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Special Report

Best Execution & Transaction Cost Analysis

Regulation NMS requires that brokers and exchanges ensure best execution, but when multiple displayed venues have the same price, many institutions use algorithms to find an edge, or a better fill in dark liquidity pools. As such approaches become routine, some firms are working to incorporate alpha into their algorithmic strategies. But, for the moment, “there are maybe ten of us with sufficient infrastructures to build models seeking alpha,” said BNY ConvergEx’s Gary Ardell. Also in this report: Best-execution mandates are helping TCA become a ubiquitous feature of trading desks on both sides of the Atlantic; and developed markets in Asia-Pacific could soon have their own best-execution regulations.

Contents

Race Is On for Alpha-Based Algos

Market participants are pointing to the incorporation of alpha as the next big algorithmic development--for firms that can afford it.

Asia-Pacific: Best-Execution Regulations on the Way?

With algorithmic trading, technology advances and buy-side firms applying pressure, developed markets in Asia-Pacific could soon follow the U.S. and Europe in mandating best execution.

Best-Execution Mandates Pushing TCA Adoption

Regulations requiring broker-dealers to obtain the best price for their clients are helping transaction cost analysis become a ubiquitous feature of trading desks.