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January 13, 2009

Knight TCA Goes Intraday

By James Ramage

Knight is letting the buyside take their trade-cost analysis in real time, allowing them to do their benchmarking mid-trade.

Knight Capital Group's new real-time global TCA product is available to those who use Knight's high-touch or electronic services.

The pre-trade component provides data to help pick the trading strategy. The front-end interface then provides information to assist traders in choosing the algorithm to execute the trade.

Next, the TCA can follow the algorithm in real time, letting traders make decisions or change direction. Finally, the post-trade tool looks at how the trade performed, said Joseph Wald, a managing director responsible for algos at EdgeTrade, a Knight subsidiary.

Allowing traders to see their performance and how they can improve it, Wald said, "allows them to act on their strategy in a way that's more scientific and really gives the kind of insight they need to mitigate the kind of risk traders are facing in today's market."

Traders can see market-impact factors such as percentage of intraday and average daily volume. They can also see profit-and-loss results across sector, market cap and liquidity aggregation points.

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