Scotiabank and BestEx Research to Build Next Generation Algorithmic Trading Platform Specifically Designed for the Canadian Equities Market

Rhea-AI Summary

Scotiabank has partnered with BestEx Research Group to develop a next-generation algorithmic trading platform tailored for Canadian equities. This exclusive collaboration will enable Scotiabank to offer advanced execution algorithms via its ScotiaRED suite, enhancing electronic trading performance for clients. The platform, set to launch in Q2 2022, promises to utilize a cloud-based Algo Management System for real-time order transparency and control. This initiative builds on Scotiabank's commitment to innovation in trading solutions, addressing specific market needs with state-of-the-art technology.

Positive

• Strategic partnership with BestEx Research to enhance algorithmic trading capabilities in Canadian equities.
• Launch of a cloud-based Algo Management System for improved transparency and control in trading.
• Exclusive access for Scotiabank to the innovative trading platform, differentiating it in the Canadian market.

Negative

• None.

TORONTO and STAMFORD, Conn., Dec. 8, 2021 /PRNewswire/ - 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.

Scotiabank and BestEx Research to Build Next Generation Algorithmic Trading Platform for the Canadian Equities Market

"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."

About BestEx Research

BestEx Research Group, LLC was founded in 2017 by a team of industry experts in computer science and systematic trading. BestEx Research is creating a new category of innovative, broker-neutral solutions that combine sophisticated execution algorithms with a user-friendly dashboard and transaction cost analysis for multiple asset classes. The cloud-based platform is the first independent algorithmic trading solution for equities, futures, and foreign exchange in all markets. BestEx Research algorithms are reducing trading costs for buy-side managers and providing sell-side firms a seamless trading solution  for their clients. For more information on BestEx Research's mission and products, or to request a product demo, please visit www.bestexresearch.com. Please follow BestEx Research on LinkedIn and Twitter.

About Scotiabank

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 90,000 employees and assets of approximately $1.2 trillion (as at October 31, 2021), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

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SOURCE Scotiabank

FAQ

What is the significance of the agreement between Scotiabank and BestEx Research?

The agreement allows Scotiabank to offer a next-generation algorithmic trading platform specifically designed for the Canadian equities market, enhancing trading performance.

When is the launch date for the new trading platform developed by Scotiabank and BestEx Research?

The new platform is expected to launch in the second quarter of 2022.

How will the partnership with BestEx Research impact Scotiabank's trading services?

The partnership will enable Scotiabank to provide innovative execution algorithms and a cloud-based trading system that improves order transparency and performance.

What is the current trading symbol for Scotiabank?

Scotiabank trades under the symbol BNS on the Toronto Stock Exchange and the New York Stock Exchange.