Market divided over standardised approach to algo TCA

Foreign exchange execution algorithms are seeing a wider take-up across the industry, and end users are increasingly turning to transaction cost analysis (TCA) to decipher which algos are most cost-effective. But comparing results across various offerings is proving difficult, as there is no standardised industry approach to TCA for algo execution.

Banks offer TCA specific to their institution, often customised to an individual client’s needs, which, while useful for some end users, means others