# Transaction Cost Analysis

*Trading & Technical Analysis — Finicade finance glossary*

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.

**Also known as:** TCA, implementation shortfall, execution analysis

**Related terms:** [Slippage](https://finicade.com/glossary/slippage), [Best Execution](https://finicade.com/glossary/best-execution), [VWAP](https://finicade.com/glossary/vwap), [Algorithmic Trading](https://finicade.com/glossary/algorithmic-trading), [Expense Ratio](https://finicade.com/glossary/expense-ratio)

Source: https://finicade.com/glossary/transaction-cost-analysis