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   Transaction Cost Analysis
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<a name=kanchor107> </a></h1><p>Transaction Cost Analysis is a dynamic and interactive analysis of your trades marked to various benchmarks grouped in different categories or on a per-order basis. Transaction Cost Analysis applies to trades of any instrument type and is typically available ten minutes after a trade is executed. Performance metrics are expressed as basis points (bps) of value traded.<p>Each executed trade in the period of the analysis is marked to a series of performance benchmarks with the results displayed in multiple interactive tables. You can drill down in a variety of categories, including trade date, order side, exchange, trade price and underlying, to see how each trade performed when compared to the benchmark. The performance of a trade is calculated by marking the trade price to each benchmark. A positive number indicates that the trade worked in your favor; a negative number indicates that the trade did not work in your favor.<p>You can also add or remove columns from tables using the Configure Columns feature.<p class=note_normal>Combinations are not supported in the Transaction Cost Analysis.<p data-mc-conditions=ConditionalText.FullGuide,ConditionalText.ReportingGuide>See <a href=understandingthetransactioncostanalysis.htm> Understanding the Transaction Cost Analysis </a> for a complete description of each column heading and performance benchmark used in the analysis results.<div class="MCDropDown MCDropDown_Open dropDown"><span class="MCDropDownHead dropDownHead"style="margin-bottom: 4px;"> <a class="MCDropDownHotSpot dropDownHotspot MCDropDownHotSpot_"href=javascript:void(0);> <img alt=Closed class=MCDropDown_Image_Icon data-mc-alt2=Open height=11 src=../../Skins/Default/Stylesheets/Images/transparent.gif width=16> <b> Who can access the Transaction Cost Analysis page? </b> <br style="font-weight: bold;"xmlns=http://www.w3.org/1999/xhtml> </a> </span><div class="MCDropDownBody dropDownBody"><p data-mc-conditions=ConditionalText.FullGuide,ConditionalText.MiniHelp,ConditionalText.ReportingGuide>You can access this page if you have trading access and you have been granted Reporting access rights.</div></div><p class=ProcedureHeading>To run a Transaction Cost Analysis<ol><li value=1>Click <b> Reports > Transaction Cost Analysis </b> .</ol><p style="text-align: center;"data-mc-conditions=ConditionalText.FullGuide,ConditionalText.ReportingGuide><img src=../images/transactioncostanalysis.jpg><ol data-mc-continue=true><li value=2>Select a start date and an end date from the From Date and To Date drop-down lists, then click <b> Submit </b> to generate your analysis.</ol><p class=indent>The page displays the results of your analysis in the Instrument Type and Marketability section in the Summary Analysis. All performance numbers are in basis points, and volume is in shares or contracts, as applicable. Negative numbers appear in parentheses.<p class=indent>Sort the data by any column by clicking the column heading.<p class=indent data-mc-conditions=ConditionalText.FullGuide,ConditionalText.ReportingGuide>Here is an example of transaction cost analysis Summary Analysis results.<p style="text-align: center;"data-mc-conditions=ConditionalText.FullGuide,ConditionalText.ReportingGuide><img src=../images/transactioncostanalysis_summaryresults.jpg><ol data-mc-continue=true><li value=3>Click a category (expanding items are indicated by a plus sign) to drill down to view more detailed data by instrument type and marketability. Detailed results are displayed in additional tables:</ol><ul><li class=indent1 value=1>By Trade Date<li class=indent1 value=2>By Trade Side<li class=indent1 value=3>By Exchange<li class=indent1 value=4>By Trade Size<li class=indent1 value=5>By Trade Price<li class=indent1 value=6>By Underlying<li class=indent1 value=7>By Order Live Time in Seconds<li class=indent1 value=8>By Order Type<li class=indent1 value=9>By Average Delta</ul><p style="text-align: center;"data-mc-conditions=ConditionalText.FullGuide,ConditionalText.ReportingGuide><img src=../images/transactioncostanalysis_main.jpg><p class=indent>In addition, an Outlier Analysis is added to the results in the bottom half of the screen. The Outlier Analysis shows an analysis of the Top and Bottom orders for each of the performance benchmarks. You can jump quickly to the Outlier Analysis from the link at the top of the screen.<ol data-mc-continue=true><li value=4>Filter the results further within each of the detailed breakdowns by clicking the appropriate category.<li value=5>Remove individual filters by clicking the <b> X </b>  icon next to a filter link in the Current Active Filters display located at the top of the screen. You can remove any filter in any order at any time. The report data refreshes to reflect the change in the Current Active Filters.</ol><p class=indent data-mc-conditions=ConditionalText.FullGuide,ConditionalText.ReportingGuide>For example, suppose your Current Active Filters display looks like this:<p style="text-align: center;"data-mc-conditions=ConditionalText.FullGuide,ConditionalText.ReportingGuide><img src=../images/transactioncostanalysis_breadcrumbs.jpg><p class=indent data-mc-conditions=ConditionalText.ReportingGuide,ConditionalText.FullGuide>You remove the <i> Trade Size: 500 <span style="font-family: 'Wingdings'"> Ã  </span> 1000 </i> filter by clicking the <b> X </b> icon to the left of the filter link. The Current Active Filters changes to look like this (and the report data refreshes to indicate the new Current Active Filters):<p style="text-align: center;"data-mc-conditions=ConditionalText.ReportingGuide,ConditionalText.FullGuide><img src=../images/transactioncostanalysis_breadcrumbs2.jpg><ul><li class=indent1 value=1>To return to the original Summary Analysis table and remove all filters, click the <b> X </b> icon next to <i> Remove All </i> in the Current Active Filters display.<li class=indent1 value=2>To choose a different date range, click <i> Change Date Range </i> in the upper right corner of the page.</ul><p style="text-align: center;"class=BodyIndent data-mc-conditions=ConditionalText.FullGuide,ConditionalText.ReportingGuide><img src=../images/transactioncostanalysis_changedaterange.jpg><ol data-mc-continue=true><li value=6>View detailed data for the orders in the current view by clicking the <i> View Order Details </i> link at the top of the screen. <br> Click the <i> Back </i> link at the upper right corner of the screen to return to the original report view. Order Details shows data only for the orders that are visible in the current view using the current active filters. For example, if you are viewing all marketable stock orders and there are 300 orders, the Order Details will include details for those 300 orders. If your current active filters are showing only ten orders, then the Order Details will include details for those ten orders.</ol><p style="text-align: center;"data-mc-conditions=ConditionalText.FullGuide,ConditionalText.ReportingGuide><img src=../images/transactioncostanalysis_orderdetails.jpg><ol data-mc-continue=true><li value=7>You can configure columns for the Summary Analysis table, for all of the detailed tables, for the Outlier Analysis tables and for the Order Details table. When you configure columns for the detail tables, your changes apply to all detail tables.</ol><ul><li class=indent1 value=1>Click the Configure Columns link located above and to the right of each configurable table.</ul><p style="text-align: center;"data-mc-conditions=ConditionalText.FullGuide,ConditionalText.ReportingGuide><img src=../images/transactioncostanalysis_configurecolumns.jpg><ul><li class=indent1 value=1>All current columns are listed in the Columns Included box on the right. Columns that you can add are listed in the Columns available box on the left. To add a column, click the column name on the left to select it, and then click the green right-facing arrow to move the selected column name to the list of Columns Included. To remove a column, click the column name on the right to select it, and then click the left-facing arrow to move the selected column name to the list of Columns Available. You can select more than one column name at a time using the Control+click keyboard-mouse combination.<li class=indent1 value=2>Click <b> Save </b> to update the tables with the modified columns.</ul><p class=indent>When you log in for the first time, we display all columns by default. If you choose to remove all columns, we will still display the default columns. Any changes applied to Summary Analysis columns will also be applied to the Details table columns and vice versa.<ol data-mc-continue=true><li value=8>Optionally, print the current view of the report by clicking the <i> Print </i> link in the upper right corner of the screen, including the Order Details page.</ol>