Best Execution Solutions, LLC (“BXS”) is a privately owned company which focuses on providing Best Execution solutions, regulatory reporting, trading analytics, and surveillance software across multiple asset classes. BXS was founded in 2015 by industry veterans and is operated by a management team with extensive experience in the financial industry. BXS has developed a reliable set of cost effective products and services that provide Broker Dealers, Institutions, and Market Centers with solutions that fulfill their Compliance reporting obligations such as Rule 605, Rule 606, and Best Execution reviews, along with a comprehensive set of peer-to-peer comparison and transaction cost analysis tools that offers clients a competitive edge and enhanced profitability.
Mike is a senior financial services executive with over 20 years of client facing experience, well versed in developing and monitoring client relations, overseeing daily operational procedures as well as staff development. Prior to joining BXS in 2019, Mike served as a Vice President in the Client Service department at the Transaction Auditing Group (TAG) from 2011 to 2014, followed by IHS Markit upon their acquisition of TAG. In these roles Mike has gained great experience guiding clients through the creation and review of Compliance reporting and Best Execution solutions such as Rule 605, Rule 606, Rule 611, Post Trade Surveillance and Trade Cost Analysis. Prior to TAG & IHS Markit, Mike spent 15 years in various rolls of finance customer service working for Deutsche Bank, Allen and Co and NatWest Markets.
Roger is the Co-Founder and Chief Executive Officer of Best Execution Solutions (BXS). Prior to founding BXS, Roger was the CEO of the Transaction Auditing Group (TAG) where he successfully positioned the company for acquisition and subsequently consummated a sale in 2014 to a publicly traded firm. Roger's career on Wall Street began in 1979 when he took a position on the New York Commodity Exchange (COMEX) with Shearson Hayden and Stone, which later became Shearson Lehman Bros. From there he continued working on trading desks and exchange floor operations of Rudolph Wolf Commodities, Cowen & Co, and Smith Barney. As a successful entrepreneur, Roger has built a number of businesses such as a carpet cleaning company which he started in 1976 while still in high school, evolving into a facility management firm with over 100 employees. Roger also owned and operated 'Edward T. Minor Co', a residential and commercial heating oil and HVAC energy company. Roger attended University of Phoenix Arizona, Kings Borough CC, and graduated with a degree in Business Management.
Ben is Founder and Chief Technology Officer at Best Execution Solutions (BXS). Prior to BXS, Ben spent 15 years at The Transaction Auditing Group (TAG) where he was responsible for all database and technology operations and built its IT infrastructure. Ben also had stints in Client Services and Software Development while at TAG. Having been involved in all aspects of Best Execution reporting, including the origination of Rule 605/606, Ben has unique and intimate knowledge of the industry. He is both an internal and external resource for standard and customized Best Execution products. Prior to BXS and TAG, Ben was with INetU, a managed web hosting firm where he managed major accounts, coordinated general operations and implemented technology solutions including data center expansion, accounting system upgrades and strategic platform coordination. Other past positions include Director of Information Services for Integra, a publicly traded managed behavioral healthcare firm, and Principal of Worldspan Technologies, an internet consulting firm. Ben is a graduate of Ithaca College, Ithaca, NY.
Walter is a veteran compliance and regulatory expert with more than 30 years of capital markets experience in the broker/dealer and exchange side of the business. Prior to joining BXS, Walter was a Compliance officer at both Redkite Financial Markets and NICE Actimize. He has also held senior-level Compliance positions at Man Financial and Instinet, and served in market operations management capacities during a 10-year tenure with NASDAQ. Walter specializes in cross-asset electronic and DMA trading requirements, including REG NMS 611, 605 and 606, OATS, TRACE, TRF, and MSRB Compliance Reporting. He also has extensive knowledge of the development, forensic testing and risk assessment of compliance programs in accordance with SEC, FINRA, and CFTC rules and regulations, including new and proposed rules. Walter works closely with BXS clients and prospects to evaluate, educate and advise on compliance requirements, ensuring each firm has the proper solutions to meet their specific business needs. Walter is a great asset to BXS clients in helping them develop and author policies and audit procedures.
Michael is the Vice President of business development and strategy at BXS. Michael currently oversees the sales team as well as business development and strategic initiatives. As a fast-growing financial technology firm, Michael plays an innovative role in upgrading and tailoring BXS products and systems to better serve and advance the capital markets community. Prior to BXS, Michael managed the operations and project management division of 'Aggressive Energy', an energy and mechanical firm based out of Brooklyn, NY. Michael currently holds a Bachelors’ Degree from St. John’s University and an associates degree from Sacred Heart University.
Frank is a veteran of the financial services industry with 30 years of experience specifically in trading, business development, client services, and regulatory compliance. Previously, Frank was a Managing Director at Knight Capital Group where he oversaw US Operations, managing Client Services and Broker Dealer Sales-Trading. He also spearheaded the Best Execution Committee while coordinating all efforts for Rule 605 and Rule 606 regulatory reporting. After Knight, Frank was an Executive Director at UBS Investment Bank where he managed Client Services and Operations for its Broker-Dealer Wholesale Market-Making unit. He also monitored and analyzed execution performance statistics, oversaw market structure initiatives, and supported Sales and Business Development. Frank is also a successful small business owner having launched, marketed, and operated a chain of environmentally friendly dry cleaners in New Jersey. As Executive Vice President of BXS, Frank focuses on business development, strategic initiatives, and tailoring products and systems to better serve its clients and the capital markets community.
BXS engages in strategic partnerships that include business collaborations and leveraged technology wherein the success of one product and service has brought success to its partner. We have further built our business, boosted awareness, and have entered into new markets by exposing the product or service of each partner to a greater audience. BXS is also affiliated with prominent industry organizations which keeps us abreast of key issues and allows us to contribute our expertise to evolving industry standards. These shared values and goals are exactly why these initiatives have proved successful as it's a win-win for both sides. BXS would like to thank its partners and affiliates as we look forward to continued success and growth.
BXS is an industry-leading provider of regulatory reporting and trading analytics that is committed to building better markets for the future. BXS employs the best, brightest, and most experienced personnel with backgrounds deeply rooted in the securities industry. Most employees have experience in Compliance, Operations, Technology, and possess a strong business acumen. BXS promotes from within but is always seeking talented individuals to join our growing company.
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With a deep knowledge of capital markets and industry regulation, BXS has developed a reliable set of cost effective products and services.See All Products
BXS provides independent third-party regulatory audits and reviews that are required by FINRA and the Securities Exchange Commission.
Backed by over 35 years of experience BXS specializes in cross-asset electronic and DMA trading requirements, including REG NMS, SEC Rule 605, SEC Rule 606, OATS, CAT, TRACE, TRF and MSRB compliance reporting. By utilizing our extensive knowledge of the development of forensic testing and risk assessment of compliance programs in accordance with SEC, FINRA, CFTC rules and regulations, your firm will limit the risk of costly fines. As subject matter experts, we work with you to evaluate, educate and advise on compliance requirements. BXS provides audit services in accordance with FINRA RULE 3110 (Supervision), FINRA RULE 3120 (Supervisory Control System), FINRA RULE 3130 (Annual Certification), and AML (Anti-Money Laundering).
BXS Trade Surveillance monitors and detects activities for market manipulation, fraud, behavioral patterning, and more across all asset classes and all products, thereby ensuring the prevention and investigation of abusive, manipulative or illegal trading practices in the securities markets. The web-based module is completely configurable that allows users to identify and address regulatory compliance issues and prohibited activities such as:
Rule 611 Trade Through reporting is provided to firms on a daily basis via our portal to help firms comply with the rule by establishing written policies and procedures to monitor and help prevent potential Trade-Throughs – the execution of trades at prices inferior to protected quotes on multiple exchanges.
With BXS, firms will be able to view retail and Institutional trades in NMS stocks that got flagged as a Trade-Throughs, drill down and view the life of the order and each fill's execution price vs. the protected quote at the time of execution, to see where the trade through occurred and at which venue and thus allows firms to act quickly on it.
As Best Execution practices have evolved from single transaction analysis surrounding price, to encompassing complex orders, Trading and Compliance professionals alike are seeking to extend their analysis through the use of TCA concepts. Our post-trade Transaction Cost Analysis (TCA) module provides an in-depth selection of over 60 benchmarks including:
Complementary statistics also provide a perspective on trading patterns, algo selection, and broker differentiation. TCA 2.0 has been added to our platform and shares with it our agile and user-friendly model. It is fully customizable and allows the user to choose from a variety of filtering and grouping mechanisms to truly create a bespoke report, providing insight into order flow to assist with both trading performance and compliance.
Exceptions Reporting is provided to firms on a daily T+1 basis to help firms monitor their order flow and when exceptions occurs - trades that were executed unfavorably against the NBBO (National Best Bid Offer). Whether the order flow is executed internally or sent to multiple trading venues, the NBBO Exceptions Tool helps firms to determine if they are making the right routing decisions. Clients are able to see every exception by order type, have drill down capability to view the life of the order including the order details of each partial fill as well as the NBBO quotes associated with each fill. A new feature of our Exceptions Report incorporates Level-2 market data, (quote & size) which serves to dramatically reduce false positives.
Investment firms & market center can analyze their execution quality in a multiple asset classes including equities, options & OTC Markets through this state of the art online tool that will allow firms to view their orders at a high-level summary as well as the ability to drill down on a more granular level to view the order & trade details to see how trades are being executed against the NBBO. This allows firms to monitor the quality of fills executed at different venues. EQR has multiple filtering capabilities by route venue, originating firm, client account number, algos, in addition to order modifiers and grouping capabilities to customize reports. There are multiple statistics to choose from including Effective/Quoted Spread, Price Improvement, At-or-Better %, Execution Speed, Net $ per share, and much more.
SEC Rule 606 - Our Rule 606 product assists Broker-Dealers that route client orders in covered US NMS stocks (Reg NMS) for equities and options with their regulatory obligation in making available public quarterly reports that, among other things, give a general overview of their order routing practices. The BXS module includes the newly adopted amendments 606(a)(1) for 'held' order flow in addition to full drill-down capability to the order and trade level.
SEC Rule 606(b)(3) - The newly adopted Rule 606(b)(3) under Reg NMS requires broker-dealers & institutions to provide a client, upon request, a report on the firm's handling of the client NMS stock orders submitted on a 'not-held' basis for the prior six months, divided into separate sections of client’s directed and non-directed orders. In addition to providing a complete picture of the routing practices, trading activity, and associated fees/rebates through an interactive report, the BXS Rule 606(b)(3) module features full drill-down capability to the order and trade level and provides user capability to easily generate reports that are in compliance with 606 requirements. BXS utilities data formatting designed to reduce information leakage and thus prevent access to client IDs by the executing brokers while remaining in compliance with all look-through requirements.
In November 2000 the Securities and Exchange Commission adopted Rule 605 (formerly 11- Ac1-5) which mandates market centers that trade in US national market system securities (Reg NMS) to make publicly available monthly electronic reports that include uniform statistical measures of execution quality. The adoption of this rule is intended to increase the visibility of order executions of the securities markets for public investors to address the issue of market fragmentation and to spur more vigorous competition among market participants to provide the best possible prices for investor orders. BXS assists firms in complying with their regulatory obligation of Rule 605 with a web-based tool that allows you to view 605 statistics on a stock-by-stock basis, by order type, in the aggregate or an order-by-order basis. Users may drill down to the order level details to research and analyze the quality of each order and how it executed against the NBBO. Whether you're searching for Price Improvement, Effective/Quoted Spread Ratio or Execution Speed, BXS has the tools to help you comply to determine if your orders are receiving the highest quality of executions.
Investment firms, broker-dealers, and institutions are mandated to seek the best execution reasonably available for their clients' orders. To comply with this requirement, firms evaluate the orders they receive from their clients and assess which competing market centers offer the most favorable terms of execution. Some of the factors a broker must consider when seeking best execution for customers' orders include, but not limited to: the opportunity to get a better price than what is currently quoted, the speed of execution, the amount of liquidity provided, and the likelihood that the trade will be executed. BXS provides powerful, customized tools to help monitor and manage your trading activity giving you intuitive analysis on the execution quality of your order flow, whether orders being executed internally or by other execution venues. These tools will help your firm implement policies and procedures to help monitor trades being executed outside the NBBO and trading through protected quotes.
The BXS Consolidated Audit Trail (CAT) solution offers management of the entire reporting life cycle across multiple asset classes, systems, and formats that is compliant with SEC requirements. BXS will ensure your data is in a CAT-reportable format and automate all reporting to FINRA CAT. A secure web-based portal optimizes management of pre/post submissions providing a compete audit trail of activity that allows clients to dynamically monitor and reconcile events.