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MiFID II: The Business Benefits of Compliance There’s a wave of change sweeping across non-equity markets driven by regulatory initiatives and the rise of non-bank liquidity providers. Other factors driving buy-side adoption of Transaction Cost Analysis (TCA) in FX are the need to generate alpha on investment returns, and regulatory scrutiny
 of trading practices in over-the-counter (OTC) instruments. TCA is a broad term which doesn’t describe the actual analysis to be carried out. Asset managers who rely on custodian banks to execute currency trades have a compliance obligation to analyze these FX trading costs. By monitoring fill rates, TCA tools can help traders determine if ‘last look’ is occurring, and then decide whether or not to shift their trades to other venues.
Asset Managers: Creating a Strategic Response to FX Structural Change Viewpoint from Andrew Cromie, Global Head of Product Management for Institutional Investors, 360T Group In 2003 I was invited to a meeting with a large global asset manager to discuss an electronic trading solution for their FX business. In that meeting ...