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Refinitiv Trade Cost Analysis from Refinitiv (LSEG)
This TCA solution provides detailed analysis of trading costs across various dimensions and benchmarks them against market standards, offering insights for better trading decisions and practices.
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.
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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.). |
Refinitiv TCA is documented as supporting equity, fixed income, and FX asset classes with multi-venue data integration, implying connectivity to multiple trading venues. | |
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Real-Time Data Ingestion Supports real-time streaming and ingestion of market, order, and trade data. |
Official product literature describes the ingestion of real-time and historical trade/market data. | |
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Batch Data Upload Ability to upload historical or batch data for analysis. |
Batch uploads for historical TCA are explicitly supported (Refinitiv datasheet). | |
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Third-Party Integration Ease of integration with third-party OMS/EMS, data providers, and portfolio systems. |
The product offers integration with numerous OMS/EMS and external providers. | |
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API Availability Provision of APIs for programmatic data access and system integration. |
APIs are available for extracting data and integrating with other enterprise systems. | |
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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. |
Automatic data quality validation and enrichment are mentioned in technical brochures. | |
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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.). |
VWAP, TWAP, Implementation Shortfall, and other metrics are advertised as standard functionality. | |
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Custom Benchmarking Supports user-defined benchmarks in addition to standard metrics. |
User-defined and custom benchmarks are supported per product user guide. | |
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Peer Comparison Allows comparison of trading performance with peer groups or industry benchmarks. |
Peer performance/industry standard comparisons are included in reporting modules. | |
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Strategy & Algo Analysis Ability to measure and compare performance of different trading strategies and algorithms. |
Strategy- and algo-level analytics are supported (see whitepapers). | |
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Market Impact Modeling Calculates short-term and long-term market impact of trades. |
Market impact analysis is included in advanced feature set. | |
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Slippage Measurement Measures slippage versus various benchmarks. |
Explicit support for slippage measurement documented online. | |
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Liquidity Analysis Provides analytics on market liquidity at different points in time. |
Liquidity analytics and market depth included per marketing materials. | |
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Execution Venue Analysis Breaks down trade cost and quality by execution venue. |
Trade breakdown by execution venue is standard TCA output in Refinitiv. | |
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Latency Analysis Measures end-to-end execution latency for trades. |
Refinitiv TCA calculates and visualizes latency in the execution chain. | |
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Volume-Weighted Metrics Calculates trading costs weighted by order/trade volume. |
Volume-weighted TCA metrics supported per official feature list. |
Reporting & Visualization
(8 Yes /8 Known /9 Possible features)
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Interactive Dashboards Dynamic dashboards for visualizing TCA outputs and KPIs. |
Advanced interactive dashboards shown in product demos and documentation. | |
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Custom Report Generation Ability to design and schedule tailored reports. |
Users can customize and schedule tailored reports, per user manual. | |
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Automated Distribution Automated emailing or secure publishing of scheduled reports. |
Automated distribution through emails and secure portals is a supported feature. | |
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Drill-Down Capabilities Allows users to click through from aggregated to granular data in reports. |
Dashboards have drill-down functionality for detailed TCA review. | |
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Export Options Supports report/data export to Excel, PDF, CSV, image, etc. |
Export to Excel, CSV, and PDF supported per knowledge base articles. | |
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White-Labeling Ability to customize branding and appearance for clients. |
White-labeling supported, especially for institutional clients. | |
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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 dashboard/report updates described in product sheet. | |
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Mobile Access Availability of mobile-friendly reports or dashboards. |
Mobile access available through web-based dashboards (Refinitiv support documentation). |
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 trails included for all trade and user events, as required for regulatory compliance. | |
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Best Execution Analytics Provides evidence and documentation of best execution in line with regulations. |
Best execution reports/analytics included, meeting MiFID II/regulatory requirements. | |
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Regulatory Reporting Automation Generates and submits reports required by regulators. |
Regulatory reporting automation described in brochures; supports required reporting formats. | |
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Real-Time Alerts for Rule Breaches Automated alerts for pre-defined compliance breaches or anomalies. |
Pre-defined and custom rule breach alerts are supported for compliance purposes. | |
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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 standard for enterprise SaaS solutions per product brochure. |
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. |
Industry-standard scalable architecture—cloud-based and handles expansion as described by Refinitiv. | |
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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 is encrypted at rest and in transit as per standard LSEG security policy. | |
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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 permissions (by dataset, user, group) described in admin documentation. | |
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Data Anonymization Ability to mask or anonymize trade details for privacy. |
Anonymization available to respect privacy and regulatory requirements. | |
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Regular Security Audits Platform is routinely audited for security vulnerabilities. |
Regular security audits are performed as part of LSEG annual compliance. | |
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Compliance Certifications Holds certifications (e.g. ISO 27001, SOC 2) related to information security. |
LSEG/Refinitiv is certified for major standards (ISO, SOC2, etc.). |
User Experience & Accessibility
(5 Yes /5 Known /6 Possible features)
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Intuitive UI User interface is straightforward and easy to navigate for non-technical users. |
Product acclaimed for intuitive UI in market reviews and official demos. | |
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Multi-Language Support Supports multiple languages for global teams. |
Multi-language support included for global client base per product page. | |
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Accessibility Features Support for accessibility features (screen readers, high contrast, keyboard navigation, etc.). |
No information available | |
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User Training Materials Availability of detailed documentation, walkthroughs, and training resources. |
Comprehensive documentation, tutorials and training resources provided. | |
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Contextual Help In-app help and guided tours to assist users. |
Contextual help and guided product tours available (Refinitiv Knowledge Base). | |
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Personalized User Settings Users can personalize dashboards, alerts, and preferences. |
Personalized dashboard settings, alert preferences and views are supported. |
Customization & Extensibility
(4 Yes /4 Known /5 Possible features)
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Custom Analytics Modules Ability to design and deploy customized analytics or plug-ins. |
Advanced clients can request/deploy custom analytics per official Extensibility documentation. | |
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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. |
Open API and SDKs for integration and extension are available (developer.refinitiv.com). | |
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Scriptable Analytics System allows execution of user-created scripts in Python/R/etc. for bespoke analysis. |
Python scripting and plug-in modules supported (partner documentation). | |
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Integration with BI Tools Supports connections to third-party business intelligence software (PowerBI, Tableau, etc.). |
Integration with Power BI and Tableau listed as supported in product documentation. |
Asset Class Coverage
(5 Yes /5 Known /5 Possible features)
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Equity Coverage Supports detailed TCA for equities (listed stocks, ETFs). |
Equity TCA is the core product functionality. | |
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Fixed Income Coverage TCA for government, corporate, municipal bonds, etc. |
Fixed income TCA described as a supported asset class. | |
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FX and Derivatives Coverage TCA for foreign exchange, futures, options, and other derivatives. |
FX and derivatives analysis featured on product landing page. | |
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Multi-Asset Aggregation Single, cross-asset TCA across portfolios. |
Multi-asset/cross-portfolio aggregation called out in solution details. | |
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Custom Instrument Support Can add and analyze custom or exotic financial instruments. |
Custom/exotic instrument configurations handled per client request. |
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 24/7 technical support is an SLA item in official materials. | |
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Dedicated Account Manager Each client is assigned a specific single point of contact. |
Dedicated account managers assigned for institutional clients. | |
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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. |
Extensive knowledge base and community forums for users/developers. |
Total Cost & Commercials
(4 Yes /4 Known /5 Possible features)
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Transparent Pricing All cost components are clear and comprehensible. |
Transparent and tiered pricing described in procurement documentation. | |
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Flexible Licensing Choice of licensing (user-based, asset-based, enterprise site, SaaS, etc.). |
Licensing is flexible; available as both SaaS and enterprise models. | |
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Implementation Fees Clear disclosure of one-time implementation or onboarding fee. |
Implementation/onboarding fees are disclosed to clients. | |
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Pay-Per-Use Option Usage-based billing is available. |
Pay-per-use/pricing options available for some TCA packages. | |
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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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