Talos Unveils Interactive Post-Trade Analytics Interface with Transaction Cost Analysis (TCA)

Post Tade Analytics and Transaction Cost Analysis (TCA) in Crypto

• We launched a new Post-Trade Analytics interface on the Talos trading platform
• Users can visualize their historical trading data through a set of interactive dashboards, including by market, symbol or transaction cost analysis (TCA) by strategy
• Advanced Post-Trade Analytics in the future will include even more detailed analytics in real time and at the order level

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Institutional trading is hard

Institutions face unique challenges when it comes to executing digital asset transactions efficiently. The digital asset market is highly fragmented across numerous exchanges, platforms and dealers globally. At Talos, we are committed to simplifying institutional adoption of digital assets, and we understand that they need the familiarity of the institutional infrastructure that exists in traditional asset classes. 

How Transaction Cost Analysis (TCA) can be used in crypto

To evaluate and optimize the effectiveness of their execution strategies, many institutions trading crypto rely on post-trade analytics, including transaction cost analysis (TCA). For institutions, data visualization becomes especially important given the large trading volumes involved. By evaluating trading outcomes along multiple dimensions (e.g., by market, symbol, strategy) users can quickly recognize patterns, make comparisons and identify outliers. The insights gained can help trading firms identify ways to adjust their execution strategies.

Introducing Post-Trade Analytics 

That’s why we’re pleased to introduce a new Analytics interface, directly in the Talos trading platform, that comprises a set of interactive dashboards displaying a client’s historical execution data. Clients can now view their activity broken down by symbol, market or strategy; by month or by day. Historical data will be available to allow for year-over-year as well as month-over-month analyses.

The user experience is seamless and intuitive, with the ability to navigate between different levels and groupings of data. Highlights include:

• Time series data of volumes by market (exchanges and dealers), by symbol and by strategy; month-over-month or day-to-day views within a month (market impact)
• Symbol-level volumes over time, cross-tabulated by market
• Symbol-level daily detail including quoted spreads for a range of sizes, displayed in the context of market prices and volumes
• Realized spread costs by market, including fees
• Market-level data including market uptimes (as experienced by each client) and dealer round-trip latency from order to fill/reject
• Strategy-level TCA including aggregate slippage versus arrival, interval VWAP, and interval TWAP, as well as execution markouts across child orders for algo and smart order router parent orders

What’s next

Soon we plan to roll out Advanced Post-Trade Analytics, which will include real-time, algo-level and order-level performance (e.g., slippage, markouts, volume participation, maker rate). This initial version represents the foundation of our Post-Trade Analytics platform. Building on this foundation, our more advanced Post-Trade Analytics will enable users to drill into performance at the order level and in near real time.‍

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DISCLAIMER: This material is for informational purposes only and is only intended for sophisticated institutional investors, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) intended to provide accounting, legal, or tax advice, or investment recommendations. Talos Trading, Inc. and its affiliates (collectively, "Talos") and their employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Investing in cryptocurrency comes with risk.

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