BestX
BestX is a London-based fintech providing independent, open-architecture transaction cost analysis and best execution analytics across FX, Fixed Income, Equities, Futures, Commodities, and Cryptocurrencies. Founded in 2016 and acquired by State Street in 2018, it serves 150+ institutional clients including asset managers, hedge funds, banks, and sovereign wealth funds.
- Company typePrivate
- Founded2016
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What BestX does
BestX is a London-based fintech that provides independent, open-architecture transaction cost analysis (TCA) and best execution analytics across multiple asset classes — FX, Fixed Income, Equities, Futures, Commodities, and Cryptocurrencies. Founded in January 2016 by former Morgan Stanley managing directors Pete Eggleston and Oliver Jerome, the company serves more than 150 institutional clients including asset managers, hedge funds, banks, and sovereign wealth funds. The platform was built from scratch with asset-class-specific analytics and bespoke benchmarks, deliberately not reusing analytics across asset classes.
The product surface combines pre-trade analytics, post-trade TCA, regulatory reporting (MiFID II alignment), automated outlier detection, and peer analysis via an anonymous community data pool. Notable proprietary components include a ReLU-based cost estimation model for large FX trades, the Algo Centre of Mass (CoM) metric, the BestX Total Cost Framework, the BestX Liquidity Score (BXLS), the Bayesian Gaussian Mixture Model-driven Fixed Income Compass, the ECV20 equity benchmark, and a Crypto Hourly Fixing benchmark. Revenue is generated through subscription-based access to the platform; the go-to-market blends enterprise direct sales with channel distribution through bank single-dealer platforms (JP Morgan, HSBC, BNP Paribas, Societe Generale, National Australia Bank, Citadel Securities) and the FX Connect integration. BestX was acquired by State Street Corporation in September 2018 and now operates within State Street's GlobalLink business unit alongside FX Connect and Fund Connect, giving the platform distribution leverage into State Street's institutional client base.
BestX firmographics
Firmographics- Name
- BestX
- Legal name
- BestX Ltd
- Website
- https://bestx.co.uk
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- BestX is a London-based fintech providing independent, open-architecture transaction cost analysis and best execution analytics across FX, Fixed Income, Equities, Futures, Commodities, and Cryptocurrencies. Founded in 2016 and acquired by State Street in 2018, it serves 150+ institutional clients including asset managers, hedge funds, banks, and sovereign wealth funds.
- Ownership category
- akta.pro rank
BestX industry classification
Industry- Product category
- Trading Analytics Software
- NAICS
- Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (52316), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)
- SIC
- Services-Computer Programming, Data Processing, Etc. (7370), Services-Prepackaged Software (7372), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Digital Asset/Crypto Trade Execution Platforms (FSAFANAO)
- akta.pro secondary industries
- DEX Analytics, Indexers & Trading Terminals (FSADABAK), Fixed Income Electronic Trading Platforms (Bonds/Credit) (FSAFANAB), Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)
Keywords
Where BestX is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
BestX business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- TCA Analytics Subscription: BestX generates revenue through subscription-based access to its TCA analytics platform, providing multi-asset best execution analytics to institutional clients including asset managers, hedge funds, banks, and sovereign wealth funds.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels4 records
BestX product offering
Product offeringCore offering
BestX delivers an open-architecture, liquidity-provider-agnostic analytics platform providing multi-asset transaction cost analysis (TCA) and best execution governance across FX, Fixed Income, Equities, Futures, Commodities, and Cryptocurrencies. The platform combines pre-trade and post-trade analytics with proprietary benchmarks, signalling risk metrics, and peer benchmarking, enabling institutional clients to define, achieve, and record best execution processes under MiFID II and other regulations.
Product overview
BestX is a technology company delivering open-architecture best execution analytics as a unified platform with multiple modules. The core BestX Best Execution Analytics Platform provides multi-asset TCA across FX, Fixed Income, Equities, Futures, Commodities, and Cryptocurrencies. The platform comprises FX Analytics (covering spot, forwards, NDFs, and FX swaps), Fixed Income Analytics (including Fixed Income Compass, Volume Model, Liquidity Score, and Expected Cost model), Equities Analytics (post-trade TCA for global markets), Futures Analytics, and Commodities Analytics. Supporting modules include Pre-Trade Analytics, Post-Trade Analytics, Regulatory Reporting Module, Trend Analysis Module, Peer Analysis Module, Center of Mass metric, and specialized benchmarks like ECV20 and Crypto Hourly Fixing. BestX was incorporated in January 2016, acquired by State Street in September 2018, and is now part of the GlobalLink business.
Differentiator
Problem solved
Functional benefit
Products and services
- BestX Best Execution Analytics Platform Open-architecture, multi-asset TCA and best execution governance platform covering FX, Fixed Income, Equities, Futures, Commodities, and Cryptocurrencies. Delivers pre-trade and post-trade analytics, proprietary benchmarks, signalling risk metrics, peer analysis, and regulatory reporting. Sold to asset managers, hedge funds, banks, and sovereign wealth funds.
- FX Analytics Module Foreign exchange transaction cost analysis covering spot FX, forwards, non-deliverable forwards, and FX swaps. Includes proprietary FX benchmarks, signalling risk metrics, and algo execution analysis. For institutional FX trading desks.
- Fixed Income Analytics Module Fixed income execution analytics including the Fixed Income Compass (Bayesian Gaussian Mixture Model), Fixed Income Volume Model, BestX Liquidity Score (BXLS), and Expected Cost pre-trade model. For institutional fixed income traders.
- Equities Analytics Module Post-trade transaction cost analysis for global equity markets with flexible data analysis, report configuration, and generation. For institutional equity trading desks.
- Futures Analytics Module Transaction cost analysis and best execution analytics for futures instruments. For institutional futures trading desks.
- Commodities Analytics Module Commodity execution analytics and best execution analysis for commodity markets. For institutional commodities trading desks.
- Pre-Trade Analytics Module Pre-trade execution analysis functionality supporting improved pre-trade analysis and netting capabilities to help optimise execution decisions before order placement. For institutional trading desks.
- Regulatory Reporting Module Regulatory reporting module enabling firms to demonstrate adherence to best execution obligations under MiFID II and other regulations. For compliance and best execution teams at buy-side and sell-side institutions.
- BestX Crypto Hourly Fixing Benchmark Official crypto hourly fixing benchmark providing a trustworthy reference rate applicable to smart contract execution, ETF calculation, and crypto future settlement. For crypto trading venues and institutional crypto participants.
Quantifiable outcome
- Algo market share in FX increased from 26% in 2017 to 39% in 2019, with BestX observing 170 different algos used by clients
- +3 more outcomes
Companies that use BestX
Customer profileNamed customers10 records
Segments4 records
Ideal customer profiles4 records
BestX technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability5 records
Feature11 records
BestX partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and minor.
- RBCcoreRBC Investor & Treasury Services partnered with State Street's BestX to launch an FX TCA service. The new TCA tool was rolled out for clients using currency overlay services at RBC I&TS with FX TCA reporting to manage and assess execution performance of COS transactions.
- State StreetcoreState Street acquired BestX in September 2018, with BestX domiciled within their GlobalLink business. GlobalLink is recognized across the industry as a standalone technology services provider alongside other State Street market utilities such as FX Connect and Fund Connect. This acquisition formalized the January 2018 partnership that had an overwhelmingly positive response from both buy side and sell side.
- FastMatchminorBestX partnered with FastMatch for their FX Tape Market Data Service. FastMatch launched FX Tape as a central reference point which market participants can use to evaluate best execution practices.
- Societe GeneralecoreSociete Generale Corporate & Investment Banking partnered with BestX to enable clients to assess the costs and execution performance of their FX transactions through an analytical framework. Clients can benefit from access to analytics measuring spread & impact costs and signalling risk.
- FX ConnectcoreFX Connect partnered with BestX to offer TCA solutions globally, providing an extremely impressive set of TCA functionality enabling out-of-the-box integration between the two platforms offering a turn-key integrated solution that supports TCA required to underpin best execution policy evidencing.
- National Australia BankminorNational Australia Bank partnered with BestX to give its buy-side clients third-party analytics services alongside its existing offering.
- BNP ParibascoreBNP Paribas partnered with BestX to allow clients to access independent analytics to verify the quality of execution.
- Citadel SecuritiescoreCitadel Securities became the first non-bank liquidity provider client of BestX, partnering to provide clients independent analysis of their FX trades. Quality execution and transparency are at the core of their client offering and partnering with BestX helps demonstrate this.
- JP MorgancoreBestX signed JP Morgan to provide third-party TCA for electronic and algorithmic trades to clients via the bank's single-dealer platform.
- HSBCcoreBestX signed HSBC to provide third-party TCA for electronic and algorithmic trades to clients via the bank's single-dealer platform.
Scale indicators1 record
Recent moves1 record
Expansion highlights5 records
BestX competitors and assessment
Company assessmentDirect peers
- Tradeweb: Tradeweb is a leading global electronic marketplace operator that acquired ITG's analytics/TCA business, making it a direct competitor to BestX in multi-asset transaction cost analysis across fixed income, equities, and derivatives. Both serve institutional buy-side and sell-side clients with execution analytics.
- FlexTrade: FlexTrade provides multi-asset execution management systems (EMS) with integrated TCA and best execution analytics for equities, FX, fixed income, and derivatives. It directly competes with BestX by offering execution plus analytics as an integrated buy-side solution.
- Kaizen Reporting: Kaizen Reporting is a specialized transaction cost analysis and regulatory reporting provider serving asset managers, hedge funds, and brokers. It is a direct competitor to BestX in multi-asset TCA and best execution reporting, particularly in the post-MiFID II environment.
- AcadiaSoft (CME Group): AcadiaSoft, now part of CME Group, provides post-trade processing, collateral management, and analytics for OTC derivatives markets. It competes with BestX in the fixed income and derivatives analytics space, leveraging CME Group's scale and data infrastructure.
- Murex: Murex is a leading provider of cross-asset trading, risk management, and post-trade processing platforms for capital markets, with embedded TCA capabilities. It serves banks and asset managers with multi-asset analytics similar in scope to BestX's platform.
Broad incumbents
- LSEG (Refinitiv): LSEG, following its acquisition of Refinitiv, provides multi-asset TCA capabilities integrated with its Elektron trading platform and DataScope tick data. It competes with BestX in serving institutional clients with execution analytics across FX, fixed income, and equities.
- FactSet: FactSet is a major financial data and analytics provider serving buy-side and sell-side institutions with portfolio analytics, execution, and TCA capabilities across asset classes. It competes with BestX as a broader portfolio analytics platform that includes transaction cost analysis.
- ICE Data Services: ICE Data Services (Intercontinental Exchange) provides fixed income analytics, reference data, and TCA-style evaluation services. It competes with BestX in fixed income execution analytics, leveraging ICE's exchange and clearing infrastructure.
- Bloomberg: Bloomberg offers TCA functionality through its Terminal and EMSX execution platform, covering FX, equities, fixed income, and derivatives. It competes with BestX primarily by bundling analytics into the dominant Terminal platform, leveraging enormous existing institutional client relationships.
Emerging players
- Tonic Analytics: Tonic Analytics (formerly Tonic Software) is a specialized TCA provider for FX and multi-asset execution analytics, focused on cloud-native delivery. It directly competes with BestX's FX TCA offering while representing a more recent cloud-first delivery model.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
BestX social profiles
Digital presenceBestX financial estimates
Financial estimateRevenue estimate
Valuation estimate
BestX leadership team
Management profileNumber of profiles
Profiles2 records
BestX funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BestX 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 BestX
What does BestX do?
BestX delivers an open-architecture, liquidity-provider-agnostic analytics platform providing multi-asset transaction cost analysis (TCA) and best execution governance across FX, Fixed Income, Equities, Futures, Commodities, and Cryptocurrencies. The platform combines pre-trade and post-trade analytics with proprietary benchmarks, signalling risk metrics, and peer benchmarking, enabling institutional clients to define, achieve, and record best execution processes under MiFID II and other regulations.
Is BestX a public or private company?
BestX is a private company. It is classified as corporate owned and is currently operating.
When was BestX founded?
BestX was founded in 2016. It employs 11 to 50 people.
Where is BestX based?
BestX is headquartered in London, United Kingdom, in the Europe region.
How does BestX make money?
One revenue line is on record: TCA Analytics Subscription.
Who are BestX's main competitors?
Direct peers on record are Tradeweb, FlexTrade, Kaizen Reporting, AcadiaSoft (CME Group) and Murex. Broad incumbents are LSEG (Refinitiv), FactSet, ICE Data Services and Bloomberg. Tonic Analytics is listed as an emerging player.
Does BestX have an API?
No public API is recorded for BestX.
What industry is BestX in?
BestX's product category is Trading Analytics Software. Its primary akta.pro industry code is FSAFANAO, Digital Asset/Crypto Trade Execution Platforms, with a secondary code of FSADABAK, DEX Analytics, Indexers & Trading Terminals. Its NAICS code is 523210 and its SIC code is 7370.