TORONTO, CANADA and STAMFORD, CT., December 8, 2021 — BestEx Research Group, LLC, a provider of high-performance algorithmic execution and measurement solutions for equities, futures, and foreign exchange trading, today announced a strategic agreement with Scotiabank to reshape electronic trading for Canadian equities. Scotiabank will be the only Canadian bank to provide access to this trading platform in the Canadian market through its cross-asset electronic suite of products, ScotiaRED.
“We are pleased to work with Scotiabank to provide clients with innovative execution algorithms that strengthen electronic trading performance across Canadian equities,” said BestEx Founder and CEO Hitesh Mittal. “Our mission is to provide a fully customizable service to buy- and sell-side clients and deliver solutions that target their specific needs and evolve with ever-changing markets.”
BestEx Research’s algorithms are built on research-driven, quantitative order placement logic, a departure from the heuristic-based approach of most providers and includes a cloud-based Algo Management System (AMS) that provides unprecedented transparency and control over orders in real time. This next-generation platform, expected to launch in the second quarter of 2022, will build on Scotiabank’s commitment to investment, performance, and best execution, featuring state-of-the-art technology designed to serve the unique needs of the Canadian market, rather than relying on execution algorithms originally designed for U.S. markets.
“Working with BestEx Research, we will deliver a next-generation algorithmic trading platform and address the market’s need for better performance, transparency and control,” said Paul O’Hea, Global Head, Equity Sales and Trading at Scotiabank. “The agreement builds upon our existing US relationship with BestEx Research and enables us to scale our Canadian equity offering with leading-edge technology, powered by our extensive expertise in Canada.”