TCA: Bridging the Gap Between Equities and FX


Transaction cost analysis has been the Holy Grail of best execution in equities trading, but the evolution of TCA in foreign exchange trading must consider the OTC nature of currency markets.



Transaction cost analysis has been the Holy Grail of best execution in equities trading, but the evolution of TCA in foreign exchange trading must consider the OTC nature of currency markets.

While FX trading is becoming highly electronic, the OTC nature of FX trading creates difficulties since the market is fragmented across multiple ECNs and FX trading platforms. Participants also rely on their relationships with liquidity providers for obtaining the best price, which can vary across venues. 

The common theme amongst all participants is to trade more effectively, reduce transactions costs and minimize market impact under a cohesive execution framework.

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FlexTrade is a global leader in broker-neutral, execution and order management trading systems for equities, FX, options, futures and fixed income. A pioneer in the field, FlexTrade introduced the first trading system that allowed clients to control and customize their proprietary algorithms while maintaining the confidentiality of their trading strategies. Change is the only constant in electronic trading. That's why FlexTrade is continuously upgrading its products and services. All can be tailored to meet the demanding requirements of a global client base of more than a 225 buy- and sell-side firms.
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