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Fixed income participants will face short-term difficulties using transaction cost analysis
(TCA) for best execution.
Regulators have pushed for best execution to apply to multiple asset classes, including
fixed income, credit, FX and derivatives, in order to accurately measure market conditions
and ensure investment managers are taking “all sufficient steps” to get the best price
for the instrument they are trading.
The rule essentially codifies the fiduciary obligation of any buy-side firm.
Fixed income experts question
use of TCA for best execution
Bloomberg Trade Repository (BTRL) has become approved by the European Securities
and Markets Authority (ESMA) as a reporting house for derivatives trades.
As of 7 June, BTRL will begin accepting reporting for commodities, credit, FX, equities
and interest rate derivatives trades mandated under the European Market Infrastructure
Bloomberg approved as latest
EMIR trade repository
An increased focus on best execution and the growing use of transaction cost analysis
(TCA) could see increased algo usage in FX markets, according to research.
A paper published by Greenwich Associates predicts the use of FX algorithms will
steadily increase over the next three to five years due to MiFID II and the FX global code
TCA and best ex drives algo
adoption in FX