Thomson Financial recently acquired Market Systems (MSI), a privately owned provider of transaction cost analysis and best-execution compliance technology.
Chicago-based MSI, which will be renamed Thomson Transaction Analytics, will be able to make use of the pre-trade indications of interest that flow through the Thomson AutEx system, and the traffic that goes through the Thomson Order Routing network.
With firms on both sides of the Atlantic under pressure from Regulation NMS and MiFID to report best execution on behalf of clients, there is demand for post-trade compliance analytics services.
MSI is focused initially on US equity execution.