Meet ClarityReveal, a new consulting application the addresses the growing demand for our unique multi-broker Clarity venue and routing advisory service. Used as a stand-alone "robo-advisory" performance evaluation tool or in conjunction with our Clarity full-service consulting services, ClarityReveal analyzes the entire execution process. Most venue analysis products only look at fills, which can be as little as 1% of the total available data, while Clarity and ClarityReveal evaluate both the unfilled and filled routes. The result is a comprehensive look at strategy efficiency—and the only way to truly understand how to connect algorithm action to overall performance. Both Clarity consulting and the ClarityReveal robo-advisory help to keep assets in their clients’ investment vehicles that would otherwise be lost through trade execution.
What makes ClarityReveal unlike typical transaction cost analysis tools is that it distills the consulting experience into highly effective dashboards that tell a story about the data. Instead of presenting tables and charts of reorganized and rehashed data, ClarityReveal presents actionable answers, similar to the guidance that a trader would gain by sitting with our highly experienced strategy consultants. By using ClarityReveal, traders can understand issues like:
• The efficiency and associated costs with what sequence an algorithm uses to route to venues;
• Whether or not a broker’s internalization practices are adding to or detracting from performance;
• If transaction fees and rebates are commensurate with best execution metrics; and
• How to effectively apply minimums to maximize fill rates and minimize toxicity.
Additionally, ClarityReveal provides broker-specific reporting that enables traders to share analysis to their execution partners and form the basis for productive and quantitatively informed discussions about customizations to algo technology. This platform is the first of its’ kind to provide a roadmap for algo enhancements, with an incorporated framework for iterative experimentation, monitoring, and ongoing analysis.