Best Execution & Transaction Cost Analysis

Demonstrating that you're acting in the best interests of your clients is a core responsibility of any compliance team. TZBE, eflow’s Best Execution and Transaction Cost Analysis (TCA) tool, helps meet these obligations with a central platform that automates best execution tests, enriches data with over 250 sources, and creates detailed TCA reports.

  • Strengthen your regulatory processes

    Satisfy your regulatory obligations under Best Execution legislation, such as MiFID II in Europe and FINRA Rule 5310 in the US.

  • Drive operational efficiency

    Automate and streamline your best execution testing, transaction cost analysis and data management strategy

  • Use data to trade more effectively

    Generate cost-saving insights by highlighting how trades can be executed more effectively

 

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TZBE

Demonstrate compliance with Best Execution legislation while uncovering commercial insights

TZBE helps financial institutions meet Best Execution regulations like MiFID II in Europe and FINRA Rule 5310 in the US. It ensures firms achieve the best results for clients by using a digital system to monitor compliance.

The customisable platform ingests, tests, and reports on all major instruments and asset classes, running best execution tests against industry benchmarks and generating regulator-ready reports.

Configurable parameters align with trading strategies, reduce false positives, and account for variables. Deviations are flagged for analysis, producing detailed TCA reports. TZBE also includes MiFID II-compliant data archiving and indexing.

How TZBE adds value to your best execution regulatory strategy

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Data-led trading insights

Generate data-led insights that highlight how your trading strategy could be executed more effectively


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Integrated testing and analysis

Automatically run best execution tests and transaction cost analysis through one integrated platform

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Automated data enrichment

Automated data enrichment for all alerts and asset types from the eflow Market Data Store which curates data from more than 250 sources
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Test against industry benchmarks

Run best execution tests against VWAP, Time, Venue, Implementation Shortfall/Slippage, Best Bid/Ask and more

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Highly configurable test parameters

Automatically adjust test parameters to account for any variable and customise alerts in line with your risk strategy
 
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Automated data archiving and indexing

Automatically archive and index trade data in compliance with Best Execution legislation such as MiFID II, FINRA Rule 5310 and MAS Best Execution rules
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Comprehensive reporting

Generate ‘regulator-ready’ reports directly from your platform
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Asset class agnostic

Ingest, test and generate alerts for all major asset classes

Don’t just take our word for it…

"We have been consistently impressed with eflow’s constant dedication to ensuring that our compliance needs are met. We would recommend them to any firm looking for a market abuse or best execution solution."

Alex Phillips
Head of Compliance & MLRO

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