Transaction Cost Analysis (TCA)

Learn more about our transaction cost analysis solutions. All our solutions come with free proof of concept. For more information, click the button below.

Implementation Shortfall Analysis

Our TCA solution offers detailed and comprehensive implementation shortfall analysis and slippage calculation.

Flexible Benchmarking

Calculate execution price vs arrival price or end of day price and run best execution analysis.

Global Multi-Venue Analysis

Market data is collected from over 250 global sources by our partner ICE (Intercontinental Exchange) data services.

Preset and Bespoke Reports

TZ offers a wide range of best execution reports, including RTS 27 and RTS 28 functionality. 

Large Volume Data Handling

TZ can ingest and process extremely large volumes of data – millions of trades can be processed every day.

Immediate Access to Data

Reports can be compiled at any time and for any date range, allowing you to access all your data at the click of a button.

Transaction Cost Analysis for modern markets

MiFID II implemented far stricter best execution policies for investment managers, regulatory compliance professionals and traders. These entities are now legally obliged to take “all sufficient steps” to ensure the best execution of clients’ transactions.

Because of this, it is essential that firms use transaction cost analysis (TCA) to determine whether best execution was achieved. eflow can do just that.

Though the method of reporting or chain of command might alter in different financial institutions, our TZ system is here to provide accurate, simple and transparent transaction cost analysis. Our TCA solution is MiFID II-compliant, and can easily export results for use in financial reports. With TZ, errors in execution can be addressed and resolved quickly, and not left to become a systemic risk.

Learn more about eflow’s TCA solution here.

MiFID III – How Regulatory Bodies Can Improve On MiFID II

REGULATORY MiFID III - How Regulatory Bodies Can Improve On MiFID II It has now been two years since MiFID II was first implemented, and its impact on investors and the markets more generally is gradually becoming clearer.  With this clarity comes a greater understanding of how some of the more...

Fifth Of UK Fund Managers Admit To Inaccurate Reporting

Fifth Of UK Fund Managers Make Reporting Errors to FCA According to data obtained under an FOI request by Duff & Phelps, approximately one-fifth of all UK fund managers are guilty of making errors in their transaction reporting to the Financial Conduct Authority (FCA).  These errors have been...

ESMA Updates Q&A On Investor Protection

ESMA Updates Q&As on MiFID II and MiFIR Investor Protection & Intermediaries ESMA has updated its questions and answers on the implementation of investor protection topics under the Markets in Financial Instruments Directive and Regulation. On December 4th, the European Securities and...

LME Requests Six-Month Delay to Telephone Trading Compliance

LME Requests Six-Month Delay to Telephone Trading Compliance The London Metal Exchange (LME) has stated that it will take an extra six months to ensure that trades made via telephone are compliant with new transparency requirements implemented as part of MiFID II.  The European Securities and...

MiFID II Unbundling Relief Period Extended to 2023 by SEC

MiFID II Unbundling Relief Period Extended to 2023 by SEC The US Securities and Exchange Commission has granted a three-year extension to the MiFID II relief period for American firms. The SEC will allow US brokers to continue bundling execution and research payments for another three years. In...

Why Choose TZ for Transaction Cost Analysis?

As MiFID II highlights, cost will still be considered as one of the key factors in execution quality for retail clients. The best execution for retail client orders is defined in ESMA’s MiFID II regulations as “the sum of the price and the costs incurred by clients” and represents “the price of the financial instrument and the costs relating to execution”. This includes “all expenses incurred by the client, which are directly relating to the execution of the order, including: execution venue, fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order”.

TZ for Transaction Cost Analysis (TCA) moves with the customer and adapts to new regulatory requirements in real time, so you don’t need to worry about your compliance with new tests or reports. TZ for Transaction Cost Analysis (TCA) also allows you to look back and see the ‘lay of the land’ the trader saw, and decipher whether the correct procedure was undertaken in line with MiFID II and the institution’s best execution policy. The market data aspect of TZ enables you to to have prescient information prior to the trade being executed in retrospect.

 

Get In Touch