Transaction Cost Analysis (TCA)
The Parameta Solutions difference
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Independent best execution monitoring
We provide an unbiased, third-party TCA solution to assess your trade quality and ensure compliance with best execution standards.
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Comprehensive trade analysis
We compare your trades—across TP ICAP and external venues—against multiple reference data, including bid/ask spreads, mid-market levels, day and hour highs/lows, and evidential pricing.
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Simplified regulatory reporting
We simplify your end-of-day reporting and audit processes, helping you meet regulatory obligations such as ESMA, FINRA 5310, COBS 11.2A efficiently.
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Flexible & secure integration
We accept trade files via GUI or secure SFTP, with automated processing and report delivery for seamless workflow integration.
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Multi-asset coverage
We support core OTC products including fixed income, FX (spot, forwards, swaps), interest rate swaps, and overnight index swaps.
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Granular insights
We offer detailed reference data such as last trade price, time, and custom reference levels—empowering clients to validate execution quality and optimise trading strategies.
Independent trading analytics for best execution
Our trading analytics tool monitors your trading activity, evaluates whether executed price levels are aligned with prevailing market conditions, and helps support best execution and regulatory reporting.
Simply upload your trade files—including those executed outside TP ICAP— with details such as time, security, and execution price. We then compare each trade against multiple reference data using TP ICAP’s market data, sourced from the world’s largest inter-dealer broker for OTC markets. Source: TP ICAP accounts 2025.
Get your data sample
Complete the form and tell us which asset class/instrument you would like to see.
transaction cost analysis FAQs
Which reference data do you offer for TCA?
We provide the following reference data:
- Bid: Bid price at timestamp closest to the trade date time
- Ask: Ask price at timestamp closest to the trade date time
- QMAT: Mid price at timestamp closest to the trade date time
- Day open: Open mid price for the trade data
- Day high: Highest mid price for the trade data
- Day low: Lowest mid price for the trade data
- Hour open: Open mid price for the hour
- Hour high: Highest mid price for one hour
- Hour low: Lowest mid price for the hour
- Hour close price: Close mid price for the hour
- Last: Last traded price at timestamp closest to the trade date time
- BEP/FEP/REP: Parameta Solutions evidential pricing -snap price at timestamp closest to the trade date time
- Custom reference points: Users can include their own custom reference points from their own data source
How does transaction cost analysis (TCA) work?
1. Upload your trade data
Clients securely upload trade files either through a web‑based interface or via automated SFTP transfer. Each file typically includes key trade details such as execution time, instrument, price, and any external trades where applicable.
2. Automated processing
With the automated SFTP, our system checks for new files every few minutes. As soon as a file is detected, it is automatically processed through our analytics engine—no manual intervention required.
3. Trade Reference Data
Each trade is analysed against market conditions at the exact time of execution. We evaluate trades using a broad range of reference points, including bid, ask, and mid‑market levels, as well as daily open, high, low, and close prices. For interest rate swaps, hourly market levels are also included. Trades are additionally compared against the last traded price within TP ICAP’s network, evidential pricing sources, and any custom reference prices provided by the client.
4. Asset class coverage
The analytics support a wide range of asset classes, including fixed income, FX (spot, forwards, and swaps), and rates products such as IRS and OIS.
5. Reporting and delivery
With automated SFTP, once processing is complete, detailed reports are securely returned to the client’s servers for easy integration into existing compliance, surveillance, and performance workflows. Reports provide clear visibility into indicative market levels at the time of trade, alongside last trade prices for evidential pricing, helping clients confirm whether execution prices were consistent with prevailing market conditions.
Which asset classes do you offer?
- Fixed Income
- FX: Spot, Forward, Swaps
- Rates: IRS, OIS
What reporting do you offer?
Our reporting suite provides comprehensive insight into trade execution and performance, helping clients analyse activity, demonstrate best execution, and support compliance requirements. In addition to our standard reports below, clients are also able to build customised reports.
Trade Details Report
Provides a detailed view of individual trades, including core trade information such as execution time, instrument, and price, along with additional attributes including legal entity, trader group, and country. Each trade is enriched with advanced analytics, such as open, close, high, and low market levels, as well as performance scores that show how execution compares to best‑execution reference data.
Summary Report
Aggregates and summarises data from the trade details report to provide a high‑level view of trading activity and performance. This includes metrics such as trade volumes, average trade size, daily notional value, performance trends over time, and breakdowns by currency, tenor, trader, or other dimensions. Standard report templates are available, with flexibility for users to tailor outputs to their specific requirements.
Outlier Reporting
Highlights both strong and poor execution performance by identifying trades that deviate significantly from the reference data, enabling targeted review and follow‑up.
Export Options
Reports can be exported in multiple formats, including CSV, PDF, and other standard file types, to support downstream analysis and record‑keeping.
Report Timing
Reports are typically generated on an end‑of‑day basis rather than intraday. Data is loaded into the warehouse with an approximate one‑hour delay.
How do I upload the data?
We provide users with the option to upload trade files for analysis through:
- Web-based GUI
- Automated SFTP file transfer
Do you provide off market reporting (OMR)?
Yes, we can confirm traded prices are consistent with prevailing market levels for the following asset classes:
- FX swaps
- FX forwards
- Bonds
- Interest rates swaps
- Overnight index rate swaps
Can you segment the reporting?
Yes, you can break down trading activity by any trade attribute including trader and portfolio.
For example, this allows you to review whether orders are consistently routed to counterparties that provide competitive price levels.
How can TCA support with global regulatory requirements for best execution?
Parameta Solutions’ Trading Analytics tool addresses these needs by comparing your executed OTC trades with our unique dataset of trades and indications provided by TP ICAP’s global set of broker dealers.
Regulatory Requirements for Best Execution
- Europe: ESMA’s emphasises the importance of using market data to ensure MiFID’s Best Execution requirement and demonstrate compliance.
- UK: FCA’s COBS 11.2A requires firms to take all sufficient steps to ensure the best possible result for their clients, necessitating comprehensive and accurate data.
- USA: FINRA Rule 5310 requires reasonable due diligence to confirm that transactions are at prices favorable to the customer under prevailing market conditions.
- Singapore: MAS SFA-04-N16 highlights the use of market data to ensure Best Execution.
- Hong Kong: HKMA’s SFO requires reporting and record-keeping to ensure fair execution.
Insights
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