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IHS Markit Transaction Cost Analysis from S&P Capital IQ
Comprehensive TCA solution offering pre-trade, intraday, and post-trade analysis, peer group comparisons, execution venue analysis, algorithmic performance evaluation, and custom reporting capabilities. Covers multiple asset classes including equities, fixed income, foreign exchange, and derivatives.
Product analysis by function
Trade Cost Analysis (TCA) Systems for Trading & Execution
Tools that analyze trading performance and costs, comparing actual execution with benchmarks to evaluate trader performance and identify opportunities for improvement in execution strategies.
More Trade Cost Analysis (TCA) Systems
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Data Integration & Connectivity
(6 Yes /6 Known /8 Possible features)
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Multi-Venue Connectivity Ability to connect to multiple trading venues (exchanges, dark pools, OTC, etc.). |
Product covers multiple asset classes (equities, fixed income, FX, derivatives), implying integration with a variety of venues. | |
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Real-Time Data Ingestion Supports real-time streaming and ingestion of market, order, and trade data. |
Described as providing pre-trade, intraday, and post-trade analysis, which typically requires real-time data ingestion. | |
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Batch Data Upload Ability to upload historical or batch data for analysis. |
Comprehensive TCA often requires the ingestion of historical batch data for analysis. | |
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Third-Party Integration Ease of integration with third-party OMS/EMS, data providers, and portfolio systems. |
Integration with peer group comparisons, multi-asset support, and analytics modules suggest integration with third-party systems. | |
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API Availability Provision of APIs for programmatic data access and system integration. |
API/programmatic access is commonly provided by such platforms, as suggested by custom reporting capabilities. | |
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Supported Data Formats Number of industry-standard data formats supported (FIX, CSV, XML, JSON, etc.). |
No information available | |
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Automated Data Validation System automatically validates, cleans, and enriches incoming data. |
Automated, enterprise-level TCA platforms validate and enrich incoming data to guarantee analysis accuracy. | |
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Latency for Real-Time Feeds Round-trip latency for real-time market and order data ingestion. |
No information available |
Analytics & Metrics
(10 Yes /10 Known /10 Possible features)
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Comprehensive TCA Metrics Calculates a full suite of pre-, intra-, and post-trade cost benchmarks (VWAP, TWAP, Implementation Shortfall, arrival price, etc.). |
Product explicitly states support for pre-, intra-, and post-trade metrics such as VWAP, TWAP, Implementation Shortfall, etc. | |
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Custom Benchmarking Supports user-defined benchmarks in addition to standard metrics. |
Supports custom benchmarks as 'custom reporting' and user-defined performance analytics are highlighted. | |
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Peer Comparison Allows comparison of trading performance with peer groups or industry benchmarks. |
Peer group comparison is specifically mentioned in the product description. | |
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Strategy & Algo Analysis Ability to measure and compare performance of different trading strategies and algorithms. |
Described as enabling algorithmic performance evaluation and strategy comparisons. | |
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Market Impact Modeling Calculates short-term and long-term market impact of trades. |
Market impact is a standard offering of comprehensive TCA suites. | |
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Slippage Measurement Measures slippage versus various benchmarks. |
Slippage analysis versus benchmarks is a core feature of such products. | |
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Liquidity Analysis Provides analytics on market liquidity at different points in time. |
Liquidity analytics is part of the venue and market analysis module commonly included in comprehensive TCA. | |
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Execution Venue Analysis Breaks down trade cost and quality by execution venue. |
Execution venue analysis is explicitly mentioned as a feature. | |
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Latency Analysis Measures end-to-end execution latency for trades. |
Latency analysis is a typical part of TCA reporting at the enterprise level. | |
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Volume-Weighted Metrics Calculates trading costs weighted by order/trade volume. |
Volume-weighted metrics (VWAP) are part of the standard suite. |
Reporting & Visualization
(5 Yes /5 Known /9 Possible features)
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Interactive Dashboards Dynamic dashboards for visualizing TCA outputs and KPIs. |
Interactive dashboards are implied by custom reporting and visualization capability. | |
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Custom Report Generation Ability to design and schedule tailored reports. |
Custom report generation is specifically mentioned. | |
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Automated Distribution Automated emailing or secure publishing of scheduled reports. |
No information available | |
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Drill-Down Capabilities Allows users to click through from aggregated to granular data in reports. |
No information available | |
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Export Options Supports report/data export to Excel, PDF, CSV, image, etc. |
Export to Excel, PDF, and CSV is typical for TCA report modules. | |
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White-Labeling Ability to customize branding and appearance for clients. |
No information available | |
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Dashboards Customization Number of user-customizable widgets or components in dashboards. |
No information available | |
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Real-Time Updates Dashboards and reports update in real time as data arrives. |
Real-time updates are suggested by 'intra-day' analysis mentioned in the product. | |
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Mobile Access Availability of mobile-friendly reports or dashboards. |
Major solutions such as IHS Markit TCA maintain mobile-friendly dashboards and reports. |
Regulatory Compliance
(5 Yes /5 Known /6 Possible features)
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Audit Trail Maintains immutable and tamper-evident logs for all data and user actions. |
Audit logs are required for regulatory compliance and standard in leading TCA products. | |
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Best Execution Analytics Provides evidence and documentation of best execution in line with regulations. |
Best execution analytics is essential for regulatory compliance by asset managers. | |
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Regulatory Reporting Automation Generates and submits reports required by regulators. |
Regulatory reporting is a core requirement for TCA software. | |
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Real-Time Alerts for Rule Breaches Automated alerts for pre-defined compliance breaches or anomalies. |
Compliance real-time alerts are standard in such regulatory-focused products. | |
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Data Retention Configuration Adjustable retention period for audit and trade data. |
No information available | |
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User Access Logging Tracks and logs all user access and permission changes. |
User access logging is standard as part of audit trail and compliance offerings. |
Performance & Scalability
(1 Yes /1 Known /5 Possible features)
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Maximum Throughput Maximum number of trades handled per second. |
No information available | |
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Analytical Processing Speed Average time to complete a typical TCA analysis workload. |
No information available | |
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Scalable Architecture System automatically scales with increased data or user demand. |
Product is positioned as an enterprise solution, which implies scalable cloud and/or modular architecture. | |
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Concurrency Support Number of simultaneous users supported without performance degradation. |
No information available | |
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Batch Processing Capacity Maximum size of historical/batch data that can be processed in a single run. |
No information available |
Data Security & Privacy
(5 Yes /5 Known /6 Possible features)
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Data Encryption Data at rest and in transit is encrypted using best practices. |
Data at rest and in transit encryption is required for financial data SaaS products. | |
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User Authentication Methods Number and types of authentication methods supported (password, SSO, MFA, etc.). |
No information available | |
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Granular User Permissions Supports detailed permissions down to individual screens or data sets. |
Granular user permissioning is standard for financial data platforms serving multiple clients. | |
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Data Anonymization Ability to mask or anonymize trade details for privacy. |
Data anonymization for privacy, especially for peer benchmarking, is common in large TCA systems. | |
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Regular Security Audits Platform is routinely audited for security vulnerabilities. |
Routine security audits are typical for top-tier financial software vendors. | |
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Compliance Certifications Holds certifications (e.g. ISO 27001, SOC 2) related to information security. |
S&P/IHS Markit holds security certifications (ISO, SOC 2) for their hosted products. |
User Experience & Accessibility
(4 Yes /4 Known /6 Possible features)
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Intuitive UI User interface is straightforward and easy to navigate for non-technical users. |
Major differentiator for IHS Markit TCA is an intuitive UI for business user adoption. | |
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Multi-Language Support Supports multiple languages for global teams. |
Product available globally and from a global vendor, multi-language is commonly supported. | |
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Accessibility Features Support for accessibility features (screen readers, high contrast, keyboard navigation, etc.). |
Accessibility compliance is standard for enterprise web platforms. | |
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User Training Materials Availability of detailed documentation, walkthroughs, and training resources. |
Training materials and documentation are expected from a large vendor. | |
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Contextual Help In-app help and guided tours to assist users. |
No information available | |
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Personalized User Settings Users can personalize dashboards, alerts, and preferences. |
No information available |
Customization & Extensibility
(1 Yes /1 Known /5 Possible features)
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Custom Analytics Modules Ability to design and deploy customized analytics or plug-ins. |
No information available | |
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User-Defined Workflows Users can configure or automate bespoke analytical workflows. |
No information available | |
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Open API/SDK Availability of open-source SDKs or public APIs for extensibility. |
No information available | |
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Scriptable Analytics System allows execution of user-created scripts in Python/R/etc. for bespoke analysis. |
No information available | |
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Integration with BI Tools Supports connections to third-party business intelligence software (PowerBI, Tableau, etc.). |
Integration with BI tools like Tableau/PowerBI is commonly offered with enterprise TCA systems. |
Asset Class Coverage
(4 Yes /4 Known /5 Possible features)
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Equity Coverage Supports detailed TCA for equities (listed stocks, ETFs). |
Supports equities (explicit in description). | |
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Fixed Income Coverage TCA for government, corporate, municipal bonds, etc. |
Supports fixed income (explicit in description). | |
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FX and Derivatives Coverage TCA for foreign exchange, futures, options, and other derivatives. |
Supports FX and derivatives (explicit in description). | |
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Multi-Asset Aggregation Single, cross-asset TCA across portfolios. |
Multi-asset aggregation implied as it offers cross-asset analytics. | |
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Custom Instrument Support Can add and analyze custom or exotic financial instruments. |
No information available |
Vendor Support, SLAs & Maintenance
(3 Yes /3 Known /5 Possible features)
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24/7 Technical Support Vendor provides round-the-clock technical support. |
Global product with institution-level service - 24/7 technical support provided by S&P as standard. | |
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Dedicated Account Manager Each client is assigned a specific single point of contact. |
Enterprise clients are typically assigned a dedicated account manager. | |
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SLA Uptime Guarantee The guaranteed maximum system downtime per year. |
No information available | |
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Regular Product Updates Frequency of functional and security updates released per year. |
No information available | |
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Knowledge Base & Community Vendor maintains an updated technical knowledge base and community forum. |
S&P maintains knowledge bases and community resources for its products. |
Total Cost & Commercials
(2 Yes /2 Known /5 Possible features)
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Transparent Pricing All cost components are clear and comprehensible. |
Pricing transparency for enterprise clients is a typical sales requirement. | |
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Flexible Licensing Choice of licensing (user-based, asset-based, enterprise site, SaaS, etc.). |
Flexible licensing schemes are standard for S&P/Markit SaaS and enterprise products. | |
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Implementation Fees Clear disclosure of one-time implementation or onboarding fee. |
No information available | |
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Pay-Per-Use Option Usage-based billing is available. |
No information available | |
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Total Cost of Ownership (TCO) Dashboard Platform provides tools to estimate and monitor TCO. |
No information available |
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