Transaction Cost Analysis
Also called: TCA, implementation shortfall, execution analysis
Transaction cost analysis measures what execution actually cost against a benchmark, decomposing the gap into spread, market impact, delay and opportunity cost. Implementation shortfall — the difference between the price when you decided and the price you got — is the most honest measure. For a high-turnover fund, TCA findings routinely exceed the management fee in size.
Where this is taught
Definitions are the trailer. These free levels turn Transaction Cost Analysis into something you play — one bite-size lesson, with worked examples, a quiz and XP.