Transaction Cost Analysis (TCA)

Enhance trading-related execution quality management and streamline performance-based order routing

Transaction Cost Analysis (TCA) is an independent global analysis platform that combines execution, algorithmic, venue and smart order router evaluation analytics. This service provides actionable insight to brokers and asset managers to enhance and synchronize their trading related execution quality management, compliance and management reporting capabilities. Trading desks leverage our TCA solution to streamline performance-based order routing and optimal strategy selection.

Designed by traders, our platform delivers the metrics necessary to streamline performance-based order routing and optimize trade strategy selection across equity, FX and fixed income. It combines comprehensive historical trading performance metrics with up-to-date forecasts and directional signals. Toxic liquidity and front-running surveillance tools accurately differentiate the performance of execution venues.

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. A flexible report generation tool facilitates surveillance, supervision and management reporting requirements.

Key benefits:

  • Comprehensive – Access integrated pre-trade forecasting tools and historical performance data, including individual security and program-level metrics
  • Granular – Measure the cumulative price impact of an order with 'child'-level executions that are synchronized to prevailing market conditions
  • Multi-dimensional – Evaluate best execution with a multifaceted approach that accounts for the unique parameters and priorities of institutional trading, including the impact of high-frequency competitors and directional biases inherent in a manager's alpha
  • Evolving – Benefit from new evaluation metrics and analysis functionality that is routinely updated by our experienced analysts as they monitor global markets and trading technology
  • Comparative – Buy-side firms can compare performance of brokers and algorithms across specific market scenarios, while sell-side firms can run competitor performance comparisons using anonymous, contextualized strategy and scenario filters

Customers

  • Investment managers
  • Pension plans
  • ETF providers
  • Risk and compliance officers
  • Investment consultants
  • Transition managers
  • Algorithmic trading firms
  • Investment banks

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