Below the waterline

Below the Waterline is a successor to the original book published by Investment Technology Group in 2000 entitled The Transaction Cost Challenge. The charter of the original book was to identify the issues and solutions for meaningful and accurate ways of measuring transaction costs. The sequel, Below the Waterline, seeks to redefine that challenge in light of the many technological innovations and regulatory mandates that have since occurred.

In the intervening period, advances in pre-trade cost estimation, post-trade measurement, and the development of applications in portfolio optimization have extended the concept of TCA. As such, it no longer simply generates a post-trade cost number against a benchmark. Rather, it provides meaningful information throughout the investment process that can be acted upon to make informed strategy choices in the face of different market conditions.
 
Traders Magazine recently highlighted the book and related topics. Click here to read the full article.

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