BestX clients seek independence reassurance

Clients and LPs want clarity around the deal between State Street and BestX to gain confidence about the provider’s continued independence

Clear vision? State Street and BestX have been asked to spell out the framework for their relationship

Clients and liquidity providers are seeking reassurance from foreign exchange transaction cost analysis (TCA) firm BestX that its product offering will remain independent after the business is acquired by State Street for an undisclosed amount.

One of BestX’s key selling points has been its broker-neutral status since its launch in 2016. As a result, the announcement in August that US custodian State Street was set to acquire the business led to “a few raised eyebrows” among clients and LPs

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