Talos Unveils Digital Assets TCA Tool
Posted by Colin Lambert. Last updated: July 17, 2023
Digital assets technology provider Talos has launched an interactive TCA interface on its trading platform, the firm says users can visualise their historical trading data through a set of interactive dashboards, including by market, symbol or strategy. In the near future, it adds, “advanced post-trade analytics will include even more detailed analytics in real time and at the order level.”
The firm says the launch is in response to the fragmentation of digital assets markets and is aimed at simplifying their institutional adoption. To do this, Talos says there is a need for “the familiarity of the institutional infrastructure that exists in traditional asset classes”.
It adds that data visualisation becomes especially important given the large trading volumes involved. “By evaluating trading outcomes along multiple dimensions users can quickly recognise patterns, make comparisons and identify outliers,” Talos explains. “The insights gained can help trading firms identify ways to adjust their execution strategies.”
The dashboards display a client’s historical execution data, which can be 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.
It includes 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, as well as symbol-level level volumes over time, cross-tabulated by market.
Symbol-level daily detail includes quoted spreads for a range of sizes, displayed in the context of market prices and volumes, and realised spread costs by market, including fees.
Market-level data includes market uptimes (as experienced by each client) and dealer round-trip latency from order to fill/reject, and strategy level TCA includes 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.
