TCA Comes to Futures and FX
Getting two technologists to agree on when transactional-cost analysis (TCA) arrived in futures and foreign exchange (FX) is more confusing than a lecture on string theory … delivered in Latin. Some say it was six years ago. Some say two years. Some say six months. Some say 12 years. Nor do they agree on which of the two asset classes has come further in its ability to deliver TCA. Quod est non valde benevolens.
Those who peg the arrival at several years back concede that it was only the early
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