Buyer’s Guide: Fixed Income Transaction Cost Analysis Solutions


The Future of Bonds Best Execution

This buyer’s guide report provides readers with a detailed overview of eight bonds trading transaction cost analysis (TCA) solutions that offer users both post-trade and pre-trade pricing analysis and best execution functionality. The fixed income TCA offerings featured in this report include:

  • Algomi ALFA;
  • Bloomberg’s BTCA;
  • ICE Interactive Data’s TCA solution;
  • IHS Markit TCA solution;
  • ITG’s Fixed Income TCA;
  • MarketAxess’ TCA service;
  • OneMarketData’s OneTick solution; and
  • TradingScreen’s TCA solution.

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Each of these fixed income TCA solutions showcases attempts by the fixed income exchange, market data and trading venue community to develop competitive post-trade offerings at a pivotal moment for the future development of bonds e-trading. Specifically, the EU’s Markets in Financial Instruments Directive (MiFID II) is poised to create new standards beginning in 2018 for bonds market trade and transaction reporting transparency that will affect both buyside and sellside market participants in a variety of different ways. Additionally, MiFID II’s mandates are set to create new levels of publicly-available bonds post-trade data, which many broker-dealers, investors and technology vendors believe could one day allow them to better model their orders on a pre-trade basis.

Published on: 29 Sep, 2017

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Buyer’s Guide: Fixed Income Transaction Cost Analysis Solutions – Table of Contents

  • 1.0 The Big Bang of Fixed Income Transaction Cost Analysis
    • 1.1 The Post-financial Crisis Regulatory Drivers of Fixed Income Transaction Cost Analysis
  • 2.0 Fulfilling Buyside Demand for Fixed Income TCA Solutions
    • 2.1 Tick-box MiFID II Post-trade Reporting Fixed Income TCA Solutions
    • 2.2 Dynamic Pre- & Post-trade Fixed Income TCA Solutions
  • 3.0 Fixed Income TCA Benchmarks & Methodologies
    • 3.1 Pricing Data
    • 3.2 Benchmarks & Methodologies
    • 3.3 Aggregating Fixed Income TCA Results
  • 4.0 Fixed Income Transaction Cost Analysis Solutions
    • 4.1 Algomi ALFA
    • 4.2 Bloomberg Trading Solutions
    • 4.3 ICE Interactive Data
    • 4.4 IHS Markit
    • 4.5 ITG
    • 4.6 MarketAxess
    • 4.7 OneMarketData
    • 4.8 TradingScreen
  • 5.0 Appendices
    • 5.1 Glossary of Terms
    • 5.2 Table of Figures