In our latest webinar, Leon Liang from ICE, Feargal Murphy from KX, and Cat Turley from ExeQution Analytics explore best practices for optimizing trade execution, sharing critical strategies and real-world solutions that leading firms are using to turn transaction cost analysis (TCA) into a powerful driver of trade performance and risk management.
Success in the financial markets depends on speed, precision, and the ability to draw actionable insights from vast datasets in real time.
Trade execution – the process of buying and selling securities on behalf of clients or for proprietary trading – is increasingly under scrutiny as firms seek to optimize every aspect of performance. For many, this process goes beyond simply managing costs; it’s about capturing alpha, ensuring compliance, and enhancing decision-making with unparalleled precision. Yet, achieving this level of sophistication requires you to redefine your approach.
Historically, TCA has focused on regulatory compliance, serving as a box-ticking exercise rather than a tool for actionable insights. But as our experts from ICE, KX, and ExeQution Analytics highlight in this session, TCA can – and should – be a robust framework for continuous improvement and real-time decision-making.
Watch the full session here or browse the key takeaways below:
1. Redefining trade cost analysis with real insights
Cat Turley highlights that while TCA has traditionally been a compliance exercise, reframing it as ‘trade research’ can yield actionable insights. “The term ‘research’ implies learning and continuous improvement, transforming TCA from a box-ticking exercise to a tool for real performance enhancement,” she explains. This shift is essential for firms looking to optimize trading decisions beyond mere regulatory requirements.
2. Leveraging real-time data for competitive edge in trade execution
Fergal Murphy underscores the critical role of real-time data in capital markets, describing KX’s platform as the leader in time-series analytics, essential for front-office applications. “Our platform’s low latency and ability to handle high-frequency data at scale make it indispensable for pre- and post-trade analytics, backtesting, and quantitative research,” Murphy states. The discussion highlights how KX enables firms to make in-the-moment decisions, critical in fast-paced trading environments.
3. Data integration and flexibility are key to effective analytics
Integrating diverse datasets quickly is often a bottleneck in TCA. Leon Liang notes that ICE’s vast data sets, combined with KX’s powerful data ingestion capabilities, enable the rapid building of a comprehensive trade model. By pairing ICE’s quantitative datasets with KX’s platform, users can rapidly test scenarios and refine strategies, reducing trade execution lead times.
4. Reducing the complexity of TCA for scalable implementation
Many firms struggle to balance the complexity of TCA processes with the need for speed and accuracy. Turley explains that ExeQution Analytics specializes in simplifying data workflows, helping firms integrate market and trading data seamlessly. This approach empowers firms to “access the value of TCA in near real-time,” avoiding analysis delays that can impact strategic outcomes.
5. Building a data-driven culture for long-term success
Leon Liang and Fergal Murphy emphasize the importance of embedding data and analytics into the organizational culture. Murphy points out that KX’s solutions enable firms to streamline data operations, providing “actionable insights to inform strategic decisions and reduce risks” at a scalable level. For firms aiming to become ‘AI-first’, these tools foster an environment where data-led decision-making becomes the norm.
6. A roadmap to advanced trading analytics with KX and ICE
The webinar concludes with a roadmap for leveraging KX and ICE solutions in trade execution optimization. By adopting an integrated approach with real-time analytics and a flexible data environment, firms can build a more responsive and efficient trading ecosystem. According to Murphy, “Our combined capabilities allow traders to gain insights at every stage of the trade lifecycle, from pre-trade research to post-trade performance analysis”.
Learn how KX can help enhance trade execution quality, manage risk and improve decision-making with pre-trade analytics and post-trade analytics. Discover how KX and ICE are empowering traders and portfolio managers to improve decision-making, operational efficiency and trading practices with our Fixed Income Accelerators.
