RBC Capital Markets enhances TCA reporting

June 2023 in Uncategorized

RBC Capital Markets has started distributing an improved Transaction Cost Analysis (TCA) report to provide clients with more detailed execution analysis and additional illustrative features. The announcement follows last year’s enhancements to its eFX offering, including the integration of real-time reporting via TCA provider, BestX.

“Whereas provision of our post-trade TCA is something we have always managed in-house, we decided to leverage the expert capabilities of BestX in the provision of real-time trade data to our clients via API,” says Mark Burroughs, Director eFX Distribution at RBC CM. “After a successful launch, we’re really confident that RBC’s offering will perform well against competing algos in the rigorous analysis that BestX is well-known for.”

The move involves a significant upgrade to RBC CMs’ in-house TCA reports, which now feature enhanced benchmarking performance, venue analysis and an additional complete log of all orders placed and filled during the order life-cycle. The enhanced visuals supplement the comprehensive data and order logs are provided alongside the TCA PDF report.

According to Burroughs, following a notable pick-up in client interest for algos this year RBC will also be making its suite of algo products available to new markets by leveraging some additional distribution venues later this year. The firm’s current distribution strategy focuses on large global asset managers, pension funds and large corporate treasuries.
“Our algo distribution is growing rapidly and we are reaching a more diverse client base globally,” Geoff Jones, RBC’s Global Head of Trading, adds. “Given the scale of some of the client activity, we can now provide complete segregation of algo activity from the FX business via a standalone 24 hour multi-asset algo service desk”. This is expected to provide a key benefit to clients with global cross-asset trading units, Jones explains.