RISK & STRATEGY№ 07 / 074 capabilitiesShipping

Benchmarking

A three-way gate decides what we benchmark and what we tag Unavailable. Forwards: OANDA M1 mid spread in bps. Vanilla options: Fenics mid premium spread in premium currency. Barriers / ratio / TARF intentionally skipped, there's no honest benchmark for those.

Inside the module

01.OANDA M1 for spot / forward; Fenics for vanilla options
02.Three-way gate: spread / Unavailable + reason
03.SCORE_MATRIX thresholds + groupStructuredTrades grouping

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00Live preview

The actual Benchmarking screen.

A faithful mirror of the in-app Benchmarking page, same headers, same tables, same controls. The same view your team sees when they log in.

7 high-cost trades detected this period

Priced significantly above interbank benchmarks. Use the drill-down tabs to identify which brokers capture excess markup.

7 High

Total Trades

142

Across all brokers

Total Volume

£55.2M

Notional traded

Total Markup Cost

£62,850

7 high-score trades

Best Broker

Citi

Avg 1.8 bps spread

Overview

Broker Comparison

Sorted by lowest average spread · Score Mix = Low / Medium / High

5 brokers

BrokerTradesVolumeAvg SpreadBest / WorstFillScore MixCost

Citi42£18.4M1.8 bps0.4 / 6.299.1%

34L/6M/2H

+£4,210

Barclays31£12.1M2.4 bps0.7 / 9.898.4%

22L/7M/2H

+£9,880

HSBC28£9.7M3.1 bps1.1 / 12.497.9%

16L/9M/3H

+£14,320

NatWest22£6.8M3.6 bps1.4 / 13.197.2%

11L/8M/3H

+£11,540

Goldman19£8.2M4.7 bps1.9 / 18.696.5%

8L/7M/4H

+£22,900

Citi1.8 bps
Trades
42
Volume
£18.4M
Fill
99.1%
Best / Worst
0.4 / 6.2
Cost
+£4,210
Score Mix
34L/6M/2H
Barclays2.4 bps
Trades
31
Volume
£12.1M
Fill
98.4%
Best / Worst
0.7 / 9.8
Cost
+£9,880
Score Mix
22L/7M/2H
HSBC3.1 bps
Trades
28
Volume
£9.7M
Fill
97.9%
Best / Worst
1.1 / 12.4
Cost
+£14,320
Score Mix
16L/9M/3H
NatWest3.6 bps
Trades
22
Volume
£6.8M
Fill
97.2%
Best / Worst
1.4 / 13.1
Cost
+£11,540
Score Mix
11L/8M/3H
Goldman4.7 bps
Trades
19
Volume
£8.2M
Fill
96.5%
Best / Worst
1.9 / 18.6
Cost
+£22,900
Score Mix
8L/7M/4H

Trade-Level Analysis

Structures

96

Avg Spread

3.4 bps

Score Mix

65L22M9H

Best Broker

Citi

Broker × Currency Pair Heatmap

Average spread in bps · colour shows Low / Medium / High score

Broker	EUR/USD	GBP/USD	EUR/GBP	USD/JPY	AUD/USD
Citi	1.4	2.1	1.9	0.9	3.2
Barclays	2.2	4.1	3.6	1.8	—
HSBC	3.4	2.9	8.2	2.6	5.1
NatWest	3.2	—	4.4	2.1	6.8
Goldman	4.9	5.7	—	3.8	16.4

Citi
EUR/USD1.4GBP/USD2.1EUR/GBP1.9USD/JPY0.9AUD/USD3.2
Barclays
EUR/USD2.2GBP/USD4.1EUR/GBP3.6USD/JPY1.8AUD/USD—
HSBC
EUR/USD3.4GBP/USD2.9EUR/GBP8.2USD/JPY2.6AUD/USD5.1
NatWest
EUR/USD3.2GBP/USD—EUR/GBP4.4USD/JPY2.1AUD/USD6.8
Goldman
EUR/USD4.9GBP/USD5.7EUR/GBP—USD/JPY3.8AUD/USD16.4

Per-Trade Spread Analysis

Contract rate vs live interbank mid at exact execution timestamp

96 trades

RefPairTypeBrokerContractMidSourceSpreadCostFavoursScore

FWD-2291EUR/USDForwardCiti1.082401.08252Fenics Fwd1.4+£182BrokerLow

SPT-2288GBP/USDSpotBarclays1.264501.26502OANDA M14.1+£520BrokerMedium

FWD-2285EUR/GBPForwardHSBC0.856700.85601Fenics Fwd8.2+£1,240BrokerHigh

SPT-2280USD/JPYSpotCiti154.320154.334OANDA M10.9−£64ClientLow

FWD-2277AUD/USDForwardGoldman0.661400.66031Fenics Fwd16.4+£3,180BrokerHigh

SPT-2274USD/CHFSpotNatWest0.892300.89201OANDA M13.2+£410BrokerMedium

FWD-2291EUR/USDForwardBrokerLow
Broker
Citi
Contract
1.08240
Mid
1.08252
Spread
1.4
Cost
+£182
SourceFenics Fwd
SPT-2288GBP/USDSpotBrokerMedium
Broker
Barclays
Contract
1.26450
Mid
1.26502
Spread
4.1
Cost
+£520
SourceOANDA M1
FWD-2285EUR/GBPForwardBrokerHigh
Broker
HSBC
Contract
0.85670
Mid
0.85601
Spread
8.2
Cost
+£1,240
SourceFenics Fwd
SPT-2280USD/JPYSpotClientLow
Broker
Citi
Contract
154.320
Mid
154.334
Spread
0.9
Cost
−£64
SourceOANDA M1
FWD-2277AUD/USDForwardBrokerHigh
Broker
Goldman
Contract
0.66140
Mid
0.66031
Spread
16.4
Cost
+£3,180
SourceFenics Fwd
SPT-2274USD/CHFSpotBrokerMedium
Broker
NatWest
Contract
0.89230
Mid
0.89201
Spread
3.2
Cost
+£410
SourceOANDA M1

01How it works

From input to outcome, in four steps.

Each card lights up in turn. The full cycle takes twelve seconds, about how long it takes a dealer to walk a client through the same flow.

01

Load data

Trades, rates, and forecasts stream into the platform.

02

Compute

Charts, KPIs, and aggregations recalculate live.

03

Review

Visualise the result alongside the underlying data.

04

Export

CSV or PDF for the audit file or the board pack.

036 more in Risk & Strategy

Other Risk & Strategy modules

Barrier Tracking

Live spot overlaid on every KIKO barrier. Alerts the moment spot gets close, or hits.

M2M Monitor

Where every facility sits against its margin-call limit, and the mark-to-market of each trade behind it.

Target Orders

Set a rate. We watch the market 24/7 and email the moment it prints through.

Credit Facilities

Track every line of credit you have for hedging. Utilisation, limits and tenor in real time.

Layered Execution

Emails the dealer when it's time to hedge. One click confirms, safe even if the network drops.

Technical Analysis

TradingView charts side by side with dealer commentary. Export as PDF for client packs.

04Talk to the desk

See Benchmarking on real treasury data.

Twenty minutes, no setup required. Bring your own book and we'll walk through Benchmarking live, alongside the rest of HedgePoint.

Request a demo Back to Risk & Strategy

Walkthrough plan20 MIN

01Your book, our chrome. We mount your trades behind HedgePoint.
02Live walkthrough. Benchmarking in context with the rest.
03Q&A + integration map. Where it slots into your stack today.

Benchmarking

The actual Benchmarking screen.

Benchmarking

Broker Comparison

Broker × Currency Pair Heatmap

Per-Trade Spread Analysis

From input to outcome, in four steps.

Load data

Compute

Review

Export

What's inside

Other Risk & Strategy modules

Barrier Tracking

M2M Monitor

Target Orders

Credit Facilities

Layered Execution

Technical Analysis

See Benchmarking on real treasury data.