Transaction Cost Analysis

Measure and manage best execution

Our multi asset Transaction Cost Analysis (TCA) tool provides independent, global empirical performance data to support best execution. This service provides actionable insight to enhance and synchronize trading related execution quality, compliance and management reporting capabilities.

Evolving market practices and global regulations such as MiFID II have increased scrutiny over best execution practice. As the concept of best execution has developed from the best available price at a point in time to a more holistic view of the investment process, the need to measure and manage increasingly complex trades and execution processes has grown significantly.

For buy-side firms, this advanced trading analysis solution provides the key trading intelligence for verifying execution quality across execution routes, from “high touch” to direct market access.

For sell-side firms, our sophisticated evaluation analytics for algorithms and smart order routers provide for the next generation of execution quality reporting and deliver trading intelligence valued by trading desks.

Key benefits:

Multifaceted – Multi-dimensional evaluation of “best execution” that reflects the parameters and priorities of institutional trading; including isolating the cost impact for your clients and reporting for different trade characteristics which meet with client needs.
Configurable – Profile historical and prospective client trading performance across multiple perspectives and independently verify the value of “high touch” services or electronic equity execution offerings.
Transparent – Enhances the calibration of technology driven offerings such as algorithms and smart order routers with normalized comparison data. Integrate order parameters filters to fine tune automated strategies which allows an independent, transparent overview of execution quality.
Insight – Evaluate and synchronize each “child” level execution to the prevailing market conditions. This granular level of analysis translates into the ability to isolate the cumulative price impact of an order and produces a number of unique liquidity management metrics.