S&P Global is shuttering its transaction cost analysis (TCA) operations, according to sources familiar with the matter.
Michael Richter, EMEA executive director of TCA at the firm, could not be contacted for comment.
S&P’s TCA services cover equities, FX, fixed income, credit default swaps, loans and money market instruments. It has been operational since 2011.
The service sits within the firm’s Market Intelligence business, which produces the largest portion of its revenues. In Q2 2025, S&P Global reported US$1.2 billion in Market Intelligence revenues – up 5% year-on-year.
An S&P Global Market Intelligence spokesperson told Global Trading, “S&P Global Market Intelligence continually evaluates its product portfolio to meet the evolving needs of our clients. While we won’t comment on specific decisions, we are committed to keeping our clients informed of any updates.”
