Citadel Securities: more TCA in 2020 to expose liquidity recycling
TCA should show difference between providers who hold risk and recyclers of liquidity, says market-maker
Fresh scrutiny of the quality of execution and the performance of liquidity providers executing foreign exchange trades in the New Year will mean market participants increasingly distinguish between true providers of liquidity and recyclers of it, says Citadel Securities.
A greater push towards the use of tools that measure execution quality, most notably transaction cost analysis (TCA) offered by independent technology providers, will support liquidity consumers in that aim, says Kevin Kimmel
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