Best Execution

Best Execution
Compliance Solutions

TAG provides comprehensive best execution compliance solutions, making it easy to satisfy your regulatory reporting requirements for the US and Europe.

Europe

In Europe, the latest best execution requirement set forth in the Markets in Financial Instruments Directive (MiFID) requires firms to take reasonable steps to achieve the best possible execution of client orders, and also to prove that they have done so. Firms must publish explicit execution policies and demonstrate adherence to them. TAG can analyze your firm's current execution policies and help you develop robust best execution compliance solutions.

US

In the US, the Securities and Exchange Commission (SEC) has defined firms' obligations as follows:

"In deciding how to execute orders, brokers have a duty to seek the best execution that is reasonably available for their customers' orders. That means that brokers must evaluate the orders they receive from all customers in the aggregate and periodically assess which competing markets, market makers, or electronic communications networks (ECNs) offer the most favorable terms of execution. Some of the factors brokers need to consider when executing their customers' orders for best execution include: the opportunity to get a better price than what is currently quoted, the speed of execution, and the likelihood the trade will be executed."

To help firms comply with these obligations, TAG provides comprehensive, online best execution solutions that provide exceptional analysis and proof of regulatory compliance. Our services' level of analysis adds value to your business intelligence, and proof of regulatory compliance helps you inform and impress prospective and existing clients. Review our comprehensive Best Execution products and services and contact TAG today to begin putting our compliance solutions to work for you.

TAG Report

The TAG Report is an independent, comprehensive analysis of order flow that provides breakouts and performance statistics to the millisecond. The TAG Report is the standard in the industry for evaluating competitiveness, and can be customized to analyze the execution performance across different asset classes, of multiple market centers, and for your traders or your specific clients. This powerful tool enables firms to evaluate the level of service and execution quality provided to their customers and supplements your business intelligence.

Trade Performance Analysis

Our Trade Performance Analysis can be customized to meet your firm's specific needs and trading patterns. Using our TAG-IQ Engine, your firms specific order and trade data, and complete tick-by-tick market data archives, TAG provides you with interactive online tools allowing you to explore your own execution results, or the trade performance of relevant market centers. The "TAG Industry Average" is calculated using all cash equities trades and is the standard for evaluating your firms competitiveness with other market participants.

T+1 Exceptions Report

Available online the morning after trade date, our T+1 Exceptions Report flags market and marketable limit orders that may not have been executed favorably against the NBBO, and non-marketable limit orders that may have been due an execution. In addition, each report has drill-down capability from the order and fill level down through the relevant market data, including NBBO, Level 2, and print data surrounding the life cycle of the order. Through timely identification and receipt of T+1 Exceptions Reports and accompanying market data detail, your firm is able to accelerate research, limit your potential market exposure, and request or make an adjustment or reversal.

TAG Client Web Access Tool

TAG's clients can login to their dashboard to view reports online. Additionally, your customers also have access to view specific best execution data and reports, encouraging creditability of their transactions execution. This tool provides daily access to public best execution data on a current and historical basis.