A broad panel of buy- and sell-side market participants has called for greater consistency and transparency in trade cost analysis (TCA).

Speaking at an event in London last night aimed at making TCA more standardised and understandable, Robert Kay, head of analytics at technology firm TradingScreen, said the absence of standards was undermining the ability of market participants to assess execution performance objectively.

The event brought together members of the Open TCA consortium, which aims to stimulate debate and produce guidelines for consistent, industry-wide TCA. The group, which includes Bank of America Merrill Lynch, Citi, Nomura, UBS and technology firm TradingScreen, published a consultation paper and survey last month to identify areas where the lack of common standards reduced the value of TCA.

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Elliot Holley - The Trade News - October 6, 2011