR (smart order router), Smart Conditional, VWAP, TWAP, POV, and Close algorithms. The platform integrates Pulse Analytics for multi-asset trade analytics and Pulse Market Impact Model for futures cost estimation, both accessible via REST API and within AMS One. Supporting modules include Strategy Studio (no-code customization), Trading Dashboard, TCA, and Pre-Trade Analytics. The architecture is built in C++ for low-latency execution across global equities and futures markets.
Differentiator
Problem solved
Functional benefit
Brands
- AMS One: Algorithm Management System - An end-to-end algorithmic trading platform enabling banks and brokers to build and run execution businesses across global equities and futures markets.
- IS Zero
- Curator
- TASClose
- Pulse
Products and services
- AMS One End-to-end algorithmic trading platform for banks and brokers that enables them to build and run execution businesses across global equities and futures markets. It combines high-performance execution algorithms, no-code Strategy Studio with 150+ configurable parameters, integrated TCA, and smart order routing infrastructure.
- IS Zero VWAP substitute execution algorithm for low-urgency orders targeting arrival price. Integrates both intraday volatility and volume expectations to reduce implementation shortfall slippage by 37% over traditional VWAP algorithms.
- Curator Dark execution algorithm designed to minimize toxic fills and information leakage across alternative trading systems (ATSs) via proprietary curation framework including ATS segmentation, tactic selection, proprietary signals, and conditional orders.
- Adaptive Optimal Highly flexible implementation shortfall or liquidity-seeking algorithm framework adaptable to desired urgencies, allowing customization for unique trading styles, benchmark sensitivity, and momentum or mean reversion approaches.
- TASClose Futures execution algorithm that maximizes settlement price capture by tapping into TAS (Trading at Settlement) liquidity in an automated workflow, balancing execution across TAS contracts and underlying futures markets during the settlement window.
- XOR Smart Order Router
Quantifiable outcome
- IS Zero reduced arrival slippage by 37% over VWAP algorithm in A/B testing across tens of thousands of parent orders
- +5 more outcomes
Companies that use BestEx Research
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles2 records
BestEx Research technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability3 records
Feature8 records
BestEx Research partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- ScotiabankcorePartnership to build next-generation algorithmic trading platform specifically designed for the Canadian equities market. The collaboration leverages BestEx Research's algorithmic execution technology combined with Scotiabank's market expertise.
Scale indicators9 records
Recent moves6 records
Expansion highlights6 records
BestEx Research competitors and assessment
Company assessmentDirect peers
- FlexTrade Systems: FlexTrade provides multi-asset execution management systems (EMS) and execution algorithms to both buy-side and sell-side institutions — directly comparable to BestEx's AMS One sell-side platform and the buy-side algorithms portfolio. Both compete in global equities and FX execution.
- Virtu Financial (ITG): Virtu's ITG acquisition (formerly ITG) is the closest direct competitor — both firms sell broker-neutral execution algorithms, TCA, and an agency execution platform to asset managers and hedge funds globally. ITG's POSIT, algorithms, and analytics suite overlap directly with BestEx's IS Zero, Curator, and Pulse products.
- Quantitative Brokers: Quantitative Brokers specializes in execution algorithms and analytics for global futures and fixed-income markets — directly comparable to BestEx's TASClose, Pulse Market Impact Model, and broader futures algorithm suite. Both firms also sell to institutional buy-side and sell-side clients and operate with similarly sized global teams.
- Portware (FactSet): Portware, now part of FactSet, provides a multi-asset execution management system with embedded execution algorithms, TCA, and analytics for institutional buy-side traders — closely comparable to BestEx's combination of algorithm suite, TCA, and Pulse analytics.
Emerging players
- Talos: Talos provides institutional-grade trading infrastructure for digital assets, including an OMS, EMS, and smart order routing across crypto venues. Relevant as BestEx expands into crypto execution and as a comparator for an emerging technology platform targeting institutional digital-asset execution.
Broad incumbents
- XTX Markets: XTX Markets is a major non-bank liquidity provider with extensive algorithmic execution and FX capabilities. Overlaps with BestEx on FX and equities execution innovation, and is a frequent employer of BestEx's senior business development hires (e.g., Charlie Whitlock was Head of Americas Distribution at XTX).
- Charles River Development (State Street): Charles River (owned by State Street) provides a leading order management system (OMS) with integrated execution management and algo-trading workflows for buy-side institutions. Competes indirectly with BestEx for the same institutional trading-desk budget and workflow ownership.
- Goldman Sachs (SIGMA X / Equities Electronic Trading): Goldman's SIGMA X and broader equities electronic trading franchise is the largest incumbent bank algo platform, serving both internal flow and external agency clients. Direct algorithmic and SOR competition with BestEx's algorithms and XOR SOR, though Goldman also bundles with prime brokerage.
- Credit Suisse AES (now part of UBS): Credit Suisse's Advanced Execution Services (AES) franchise, now part of UBS following the 2023 acquisition, was one of the largest independent agency algo providers globally and a direct competitor for buy-side execution mandates. Many BestEx business development hires came from AES.
- Bloomberg EMSX: Bloomberg's EMSX is one of the most widely deployed execution management systems for institutional buy-side traders globally, with built-in connectivity to brokers and execution algorithms. It is a key incumbent that BestEx competes against as a sell-side platform or integrated algo provider.
Market position
Strengths1 record
Weaknesses1 record
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
BestEx Research social profiles
Digital presenceBestEx Research financial estimates
Financial estimateRevenue estimate
Valuation estimate
BestEx Research leadership team
Management profileNumber of profiles
Profiles13 records
BestEx Research funding detail
Funding detailFunding overview
Funding rounds3 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BestEx Research M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BestEx Research
What does BestEx Research do?
BestEx Research provides independent, research-driven algorithmic execution solutions and a multi-asset trading technology platform for institutional clients. Its offerings include proprietary execution algorithms (IS Zero, Curator, TASClose, Adaptive Optimal, VWAP, TWAP, POV, Close), a sell-side end-to-end algorithmic platform (AMS One) with smart order routing (XOR), and trade analytics (Pulse Market Impact Model and Pulse Analytics) accessible via REST API across global equities, futures, and FX markets.
Is BestEx Research a public or private company?
BestEx Research is a private company. It is classified as venture growth investor backed and is currently operating.
When was BestEx Research founded?
BestEx Research was founded in 2017. It employs 51 to 100 people.
Where is BestEx Research based?
BestEx Research is headquartered in Stamford, United States, in the North America region.
How does BestEx Research make money?
Three revenue lines are on record. AMS One Platform Subscription is the primary driver. The others are execution Algorithm Licensing and pulse Analytics API Access.
Who are BestEx Research's main competitors?
Direct peers on record are FlexTrade Systems, Virtu Financial (ITG), Quantitative Brokers and Portware (FactSet). Talos is listed as an emerging player. Broad incumbents are XTX Markets, Charles River Development (State Street), Goldman Sachs (SIGMA X / Equities Electronic Trading), Credit Suisse AES (now part of UBS) and Bloomberg EMSX.
Does BestEx Research have an API?
Yes. Pulse Market Impact Model and trade analytics accessible via REST API. Supports cost estimation for futures trading including fixed-duration and fixed-participation estimators, estimated and realized statistics, daily trading statistics, active instruments lookup, and supported symbols listing. Available via REST API and AMS One point-and-click interface. Developer documentation is at mi.bestexresearch.com.
What industry is BestEx Research in?
BestEx Research's product category is Algorithmic Trading Technology. Its primary akta.pro industry code is FSAFANAM, Execution Management Systems (EMS) & Smart Order Routing (SOR) Platforms, with a secondary code of FSAFANAN, Algorithmic Trading & Execution Platforms. Its NAICS code is 541512 and its SIC code is 7373.