Transaction Cost Analysis (TCA)

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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.

Key Features of TZ for Transaction Cost Analysis

Global multi-venue analysis

Calculation of arrival price or end of day price vs execution price

Implementation shortfall analysis

Immediate access to all data stored in TZ

Preset and bespoke reports

Best execution analysis against a number of different benchmarks

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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.

 

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