ITG’s new fixed income TCA provides institutional investors with execution insight to improve fund performance, meet best execution requirements and comply with a range of upcoming regulations including MiFID II and PRIIPs. 

ITG’s fixed income TCA is built on a robust market data set of more than 10 million daily quotes and trades, including ECN executions, inter-dealer quotes and FINRA’s TRACE trade information. As an independent fixed income TCA provider, ITG aggregates market data and transactions from multiple, often competitive sources, resulting in a deep data pool.

“Our fixed income TCA allows clients to aggregate and analyze their transaction data no matter where they execute their trades,” said Kevin O’Connor, global head of analytics products at ITG. “This capability, along with flexible benchmarking, RFQ analysis and robust reporting supported by our global client service model differentiates us from existing offerings in the marketplace.” 

Also commenting on the launch, Frank DiMarco, head of fixed income analytics at ITG, noted, “Our clients who are engaged in multi-strategy trading can use our product to see their true net cost of trading to better evaluate their performance. The flexible interface enables traders and compliance staff to identify, comment on and manage outlier transactions.” 

ITG’s fixed income TCA currently covers major global corporate and sovereign bond markets, with bond futures and other debt asset classes to be added in coming quarters. The new fixed income TCA product is now available for post-trade analysis and reporting, with pre-trade capabilities in development.