XTX Markets, a global electronic trading firm providing liquidity in equity, derivatives, FX and commodity markets, announced that it has released ‘XTX-ray’, a liquidity analysis tool that allows market participants to evaluate the quality of their Spot FX execution.
XTX-ray allows users to explore crucial measures of liquidity, shining a light onto ‘hidden’ costs with data incorporating:
-Volumes
-% Business – ratio of business done in each currency pair with respect to filled volume
-Fill rate – % of orders filled
-99.9% RTT – The 99th percentile Round Trip Time (RTT) on orders placed
-Spread – median/90%
-Market impact – in USDmn down to 1ms resolution
-$ Cost of rejects
Jeremy Smart, Head of Distribution at XTX Markets, commented:
XTX-ray makes state of the art sell-side execution analysis available to buy-side firms and counterparties will be able to evaluate the execution quality of their liquidity providers. The objective is to achieve a more transparent Spot FX market which is fair for all market participants. This presents yet another challenge to last look.