Waters Rankings 2019: Best TCA System Provider: Tradeweb

For the second year running, it’s Tradeweb taking home the best transaction-cost analysis (TCA) system provider award.
Conducting TCA—an increasingly vital component of trade management—is no easy feat, especially when there is a lack of quality data. It becomes exponentially more difficult when the data just isn’t there. Tradeweb sees more than 40 products traded on its platform every day and on average handles $630 billion in notional value daily. This allows it to provide composite data across platforms and liquidity providers.
Brian McElligott, managing director and head of data strategy at Tradeweb, says clients want and need reliable benchmarks, which makes Tradeweb’s breadth of coverage a key differentiator.
“We then leverage our extensive market knowledge to help our clients review their costs on an asset-class basis. For example, we’ve seen an increase in usage among clients between Tradeweb TCA and their use of Automated Intelligent Execution (AiEX), Tradeweb’s rules-based execution protocol. That’s because clients are using TCA to refine those execution rules,” he says.
Another challenge that financial firms face is uploading trades for TCA benchmarking, which can be a convoluted process, he adds. Tradeweb has been working to streamline this by uploading data in a variety of ways so that trades can be benchmarked overnight.
McElligott says Tradeweb is refining its TCA offering “all the time.” For example, its Ai-Price module, which delivers advanced reference pricing for more than 15,000 bonds, gives clients in every region the same accurate and objective price estimate, which is also updated every 30 seconds. Tradeweb recently developed a US credit liquidity score that allows clients to review their costs by level of liquidity. It plans to add peer analysis to clients in Europe soon. The company is also currently looking to add mortgage-backed securities, global credit default swaps as well as net present value swaps.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Awards & Rankings
Witad Awards 2025: Legal/compliance professional of the year—Devi Shanmugham, Tradeweb
Devi Shanmugham, global head of compliance at Tradeweb, wins legal/compliance professional of the year in the 2025 Women in Technology and Data Awards.
Witad Awards 2025: Technology innovator of the year (end-user)—Ruchi Acharya Saraswat, RBC Capital Markets
Ruchi Acharya Saraswat, managing director, head of strategy and transformation, business and client services technology at RBC Capital Markets, wins technology innovator of the year (end-user) in the 2025 Women in Technology and Data Awards.
Witad Awards 2025: Best company for diversity and inclusion (end-user)—BNP Paribas Portugal
BNP Paribas Portugal wins best company for diversity and inclusion (end-user) in the 2025 Women in Technology and Data Awards.
Witad Awards 2025: Wellness/work-life balance award (end-user)—Sarah Mears, MUFG Investor Services
Sarah Mears, chief human resources officer at MUFG Investor Services, wins the wellness/work-life balance award (end-user) in the 2025 Women in Technology and Data Awards.
Witad Awards 2025: Exchange professional of the year—Valerie Bannert-Thurner, Nasdaq
Valerie Bannert-Thurner, executive vice president and chief revenue officer of the financial technology division at Nasdaq, wins exchange professional of the year in the 2025 Women in Technology and Data Awards.
Witad Awards 2025: Rising star (vendor)—Hannah Sayson, S&P Global Marketplace
Hannah Sayson, lead product manager of the S&P Global Marketplace, wins rising star (vendor) in the 2025 Women in Technology and Data Awards.
Witad Awards 2025: Data science professional of the year (vendor)—Kaja Zupanc, Duco
Kaja Zupanc, head of machine learning at Duco, wins data science professional of the year (vendor) in the 2025 Women in Technology and Data Awards.
Witad Awards 2025: Vendor professional of the year (data and operations)—Pooja Padgavkar, SmartStream Technologies
Pooja Padgavkar, senior consultant at SmartStream Technologies, wins vendor professional of the year (data and operations) in the 2025 Women in Technology and Data Awards.