Sterling Trading Tech and Atlas Digital Markets Turn Order Data into Best Execution Evidence

CHICAGO: October 14, 2026 – Sterling Trading Tech (Sterling), a global provider of advanced platforms, OMS technology, and risk solutions for trading firms worldwide, and Atlas Digital Markets (Atlas), an execution-intelligence company founded by veterans of electronic and algorithmic trading, today announced a technology collaboration that brings execution analytics directly into the Sterling OMS 360 and Sterling Data Warehouse (SDW), where Sterling’s clients already manage their orders and hold their order and execution history. Beginning in the fourth quarter of 2026, Atlas’s transaction cost analysis (TCA) engine will be available to Sterling clients, allowing them to measure execution quality using their own complete order and execution data and giving broker-dealers in particular a way to measure and evidence best execution.

For Sterling’s clients, the benefit is execution-quality measurement built into the OMS 360 and SDW they already use. Compliance, risk, and trading teams can measure execution against the relevant market reference for each asset class, starting with equities, options, and extending to digital assets, including crypto, and prediction markets. Atlas TCA runs inside Sterling’s environment and reads orders and executions directly from the Sterling Data Warehouse, so client data does not leave Sterling’s secure environment, and each firm sees only its own results.

For Atlas, the integration brings its execution-measurement expertise to Sterling’s base of more than 100 clients, including broker-dealers, whose complete order and execution history already resides in the Sterling Data Warehouse. Together, the firms pair Atlas’s execution intelligence with the order-lifecycle data captured in the OMS 360 and SDW, giving clients measurement based on their own trading rather than estimates.

Sterling and Atlas join forces as the SEC considers rescinding the Order Protection Rule (Rule 611) under Regulation NMS. In its public comment on the proposal, Sterling noted that if Rule 611 is removed, a broker-dealer’s duty of best execution becomes the primary safeguard against inferior executions, and that meeting and evidencing that duty depends on measuring execution quality against complete order-and-trade data. Atlas TCA will give Sterling’s broker-dealer clients that measurement in the Sterling OMS 360 and Sterling Data Warehouse, where the order lifecycle is captured.

Said Jen Nayar, Sterling President and CEO: “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.”

Said Kiran Pingali, Founder and CEO of Atlas: “Sterling has spent two decades connecting broker-dealers to the US markets, and its platforms hold the complete order and execution lifecycle for their extensive client base. That is exactly the foundation execution intelligence needs. We started with transaction cost analysis because it answers a question every broker-dealer is being asked today, and because measuring execution is the first step toward improving it. Routing and execution algorithms follow naturally from the same data, and we look forward to building them with Sterling’s team.”

Clients can expect the relationship to grow beyond TCA. The companies intend to collaborate on digital-asset trading, smart order routing, execution algorithms, and request-for-quote systems, so Sterling’s clients can move from measuring execution to improving it within the Sterling ecosystem.