Best Execution & Trading Controls
Execution quality must be measured, monitored and evidenced.
Markets & Trading
Electronic & Algorithmic Trading
Execution performance and control are one problem — strategy logic, routing, venue connectivity and the controls that let them run, built together.
Overview
Electronic trading depends on more than the algorithm. Orders need to reach the right liquidity, through the right venues, with platforms, connectivity, controls and evidence that can stand up in live markets.
Capmark helps banks, brokers and trading firms design and deliver electronic execution stacks. We work across OMS, EMS and OEMS platforms, smart order routing, DMA and DEA, FIX connectivity, venue onboarding, algo governance, testing and execution quality.
Our team includes people with Tier 1 electronic trading experience, including execution-platform delivery, venue connectivity, algo controls and trading-infrastructure change. Engagements range from venue onboarding or algo-governance assessment to full execution-stack delivery.
What we do
We design and deliver the order and execution management systems, smart order routing, direct market access and connectivity that carry electronic order flow across lit, dark and bilateral venues.
We design, build, configure and tune execution strategies, including VWAP, implementation shortfall, liquidity-seeking and close algorithms. We work on strategy logic, placement models, platform build and post-trade tuning.
We build the controls that allow algorithms to run safely: testing and conformance environments, deployment and rollback controls, kill switches, approval records, inventories and production monitoring. We apply the same discipline to vendor and machine-learning algorithms.
We use transaction cost analysis and execution evidence to improve routing, algorithm selection and counterparty choices. The wider policy, monitoring and reporting framework sits under Best Execution & Trading Controls.
We assess co-location, venue proximity, network design and market-data infrastructure where latency affects execution. We measure latency end to end, so investment is directed to the points that improve trading performance.
What to expect
A Senior Practitioner leads from day one. The first weeks benchmark the execution stack, routing logic, venue connectivity and algo controls, then agree the target design before build.
Implementation runs in phases: connectivity and venue onboarding, algo configuration, control design, parallel testing, staged cutover and hypercare monitoring.
Engagements range from focused venue or algo work to full execution-stack and governance programmes.
Sequenced by venue cohort and algo strategy, scaling to a full execution-stack and governance programme.
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
6 asset classes
Sharper execution evidenced
Execution quality evidenced across six asset classes
50+
Systems, platforms and venue integrations delivered
Across trading and execution programmes
80+
Trading venues and market-infrastructure connections delivered
Exchanges, MTFs, SIs and market-infrastructure links
Client result
Proven in the work, not the pitch.
Capital Markets · Trading Technology
eFX and equities algorithmic-trading platform engineering for a US investment bank
A US Investment Bank · eFX & Equities Algorithmic Trading
The bank partnered with us to enhance its eFX platform, built on the third-party Integral solution, and its internal equities algorithmic trading platform: engineering back-to-back trades into the US book to manage risk, enhancing the Calypso-integrated middle office and updating order management systems including OPICS and Fenics.
- Integral
- Vendor eFX platform enhanced
- B2B
- Automated risk transfer to the US book
- Calypso
- Middle-office integration enhanced
- OPICS + Fenics
- Order management systems updated
Read the case study
Insights
Related thinking.
Get in touch
Talk to a Partner about Electronic & Algorithmic Trading.
Tell us what needs to change and where the pressure or risk is showing.