TS TCA and best execution

Our existing TCA customers have remarked upon how they now have a heightened awareness of their execution performance and as a result have dramatically improved their execution workflows, trading desk efficiency and productivity. Who would have thought Fixed Income TCA could achieve this?

At TS we believe data is the fuel of effective transaction cost analysis (TCA). Our TCA clients choose their own benchmark data sources.

Tracking execution performance from the moment an order is received, to when it reaches the market and after it is executed. This is the backdrop to TS FI TCA and Best Execution.

Our data analysis includes:

Venue data.

  • Execution-Benchmark price difference and dollar value
  • Number of dealers in RFQ
  • Number of competitive quotes
  • Divergence of dealer quote from dealer screen price
  • Execution price-competitive quotes difference
  • Axes & IoIs
  • Recent traded volume
  • Time to execute full order
  • Number of slices per order
  • Market impact
  • Best venue

Summary analysis.

  • Most active dealers
  • Dealers who provide best P&L
  • Dealer response rate
  • Dealer volume by bond and sector
  • Trading protocol RFQ, A2A & single dealer axe
  • Best P&L by trading protocol
  • Volume by bond sector
  • Volume by buy-side trader
  • Volume by bond