Best Execution Tca

objective

Produce defensible best-execution analytics with benchmark attribution and governance reporting.

workflow

1. define benchmark hierarchy and mandate-specific evaluation criteria.
2. compute slippage attribution across spread, impact, timing, and fees.
3. compare venue and broker quality across order archetypes.
4. perform regime-segmented analysis for volatility and liquidity states.
5. publish governance reports with control evidence and exceptions.

required diagnostics

• benchmark-relative cost by venue, broker, and order type.
• participation and urgency effects on execution quality.
• persistent outlier detection for broker or venue underperformance.
• regime-conditioned cost drift and degradation analysis.
• mandate compliance exceptions and remediation outcomes.