Execution
Best-execution, measured.
Not just documented.
Automated venue selection, full quote-state capture, and quantitative post-trade evidence. MiFID II best execution; designed for real oversight.
What changed
Post-MiFIR review, the bar is higher.
The MiFIR Review has sharpened the regulatory expectation: best-execution is no longer a quarterly report and a collection of broker documentation, it is a continuous, evidenced, quantitative process.
Most fixed-income desks still run on the old model: periodic reviews, reconstructed from broker files, with the quote-state at execution time lost to history. That approach is adequate until a supervisor requires evidence behind a specific ticket. Ediphy Markets was designed for the alternative model: the evidence is captured continuously, so per-ticket queries are answered directly from the execution record.
REGULATOR VIEW
Firms did not properly demonstrate that client orders were executed in accordance with their order execution policies, if adequately established in the first place.
– ESMA · Final Report on Order Execution Policies (April 2025)
| Native capture | Reconstruction | |
|---|---|---|
| Quote state at execution | Logged live | – |
| Every eligible venue considered | – | |
| Per-ticket evidence on demand | Days to compile | |
| Operational resilience logs | – |
Native vs reconstruction
Capture, don't reconstruct.
The difference between a system that captures evidence natively and one that reconstructs it after the fact shows up the moment a supervisor asks a per-ticket question. Capture answers it immediately; reconstruction takes days to assemble.
Best-ex across the trade lifecycle.
Evidenced execution quality at pre-trade, at-trade, post-trade, and regulatory layers.
Quote-state snapshot
At order entry, the system captures the prevailing executable quotes and protocol state across eligible venues. The pre-trade picture is preserved alongside the ticket.
QUOTE STATE · EXECUTABILITY
Directed routing logic
Venue selection is driven by your best-execution policy, the order’s protocol fit, and live quote state. Every routing decision is logged with its rationale at the moment it was made.
POLICY-DRIVEN · LOGGED
TCA + quote-state audit
Each fill is attributed against fairMid and against the quote state captured pre-trade. Protocol-, venue-, and order-level attribution on every ticket.
TCA · ATTRIBUTION
Supervisory-ready logs
Best-execution evidence produced straight from the execution record. Operational resilience logs retained alongside every ticket, traceable and supervisory-ready.
MIFID II · RESILIENCE
The differentiator
Native quote capture, not reconstruction.
Most best-execution systems reconstruct the market after the fact. They pull prints from a vendor, overlay a theoretical mid, and write an attribution report on top. That process loses precisely the information that matters: which venues were actually quoting at the moment of execution, and how the protocol state was evolving.
Ediphy Markets captures the trade-relevant record natively at the point of trade, the quote state at execution sits in the same stack that routes the order. The evidence is a record of the quote state captured at the point of trade.
Supervisory questions
Why was venue X chosen over venue Y on this ticket? +
The routing decision is logged with the live quote state and policy weights at the moment of execution. The answer is per-ticket, with the live quote state and policy weights.
Was the prevailing best price actually accessible at the time? +
The prevailing executable quotes across eligible venues are captured natively at order entry from the live market. Accessibility at the trade timestamp is recoverable from the record itself.
How is the independent reference produced and used? +
liveMid is produced by the analytics layer, independent of any execution venue, and is logged at entry. Post-trade, each fill is measured against fairMid, the ex-post fair-value reference that keeps updating as more market context arrives.