TransAtlantic exchange operator Nyse Euronext has launched TradeCheck, an online service designed to measure best execution performance across 18 European exchanges and markets.
Aimed at small- and medium-sized trading firms, TradeCheck enables users to analyse single or multiple trades executed on one or more markets, in one or more currencies, at a particular time or over a period in the past. TradeCheck can then generate execution analysis statistics and tailor-made reports for its customers' own clients.
The service checks execution quality, offers transaction cost analysis - taking into account market impact and implicit and explicit costs of trading - and an order book relay for measuring market depth.
Developed jointly with Intelligent Financial Systems, TradeCheck is available either online through a secure website, or as an XML package for integration into customers' existing trading administration applications.
As a taster, Nyse Euronext is offering the service free of charge until the end of the year, after which point a monthly subscription fee will kick in.
To achieve data coverage across the European markets, the service is using data provided by Tenfore Systems.
Whether the service will find a willing audience is open to question. Speakers at Finextra's best execution conference in London last week were largely critical of the MiFID stipulations around execution quality, noting that the rules were ill-defined, easy to subvert and lacking in authority.