UBS has added Real-time Transaction Cost Analysis for European clients through UBS Fusion, the firm's equity trading analytics platform. The investment bank says that it allows clients to have live, continuous analysis of their orders while they are still executing.
Real-time TCA, introduced in the US in September last year, is delivered as an integrated part of the firm's Direct Execution electronic trading suite, which includes an array of trading and analytical tools such as pre-trade transaction cost analysis for single stock and portfolio trading, a suite of in-market tools including trading Alerts, and a wide array of downloadable reports and analysis tools.
Post-trade analysis was previously sent to clients at the end of the trading session, day or month to help evaluate an algorithmic trading strategy's effectiveness. With the introduction of Real-time TCA, clients will have the opportunity to monitor how their orders are doing while there is still time to affect the order's outcome. UBS Fusion's real-time analytics continuously update while the orders are live - allowing clients to monitor how orders are performing across all venues, including the Exchanges, and alternative pools of liquidity.
"Since post-trade analysis is, by definition, the assessment of past performance, it cannot add optimal value to dynamic trading decisions," said Phil Allison, head of European Equities Trading Execution at UBS. "Giving our clients Real-time TCA while their orders are still active, means they are able to monitor and react before the order completes - making it a valuable decision-making tool for traders."