We care how you fill.

Reducing transaction costs with unconflicted,

research-driven execution algorithms
for global markets

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Why Trade with us

Futures market structure is nuanced and unique.
Achieving best execution requires rigor.

Research-driven product innovation

Our innovations around shadow liquidity, calendar spreads, rolls, and more all started as research questions. Before we build, we find the root cause of a problem, study market data and simulate solutions.

Fill-level scrutiny

As we optimize algo performance, we examine individual fills across contracts, times of day, volatility regimes, and urgencies. This painstaking analysis helps us derive the right strategies for your flow.

Evolution with markets

For us, algorithm design is a process that meets the moment, not a one-time project. As markets change, strategies must be adapted to continue delivering optimal outcomes.

An extension of your trading desk

The same people who drive our research work as an extension of your trading desk to optimize for your unique order flow. We're laser-focused on your trading from the moment orders arrive through post-trade TCA.

Algo DNA

Problem-centered research unique to futures powers every algorithm we offer

Roll cycle and curve-aware analytics

Instrument-specific analytics updated daily account for roll cycles, curve position, and expiry. Historical and real-time data are blended, with confidence weighting, during execution.
The BestEx Research Limit Order Model

Standard industry algorithms rely on simple heuristics for limit order placement, frequently repricing orders without accounting for order book alpha, volatility, trade frequency or time needed to fill a child order. This results in suboptimal spread capture and increased adverse selection.

BestEx Research integrates a proprietary Limit Order Model into all of its algorithms, leveraging academic research and market expertise to price limit orders more effectively. Inspired by options theory, our approach optimally prices passive orders, adjusting for expected adverse selection and maximizing spread capture.

Our Limit Order Model enables superior spread capture across markets

Spread Capture by product category for orders with participation rate <5%

Adapts across asset classes

Volatility-based algorithms operate in volume time, dynamically adjusting execution style for each instrument type to achieve optimal laddering and queue position.
The BestEx Research Limit Order Model

Standard industry algorithms rely on simple heuristics for limit order placement, frequently repricing orders without accounting for order book alpha, volatility, trade frequency or time needed to fill a child order. This results in suboptimal spread capture and increased adverse selection.

BestEx Research integrates a proprietary Limit Order Model into all of its algorithms, leveraging academic research and market expertise to price limit orders more effectively. Inspired by options theory, our approach optimally prices passive orders, adjusting for expected adverse selection and maximizing spread capture.

Our Limit Order Model enables superior spread capture across markets

Spread Capture by product category for orders with participation rate <5%

Opportunistic liquidity-taking

Algo logic monitors the bid-offer spread in realtime, crossing when spreads are narrow and weighing passive fill probability against the cost of taking.
The BestEx Research Limit Order Model

Standard industry algorithms rely on simple heuristics for limit order placement, frequently repricing orders without accounting for order book alpha, volatility, trade frequency or time needed to fill a child order. This results in suboptimal spread capture and increased adverse selection.

BestEx Research integrates a proprietary Limit Order Model into all of its algorithms, leveraging academic research and market expertise to price limit orders more effectively. Inspired by options theory, our approach optimally prices passive orders, adjusting for expected adverse selection and maximizing spread capture.

Our Limit Order Model enables superior spread capture across markets

Spread Capture by product category for orders with participation rate <5%

Shadow liquidity for back-month contracts

Estimates implied volume for back-month contracts where traded volume understates true liquidity, optimizing the trading horizon to balance execution speed and market impact.
The BestEx Research Limit Order Model

Standard industry algorithms rely on simple heuristics for limit order placement, frequently repricing orders without accounting for order book alpha, volatility, trade frequency or time needed to fill a child order. This results in suboptimal spread capture and increased adverse selection.

BestEx Research integrates a proprietary Limit Order Model into all of its algorithms, leveraging academic research and market expertise to price limit orders more effectively. Inspired by options theory, our approach optimally prices passive orders, adjusting for expected adverse selection and maximizing spread capture.

Our Limit Order Model enables superior spread capture across markets

Spread Capture by product category for orders with participation rate <5%

Optimized for calendar spreads & rolls

Maximizes passive fill rates using queue consumption estimates, trade imbalance, and alpha signals. Incorporates underlying leg data to compute fair value for illiquid spreads.
The BestEx Research Limit Order Model

Standard industry algorithms rely on simple heuristics for limit order placement, frequently repricing orders without accounting for order book alpha, volatility, trade frequency or time needed to fill a child order. This results in suboptimal spread capture and increased adverse selection.

BestEx Research integrates a proprietary Limit Order Model into all of its algorithms, leveraging academic research and market expertise to price limit orders more effectively. Inspired by options theory, our approach optimally prices passive orders, adjusting for expected adverse selection and maximizing spread capture.

Our Limit Order Model enables superior spread capture across markets

Spread Capture by product category for orders with participation rate <5%

Smart order book laddering

Adapts placement based on book depth—laddering deeper in sparse books to reduce adverse selection, prioritizing queue position in deep books while limiting signaling.
The BestEx Research Limit Order Model

Standard industry algorithms rely on simple heuristics for limit order placement, frequently repricing orders without accounting for order book alpha, volatility, trade frequency or time needed to fill a child order. This results in suboptimal spread capture and increased adverse selection.

BestEx Research integrates a proprietary Limit Order Model into all of its algorithms, leveraging academic research and market expertise to price limit orders more effectively. Inspired by options theory, our approach optimally prices passive orders, adjusting for expected adverse selection and maximizing spread capture.

Our Limit Order Model enables superior spread capture across markets

Spread Capture by product category for orders with participation rate <5%

Optimized for each exchange's matching rules

Order slicing accounts for FIFO vs. pro-rata matching rules per instrument, adjusting child order sizing to optimize queue priority. Outright and spread rules managed independently.
The BestEx Research Limit Order Model

Standard industry algorithms rely on simple heuristics for limit order placement, frequently repricing orders without accounting for order book alpha, volatility, trade frequency or time needed to fill a child order. This results in suboptimal spread capture and increased adverse selection.

BestEx Research integrates a proprietary Limit Order Model into all of its algorithms, leveraging academic research and market expertise to price limit orders more effectively. Inspired by options theory, our approach optimally prices passive orders, adjusting for expected adverse selection and maximizing spread capture.

Our Limit Order Model enables superior spread capture across markets

Spread Capture by product category for orders with participation rate <5%

Proprietary limit order model

Prices passive orders using order book alpha, volatility, and fill probability to deliver passive fill rates from 83% to 99% across product categories.
The BestEx Research Limit Order Model

Standard industry algorithms rely on simple heuristics for limit order placement, frequently repricing orders without accounting for order book alpha, volatility, trade frequency or time needed to fill a child order. This results in suboptimal spread capture and increased adverse selection.

BestEx Research integrates a proprietary Limit Order Model into all of its algorithms, leveraging academic research and market expertise to price limit orders more effectively. Inspired by options theory, our approach optimally prices passive orders, adjusting for expected adverse selection and maximizing spread capture.

Our Limit Order Model enables superior spread capture across markets

Spread Capture by product category for orders with participation rate <5%

algo suite

Strategies engineered to minimize transaction costs

IS Zero

A VWAP substitute for low-urgency orders targeting arrival price
flagship
IS Zero: For clients using VWAP algorithm with 
IS benchmark
Many traders utilize VWAP to minimize Implementation Shortfall (IS) for low-urgency orders. While VWAP algorithms minimize participation rates, they overlook the role of intraday volatility to minimize market impact.

BestEx Research’s IS Zero reinvents the VWAP approach by integrating both intraday volatility and volume expectations. IS Zero also pays special attention to illiquid stocks by allowing more flexibility. Over a large sample of tens of thousands of parent orders in an A/B test, IS Zero reduced IS slippage over the VWAP algorithm by 30%.

Adaptive Optimal

A highly flexible liquidity-seeking algo adaptable to your desired urgencies
Product information
flagship
IS Zero: For clients using VWAP algorithm with 
IS benchmark
Many traders utilize VWAP to minimize Implementation Shortfall (IS) for low-urgency orders. While VWAP algorithms minimize participation rates, they overlook the role of intraday volatility to minimize market impact.

BestEx Research’s IS Zero reinvents the VWAP approach by integrating both intraday volatility and volume expectations. IS Zero also pays special attention to illiquid stocks by allowing more flexibility. Over a large sample of tens of thousands of parent orders in an A/B test, IS Zero reduced IS slippage over the VWAP algorithm by 30%.

TASClose

Maximizes settlement price capture by tapping into TAS liquidity in a completely automated workflow
flagship
IS Zero: For clients using VWAP algorithm with 
IS benchmark
Many traders utilize VWAP to minimize Implementation Shortfall (IS) for low-urgency orders. While VWAP algorithms minimize participation rates, they overlook the role of intraday volatility to minimize market impact.

BestEx Research’s IS Zero reinvents the VWAP approach by integrating both intraday volatility and volume expectations. IS Zero also pays special attention to illiquid stocks by allowing more flexibility. Over a large sample of tens of thousands of parent orders in an A/B test, IS Zero reduced IS slippage over the VWAP algorithm by 30%.

POV

Participates along with volume using forecasted & real-time volume
IS Zero: For clients using VWAP algorithm with 
IS benchmark
Many traders utilize VWAP to minimize Implementation Shortfall (IS) for low-urgency orders. While VWAP algorithms minimize participation rates, they overlook the role of intraday volatility to minimize market impact.

BestEx Research’s IS Zero reinvents the VWAP approach by integrating both intraday volatility and volume expectations. IS Zero also pays special attention to illiquid stocks by allowing more flexibility. Over a large sample of tens of thousands of parent orders in an A/B test, IS Zero reduced IS slippage over the VWAP algorithm by 30%.

VWAP

Follows historical volume profile, targeting > 90% passive fills
IS Zero: For clients using VWAP algorithm with 
IS benchmark
Many traders utilize VWAP to minimize Implementation Shortfall (IS) for low-urgency orders. While VWAP algorithms minimize participation rates, they overlook the role of intraday volatility to minimize market impact.

BestEx Research’s IS Zero reinvents the VWAP approach by integrating both intraday volatility and volume expectations. IS Zero also pays special attention to illiquid stocks by allowing more flexibility. Over a large sample of tens of thousands of parent orders in an A/B test, IS Zero reduced IS slippage over the VWAP algorithm by 30%.

TWAP

Trades linearly over order duration
IS Zero: For clients using VWAP algorithm with 
IS benchmark
Many traders utilize VWAP to minimize Implementation Shortfall (IS) for low-urgency orders. While VWAP algorithms minimize participation rates, they overlook the role of intraday volatility to minimize market impact.

BestEx Research’s IS Zero reinvents the VWAP approach by integrating both intraday volatility and volume expectations. IS Zero also pays special attention to illiquid stocks by allowing more flexibility. Over a large sample of tens of thousands of parent orders in an A/B test, IS Zero reduced IS slippage over the VWAP algorithm by 30%.

Close

Trades into the close of the
trading session
IS Zero: For clients using VWAP algorithm with 
IS benchmark
Many traders utilize VWAP to minimize Implementation Shortfall (IS) for low-urgency orders. While VWAP algorithms minimize participation rates, they overlook the role of intraday volatility to minimize market impact.

BestEx Research’s IS Zero reinvents the VWAP approach by integrating both intraday volatility and volume expectations. IS Zero also pays special attention to illiquid stocks by allowing more flexibility. Over a large sample of tens of thousands of parent orders in an A/B test, IS Zero reduced IS slippage over the VWAP algorithm by 30%.

Global
Coverage

Built for the nuances of global market structure

Seamlessly integrated with major EMS/OMS and FCMs, trading 150+ contracts across 21 global exchanges

North America

  • CBOE
  • CBOT
  • COMEX
  • CME Group
  • ICE US
  • MIAX
  • NYMEX
  • TMX Futures

Europe

  • ICE Europe
  • ICE Endex
  • Eurex
  • Euronext Paris
    Euronext Amsterdam

Asia Pacific

  • ASX
  • HKEx
  • SGX
  • Osaka Exchange

Latin America

  • B3
Coverage by asset class
Coverage by exchange
TAS coverage
Trade analytics

Pulse: Market impact model & pre-trade analytics

Available via REST API & AMS One

Market Impact Model
Trade Analytics
Trading Technology

An end-to-end platform that supports you execution

Trading Dashboard

Real-time visibility into every order, fill, and venue interaction as it happens. Progress, performance, and alerts in a single view.

Strategy Studio

Speedy customizations to your algo strategies to match your specific flow, urgency, and benchmark. Changes go live overnight.

TCA

Fully integrated TCA supports analysis at the parent order and fill level, broken down into appropriate views for actionable insights.

Pre-Trade

Estimated trading costs and analytics before you trade. Our proprietary market impact model is built from ground up for each asset class for more accurate results.

Simulator

Simulator

A realistic exchange simulator tests strategy changes before they go live. Test against months of tick data in hours for success on day one.

let us show you what's possible

Execution engineered to preserve your returns

Talk to an execution specialist
Why trade with us
Algo DNA
Futures algorithms
Global coverage
Trade Analytics
Trading technology
Contact Us