Intelligent Financial Systems Limited*, through its flagship brand LiquidMetrix, is an independent provider of TCA,
execution quality, market abuse and pre trade analysis services.
Our clients are Sell Sides, Buy Sides, Exchanges and Regulators that are looking for actionable analysis / reports, compliance tools and global coverage.
In the last 10 years equity markets have changed almost beyond recognition. Fragmentation, high frequency market making and trading, dark pools,
broker crossing networks and the rise of algorithmic trading have created a myriad of opportunities and pitfalls that all trading firms must navigate.
Recent media attention on High Frequency Trading and ‘Toxic’ Dark Pools has underlined the point that carefully monitoring execution quality is a vital function for both
Buy Side and Sell Side firms as well as operators of execution venues. In a world where a predatory trading style can take advantage of a Buy Side order in microseconds,
relying on ‘traditional’ TCA to identify and correct that problem is wishful thinking.
LiquidMetrix as a provider of TCA services was founded with this new world view of the markets at its core.
Our services use a millisecond accurate full depth Level 2 market database. We can therefore drill into detail into any trading strategy and answer not only the
traditional TCA ‘macro level’ questions (IS, VWAP, Momentum, Reversion) but also highlight what is happening at the micro level.
The LiquidMetrix Post Trade services operate on both a top down and bottom up approach.
At the macro level a combination of traditional VWAP/Arrival benchmarks allows analysis of how well overall trading schedules or brokers have performed.
At the micro level, we can also uniquely determine how well micro-strategies and decisions have performed. The analysis can help our clients understand venue selection,
HFT gaming, order timing, algo usage, SOR configuration, liquidity distribution and availability, adverse selection and venue toxicity.
By allowing our clients to view performance from fund manager, broker placement, venue,
algo and SOR strategy angles we provide analysis and actionable intelligence to execution desks and compliance departments as well as third party trustworthy client reporting.
Contact us on firstname.lastname@example.org
if you are interested in any of the services or data products we offer.
* Intelligent Financial Systems Limited is an independently operated company within the the Asset International Group of companies.