Sterling Trading Tech and Atlas Digital Markets Partner to Deliver Integrated Best Execution Analytics

Sterling Trading Tech and Atlas Digital Markets are integrating transaction cost analysis (TCA) directly into Sterling’s order management system. This move provides broker-dealers with native execution analytics to evidence best execution at a time when US market structure changes, specifically the potential rescinding of the Order Protection Rule, are placing greater regulatory scrutiny on routing decisions.

What was announced

Starting in the fourth quarter of 2026, Atlas’s transaction cost analysis engine will be embedded within the Sterling OMS 360 and Sterling Data Warehouse (SDW). This integration allows Sterling’s client base of more than 100 firms to measure execution quality without their sensitive data leaving the secure Sterling environment. The solution reads order and execution history directly from the SDW, providing measurement based on actual trading data rather than market estimates.

The service will initially cover equities and options, with plans to extend into digital assets, including cryptocurrency and prediction markets. By housing the analytics within the existing OMS, compliance and risk teams can evaluate performance against relevant market references for each asset class. This collaboration specifically addresses the regulatory shift as the SEC evaluates the removal of Rule 611 under Regulation NMS. Sterling has argued that if this rule is rescinded, the burden of proving best execution will fall more heavily on broker-dealers, necessitating robust measurement tools that can handle complete order-and-trade data. Beyond the initial TCA rollout, the partnership is slated to expand into digital-asset trading, smart order routing (SOR), execution algorithms, and request-for-quote (RFQ) systems, allowing clients to move from measuring execution to active improvement within the same ecosystem.

"Our clients have asked us for execution analytics that are built into the platform they already use, run on their own complete data, and are flexible enough to answer the questions their best-execution committees actually ask. Atlas brings deep expertise in execution measurement and routing from the most demanding electronic markets, and a product that was running on live data within weeks of our first conversation. With best execution set to carry more weight as market structure evolves, this cooperation gives our clients the tools to meet that responsibility."

Jen Nayar, Sterling President and CEO.

The companies involved

Sterling Trading Tech is a global provider of advanced trading platforms, order management systems (OMS), and risk solutions. The firm has spent two decades building connectivity for broker-dealers in the US markets, establishing a significant footprint with over 100 institutional clients. Its technology stack is designed to handle the full order lifecycle, from execution to post-trade data warehousing, and serves trading firms worldwide with a focus on high-performance infrastructure.

Atlas Digital Markets is an execution-intelligence company founded by veterans of the electronic and algorithmic trading sectors. The firm specializes in transaction cost analysis and the development of routing logic for complex market environments. While Atlas provides the analytical engine, the collaboration relies on Sterling’s established infrastructure to process and secure the sensitive trade data. Together, the companies aim to bridge the gap between raw execution data and actionable intelligence, moving from simple measurement to the deployment of sophisticated execution algorithms and digital asset trading tools within a unified ecosystem. This partnership leverages Atlas's expertise in routing from demanding electronic markets to enhance Sterling's existing data warehouse capabilities.

What FF News has reported before

FF News has tracked Sterling Trading Tech’s steady expansion of its product suite and global reach. In September 2026, the firm launched Sterling Trading Tech Debuts STRIDER: AI-Powered Web and Mobile Platform for 24-Hour Trading, targeting the demand for around-the-clock market access. Earlier that year, the company demonstrated its focus on regulatory compliance by helping a major client manage margin requirements, as seen in Sterling Trading Tech Deploys FINRA Rule 4210 Solution for Lightspeed Financial. Sterling’s international standing was also highlighted when it was recognized for its regional expertise, winning Sterling Trading Tech wins Best Listed Derivatives Trading Platform in APAC in July 2025.

What this means

This partnership highlights a critical shift in the vendor-client relationship: the "all-in-one" platform is becoming a regulatory necessity rather than just a convenience. As the SEC signals a move away from rigid order protection rules, the industry is entering an era where broker-dealers must proactively defend their routing choices. This puts immense pressure on standalone TCA providers who lack direct access to the OMS data layer. By embedding these tools, Sterling is effectively moating its client base, making it harder for firms to justify using disparate third-party analytics. The inclusion of prediction markets and digital assets also suggests that traditional OMS providers are finally acknowledging these as permanent fixtures of the institutional landscape.