Two former leading lights of Morgan Stanley’s foreign exchange business are setting up a service to give clients independent analysis of the quality and cost of their FX transactions.

Oliver Jerome, who had been the US bank's head of FX and emerging markets for Europe, and Pete Eggleston, the head of its highly regarded quantitative solutions and innovations team, plan to open BestX in 2016, promising to deliver analysis that is faster, more detailed and more independent than existing offerings.