Articles

This article by Jan Jonsson, Business Development at Neonet, discusses an inherent problem with the Transaction Cost Analysis (TCA) concept that implies a strict focus on costs, when the real issue most often con-cerns execution quality, transparency and independency. We believe that the preoccu-pation with “cost only” is due to the lack of quantified, standardized measurement of the quality aspects of execution, as well as vested interests that preclude a neutral and trans-parent approach to analysis.

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The equity execution business is rapidly changing and sell-side firms across Europe are struggling. Market regulation and rising fixed costs have transformed execution into a commoditized volume business. Small and medium-sized firms have been forced to scale down, divest or simply shut down their brokerage operations. However, there are other options. Firms that turn to third parties for equity execution can benefit from a new generation of tailored service offerings and innovative pricing models that can help them to stay in the game and to be competitive.

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Fragmentation, growing number of execution venues and reduction in tick sizes are some of the key drivers that continue to reshape the global trading arena. Progressively-changing structure of global markets is creating new paths for traders to follow and obstacles to overcome. Effective smart order routing allows traders to address these challenges by consistently capturing liquidity, executing at the best price, minimizing execution latency and decreasing information leakage.

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