Greenwich Dealing selects eflow and xyt for oversight

Greenwich Dealing has selected regulatory technology from eflow and xyt to strengthen oversight of its trading activity and compliance.

The Geneva-based outsourced dealing firm works for institutional investors across global markets and manages relationships with more than 150 brokers, investment banks and alternative trading venues on behalf of clients. It chose the two systems to improve monitoring of execution quality, broker performance and regulatory compliance.

The decision comes as asset managers and trading desks face closer scrutiny over best execution, broker oversight and trade surveillance. Regulators have placed greater emphasis on transparency in broker selection and on the reasoning firms use to support their surveillance frameworks.

Under the arrangement, eflow will provide trade surveillance across Greenwich Dealing's operations, covering pre-trade and post-trade activity. Xyt will provide transaction cost analysis, execution reporting and broker performance measurement using trading data across more than 120 venues.

Combining surveillance and execution analytics is intended to give the firm a broader view of how trades are handled and how brokers perform. It also supports client reporting requirements under MiFID II, which has increased demands on firms to evidence the quality of execution decisions.

Greenwich Dealing operates as an independent outsourced dealing provider for buy-side clients. That model places it between institutional investors and the brokers and venues used to execute orders, making oversight of trading outcomes and compliance procedures a central part of its business.

Regulatory focus

The move also reflects a wider trend in financial markets technology, as firms seek to connect surveillance tools with trading analytics rather than run them in isolation. Linking the two can help compliance teams and dealing desks compare market conduct monitoring with evidence on price formation, venue choice and execution quality.

Both suppliers are in the Finch Capital portfolio, giving the partnership a common investor link. The combination of their products is expected to give Greenwich Dealing more detailed oversight of execution quality while improving the analysis used in broker selection.

Maxence Boniol, Head of Execution Trading at Greenwich Dealing, outlined the rationale for the decision.

"Our regulatory strategy demands both rigorous trade surveillance and granular analysis of execution outcomes. We selected eflow and xyt for the strength and breadth of their market data coverage, which gives us the depth of oversight required to monitor market abuse and best execution. Their flexibility further allows us to maintain the consistent, high-quality regulatory reporting that institutional execution services demand. Just as importantly, the granularity of their execution analytics enhances our ability to refine broker performance feedback and measure order impact across markets, sharpening the precision of our offering. Together, these technologies reinforce our commitment to the highest regulatory standards in institutional execution," Boniol said.

Franck Chatillon, Senior Founding Partner at Greenwich Dealing, also commented on the impact for clients.

"This partnership with xyt and eflow will further strengthen the quality of our offering, enabling us to provide our clients with an even more effective response to the growing regulatory requirements they face. By combining our expertise and technology, we are helping clients meet their compliance obligations more efficiently while enhancing the overall quality of our services," Chatillon said.

Market trend

Demand for systems that tie together surveillance, transaction cost analysis and broker review has risen as buy-side firms face heavier reporting burdens and tougher expectations around governance. In outsourced dealing in particular, providers must show not only that orders are executed effectively but also that the controls around those decisions are consistent and documented.

Xyt focuses on trading data intelligence and execution analytics, while eflow supplies compliance monitoring tools including surveillance and reporting. Their work with Greenwich Dealing shows how specialist providers are seeking to present connected regulatory and trading datasets to firms that need a clearer audit trail around order handling.

Robin Mess, Chief Executive Officer at xyt, framed the deal as part of that shift.

"We believe the future lies in bringing together execution intelligence and regulatory oversight. Greenwich Dealing recognised the value of combining xyt's independent trading analytics with eflow's surveillance expertise to create a more complete view of execution quality, broker performance and compliance. Together, we are helping firms make more informed decisions while maintaining the highest regulatory standards," Mess said.

Ben Parker, CEO of eflow, said buy-side compliance demands were changing.

"Greenwich Dealing's selection of eflow's trade surveillance technology reflects how buy-side firms are evolving their compliance approach. Their need for comprehensive oversight of their market abuse risk, coupled with a system that can evolve and adapt to changing business needs, meant that our solution was a perfect fit. Our partnership with xyt demonstrates how specialist providers working together can deliver precisely what firms need to remain compliant and competitive without compromising on quality," Parker said.