Electronic & Algorithmic Trading
Design and improve electronic execution across order and execution management, routing, market access and connectivity.
Markets & Trading
Best Execution & Trading Controls
Strengthen execution oversight with better data, monitoring and evidence.
Overview
What this means for your business.
Execution oversight brings policy, quantitative analysis and desk controls together. Firms need information that helps them evaluate execution decisions and identify where improvements are required.
Capmark works with trading, markets operations and compliance teams on execution governance, transaction-cost analysis, routing and venue assessment, and monitoring.
We also help implement pre-trade limits, credit checks, fat-finger controls, kill switches and supporting records. Trade and communications surveillance is covered separately within Risk & Compliance.
What we do
The expertise we bring.
We write the best-execution policy and the order-handling and venue-selection governance behind it, then build the monitoring that shows it operating. With RTS 27 and 28 reports withdrawn, the evidence now sits in your own monitoring, exception handling and committee reporting — we build all three.
Transaction cost analysis before, during and after the trade, measured against the benchmarks a head of trading uses, such as implementation shortfall. Findings feed back into broker, routing and venue decisions, and we measure the before-and-after so the improvement is visible.
Pre-trade and at-trade limits, credit checks, fat-finger tolerances and kill switches at the desk, designed with the front office so they work at trading speed. Each control is mapped to the obligation it covers and evidenced in operation.
The order records, decision trails and control attestations that show the framework operating, produced by the systems that run the controls. We built this evidence base under an enforceable undertaking, with every artefact reviewed by an independent expert, and we work to that standard by default.
What to expect
A team shaped around the work.
A Senior Practitioner leads from day one. The first weeks review your best-execution arrangements and desk controls — pre-trade, in-flight and post-trade — and agree a target operating model for the areas where you want help.
We then configure the analytics, integrate the data, build the control and governance workflows, and stay through go-live and hypercare.
Engagements can address execution analysis, governance or the implementation of desk-side controls.
01
Assess
Establish the current state, the constraints, the risks and the value at stake.
02
Define
Shape the target model and the business case with the executives who own the outcome.
03
Mobilise
Stand up the team, the plan and the governance around the outcome.
04
Implement
Design, build and test the change, with the business alongside.
05
Sustain
Cutover, hypercare and handover, so the business runs it under its own control.
The same five stages on every engagement, led by senior practitioners end to end. How we work
Impact
Results from relevant work.
6
Asset classes covered by trading-controls programmes delivered
Across the asset classes the desk trades
$50bn+
Cleared derivatives volume monitored for best-execution and trading-control evidence
From the MiFID II trading-controls programme across six asset classes.
Client result
Relevant client experience.
Capital Markets · Regulatory Transformation
MiFID II trading controls and infrastructure across six asset classes
Leading Investment Bank · Equities, Derivatives, Commodities, FX, Credit & Rates
We helped deliver trading controls and market infrastructure change across algorithmic trading, direct electronic access, market making, clearing, surveillance and best execution.
- 80+
- Venues with market-making agreements retained
- $50bn+
- Cleared derivatives volume supported
- 4
- MiFID II RTS obligations implemented (RTS 6, 8, 27 & 28)
- 6
- Asset classes brought under MiFID II trading controls
Read the case study
Insights
Related perspectives.
Get in touch
Discuss Best Execution & Trading Controls.
Tell us what you are working through and the expertise you need.