Grading the Trader
THE DALY CLOSE
Until now, the industry has avowed the importance of transaction cost research (TCR)—at least in theory. According to a recent report by The Tabb Group, firms, on average, subscribe to four different TCR vendors. By burying clients in an avalanche of TCR report printouts, the sell side can convince buy side participants that they aren't being raked over the coals with their institutional trades. Asset managers, in turn, can bury their clients in the same pile of printouts to claim that they are
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