Transaction Cost Analysis

Transaction Cost Analysis is a dynamic and interactive analysis of your trades marked to various benchmarks grouped in different categories or on a per-order basis. Transaction Cost Analysis applies to trades of any instrument type and is typically available ten minutes after a trade is executed. Performance metrics are expressed as basis points (bps) of value traded.

Each executed trade in the period of the analysis is marked to a series of performance benchmarks with the results displayed in multiple interactive tables. You can drill down in a variety of categories, including trade date, order side, exchange, trade price and underlying, to see how each trade performed when compared to the benchmark. The performance of a trade is calculated by marking the trade price to each benchmark. A positive number indicates that the trade worked in your favor; a negative number indicates that the trade did not work in your favor.

You can also add or remove columns from tables using the Configure (gear) icon.

Combinations are not supported in the Transaction Cost Analysis.

See Understanding the Transaction Cost Analysis for a complete description of each column heading and performance benchmark used in the analysis results.