Elkins/McSherry TCA aims to quantify, analyse and highlight the costs of commissions, fees, market impact, delay, slippage and opportunity cost. Elkins/McSherry provides daily, weekly, monthly, quarterly, semi-annual, annual or ad-hoc TCA and will accept any particular time frame to analyse.
Asset classes and markets
The firm’s TCA supports global equities and fixed income for clients in North America, Europe, Asia and Australia. Analyses cover over 60,000 securities across 42 countries.
Trade cost benchmarks offered include implementation shortfall, trader arrival price, broker arrival price, VWAP, participation weighted VWAP, open price, close price, previous night’s close price or any other reference point upon demand. Commission universes include bundled trading, all trading, execution only trading and program trading. Trading cost universes include implementation shortfall, trader arrival price, broker arrival price, VWAP and dynamic. In addition to standard universes by benchmark, the firm calculates universes by market capitalisation and style.
Elkins/McSherry analyses can provide details on any category provided based on the client data availability and can provide turnaround times as quick as real-time. Data can be sent to the firm from any commercial or independent Trade Order Management System, received via drop copy from FIX connections or downloaded from custody banks.
Elkins/McSherry can provide research to help optimise trade sizes, speed and client commission payments, in addition to keeping clients abreast of industry “best practices,” trading technologies and regulatory updates.
Elkins/McSherry uses a proprietary methodology to provide clients pre-trade analyses. These studies are available to trading-cost analysis clients or through separate ad hoc requests.
Elkins/McSherry is currently in the process of automating high level summary reports. These summaries will be available to clients on-line, via PDF email or through hard copy PowerPoint slides.