Standardising TCA terminology

By Mike Caffi, VP and Manager of Global TCA Services, State Street Global Advisors and  Mike Napper, Director and Head of Global Client Analytics Technology and EMEA Client Connectivity Technology, Credit Suisse.
The FIX Trading Community TCA working group has attracted strong interest with representatives from more than 55 firms across the industry choosing to participate. The group commenced by creating a prioritised list of the key issues relating to TCA currently impacting the industry. At the very top of the list was the concern that inconsistency in TCA terminology and methodology used across providers was presenting market participants with many challenges.
Starting with this area, the group began by exploring the language currently being used across the industry and established a working group aimed at creating a consolidated glossary and associated best practices guide. The initial document is focused on Equity TCA across pre-trade, real-time, and post-trade analytics. Once complete, the next phase will begin which will provide support for non-equity asset classes.