Data and Analytics
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Investment Analytics

Venue Analysis

As environments become more complex, you need your trading done efficiently, without conflict.

But market innovations that can bring efficiencies and speed can also bring new potential pitfalls of predatory traders, broker conflicts and damaging information leakage. You need to monitor and optimize your trading — and our venue-based analysis is designed to help you address these challenges.

Delivered to you each morning on a T+1 basis, the report covers the essential metrics you need, and compares trading to your selected peer universes. The service quickly and clearly identifies trading inefficiencies, with no need for you to collect or transmit any trading data. Your trading activity is securely captured, then normalized and processed through our systems.

With dashboards using aggregated metrics and comparisons, our reports cover:

  • Trade routing. The venue report illustrates how your trades were distributed and how that compares to your peers.
  • Venue performance. Each of your venues is examined from different perspectives, including toxicity, fill rate and overall market impact, to provide a multi-dimensional report.
  • Venue toxicity. We identify toxicity — emphasizing price manipulation — across all venues and compare your results to your peers.
  • Fill rates. Executions are compared to the printed NBBO quote size at the time, to assess the quality of executions.
  • Algorithm performance (where available). Where algorithmic trades are identified, their performance is analyzed, both with respect to others using that algorithm and with alternative algorithms.
  • Smart order routing. The venue report identifies bursts of trading fills and analyzes them for their venue toxicity.
  • Liquidity makers versus takers. The report breaks down trades by those which were executed from a “making” liquidity basis to those executed as “taking” liquidity, to give you transparency to how brokers are handling this common conflict.