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Creating algos was once the purview of just a handful of banks, but client demand has meant more options coming onto the market. And there’s only one way to figure out which of them are worthwhile – transaction cost analysis (TCA).
At the moment, however, TCA in FX markets is not only in its infancy, but also far more complicated because there is no standard industry benchmark to measure against.
Sang Lee, managing partner at Aite Group, a consultancy, said it’s a ‘by-product’ of the regulatory focus on best execution, as well as banks leveraging electronic execution tools: “They need to ... (read more)