TCA: Comparing Apples to Apples
The definition and use of transaction-cost analysis (TCA) has changed remarkably over the past 10 years. Once widely regarded as a box-checking exercise, particularly in Europe as a means of proving best execution, the process has begun to show benefits in many other areas of trading. It has also started to shift outside of equities, into areas such as foreign exchange (FX), and it seems likely that with regulatory moves to migrate over-the-counter (OTC) markets onto exchanges, TCA will soon be
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