Transaction Cost Analysis Solution

TCA is the process of evaluating trading costs to assess execution quality. It compares actual execution prices to trade-appropriate benchmarks to identify inefficiencies and improve trading performance.  

TCA provides transparency into trading activities, supports best execution compliance, enhances investor trust, and helps firms meet regulatory requirements. It also delivers data-driven insights to optimize execution strategies.

Our solution generates audit-ready reports aligned with regulations such as MiFID II, PRIIPs, SEC Rule 606(a), and Liquidity Reporting. It helps firms monitor best execution practices, evaluate broker performance, and meet reporting obligations with confidence.

TCA enables firms to assess whether trades are executed in clients’ best interests by analyzing execution quality and trading cost components—core elements of best execution compliance.

Our solution provides advanced tools to evaluate trade execution across asset classes, analyze trading behavior, and benchmark performance. Key features include:

• Multi-asset class coverage (global equities, global fixed income, FX, derivatives)
• Historical data analysis
• Customizable dashboards and user-defined views

Our reporting capabilities offer deep transparency into trading performance and regulatory readiness. Reports include:

• Detailed breakdowns of explicit and implicit trading costs
• Execution quality analysis across venues, brokers, or strategies
• Benchmark comparisons aligned with your firm’s trading approach
• Regulatory audit-ready outputs to support MiFID II, PRIIPs, SEC Rule 606(a), Liquidity Reporting, and other global requirements

ACA examines both explicit costs (e.g., commissions, fees) and implicit costs (e.g., market impact, opportunity cost) associated with trading activity.

Yes. Our dashboards, reporting, and analytics can be tailored to your firm’s trading profile, compliance objectives, and asset class priorities.

TCA frequency varies. Firms typically review performance daily, monthly, or quarterly depending on internal policies and regulatory requirements.

Common challenges include:

• Poor data quality
• Limited support
• Integration with legacy systems
• Difficulty interpreting results
• Evolving regulatory demands

ACA addresses these issues through highly responsive support, seamless integrations, and customizable analytics that turn raw data into actionable insights.

In April 2025, we acquired Global Trading Analytics (GTA), a recognized leader in TCA services. This strengthens our ability to deliver expanded multi-asset class coverage and advanced analytics capabilities to our clients.