Trade Zoom is an easy to use,PC-based system for viewing orders any way you would want to see them.From expansive views of all your trades,you can drill down to the appropriate level of detail on any given trade.

Ancerno offers global equity & U.S. fixed income TCA tools that enable clients to estimate their pre-trade costs and evaluate their post-trade performance using several widely accepted methodologies.

Athena TCA enables sell and buy side to monitor and analyze executions by combining AthenaTraderis flexibility with detailed impact and comprehensive volatility cost analysis in a real time environment.

ExPRT revolutionizes the niche of TCA by providing a credible framework in our quest to demonstrate "Best Execution." It forms the platform for making our sales force "Execution Consultants" to our client base. Implementation Shortfall is split into its components of Trend, Impact and Trading Alpha computed over every 10 minutes time interval over the life of the execution.

autobahn TS offers comprehensive Pre- and Post-Trade analysis by Industry, Country, Risk Characteristics and Past performance. Our Post Trade reports provide detailed analytics that allow you to determine the trade's impact, measure the overall transaction performance and analyze the execution quality.

Elkins/McSherry offers non biased on-line and hardcopy trading cost analysis reports. Services offered include: US Equities, Global Equities, US Fixed Income and Global Fixed Income.

Transaction Cost Research is now available as the quantitative proof of E*Trade Capital Markets' superior execution services. E*Trade Capital Markets leverages E*Trade's uniquely large retail and institutional order flow to provide superior, unconflicted execution services.

FlexTQM is a comprehensive transaction cost analysis system used by leading buy and sell-side institutions. FlexTQM integrates pre-trade analysis and cost-estimation with real-time and historical transaction cost analysis.

Global Trading Analytics (GTA) is a web-based trading cost analysis consulting firm providing custom, customer specific TCA in several global markets including; Equities, Foreign Exchange and Fixed Income. GTA has developed proprietary methodologies that measure trading costs within the correct context. This approach provides clients with accurate, transparent results which enable them to manage their implicit trading costs with ease. In addition, the web-based reporting structure allows customers to access their results like never before with complete drill-down functionality. Please feel free to visit our website: www.gtanalytics.com, for additional information.

Goldman Sachs offers a suite of execution services to provide our clients maximum flexibility in managing their investment process. We complement this suite with analytics and product strategy advisory on a pre-trade (cost queries, risk bid analysis, algorithmic recommendations), real-time (market alerts, filter signals) and post-trade basis (end of day, longer-term reports, consulting) along with transaction cost modeling. Our mission is to provide seamless analytics & channel specific data delivered in context to help clients improve their trading performance.

ITGis global Transaction Cost Analysis, assesses trading performance and implicit costs to help clients adjust trading strategies, reduce trading costs, boost fund performance, and potentially improve a fundis ranking.

JP Morgan's suite of Onsite Online Portfolio and Algorithmic Analytics are based on leading edge research on market microstructure and model cost, risk, trade difficulty and liquidity in a coherent way.

A web-based post-trade execution performance analytics platform providing detail and summary slippage analysis of trades executed through Lehman's execution channels (cash, programs, algorithms) or uploaded directly.

Merrill Lynch offers a suite of global Electronic Trading Products including Pre-Trade and Intra-Trade Analytics, DMA and algorithmic trading tools, and sophisticated Post-Trade reporting. The Merrill Lynch Transaction Cost Analysis system is integrated with a powerful statistical database and allows us to provide value-added consulting services to review trading results, improve performance, and achieve best execution.

A web-based platform that provides access to pre- and post-trade analytics, algorithmic trading strategies, and real time performance monitoring.

Our Execution Performance Attribution (EPA) service is designed to provide quantitative feedback on the performance of your trading as well as key characteristics to help you interpret your style and its effect on your orders.

NYFIX eQ is an execution quality management tool designed to help buyside traders measure and monitor the quality of their executions across various market centers and brokers in real-time.

Working as a value-added advisor, we not only assess trading performance, but also help desks produce urgency estimates, classify orders properly and develop decision trees in order to more closely link trading to the investment process and alpha capture.

T-Cost Pro's unique measures quickly expose the true source of trading costs and simplify the task of measuring trading costs by consolidating all of your trading data in one application.

TCAR is the first performance measurement tool to effectively measure a traderis execution consistency. TCAR is designed for a new generation of market realities that include increases in systemic executions.

UNX is an agency brokerage firm providing advanced Electronic Execution, DMA, Agency Desk, and Program Trading services to institutional investors. Clients can receive customized post-trade TCA reports.

Quarterly clients send historical trades data from their OMS and we typically retrieve the information via an FTP site or via email.Next-day clients'data does not leave their work site.Rather we send market data overnight to a server which resides at the client.

Clients provide their trade data through a variety of electronic protocols. Ancerno subscribes to several leading market data providers.

Real-time exchange data and various data services.

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ETCM is continually investing significant resources towards accurately capturing every trade event at every level. All events pass directly from the ETCM trading floor to an independent third party analysis provider who uses proprietary models to produce unbiased performance analytics.

With 80+ out of the box benchmarks, measuring transactions costs has never been this comprehensive. As you continue to use the system, you build a historical database of trade from and cost data. Using multi-day functionality you can easily grab a month (or any other amount) of data for easy historical analysis. Of course, the system also runs live while you are trading for up to the minute feedback.

Directly from clients, or through their custodians.

Transaction data from trading systems is merged with streaming market data to generate real time analytics and market alerts. Goldman Sachsis proprietary technology is used to store generated analytics historically and distribute them across pre and post trade applications for cost modeling and post trade analysis.

For post-trade analysis, TCA and Plexus. extracts transactions from TOMS. Data management provided by ITG Sum Pre-trade transaction cost estimations source data from file imports or manual entry.

Onsite Online's Block Trade Analyzer, Portfolio Analyzer and TAO - Our Trading Algorithmic Optimizer for trading Portfolios all derive data from massive tick databases and from client trade data uploaded by FTP.

Transaction data is retrieved from internal order management and trading systems handling cash, program, algorithmic and direct market access trades. Alternatively, clients can upload trades using a browser or through a secure ftp site.

Every order sent to Merrill Lynch, in every global market, is time-stamped upon receipt and stored along with a full market snapshot (bid, offer, last, etc.) at both the parent and child order level. All order instructions and order modifications are stored for later retrieval and analysis.

The data is retrieved from multiple market data sources, including historical data and intraday price and spread data.

For trades executed with Morgan Stanley we are able to provide the transaction data from our execution records. For trades done away from Morgan Stanley customers can easily upload their selected transaction data set to our EPA website.

NYFIX eQ receives its prints directly from the exchanges and from its buyside clients who utilize the NYFIX Network

Real-time exchange data from trading systems to generate analytics via FTP or email.

QSG obtains its data from two sources n the tick record from the market and our clientis trade data. The data is retrieved via ftp or e-mail.

TradeTrek Securities incorporates a number of transaction data sources into the TCAR product.

Transaction data are captured directly from the client's orders and executions. Post-trade reports are requested and delivered thru a web interface.

The data is collected next-day, monthly or quarterly.It is retrieved as early as next-day.

Ancerno supports data collection in real time as well as next day, monthly, quarterly and annually. Custom frequencies are also available.

Real time.

The data is retrievable by Credit Suisse's sales force across all equity business lines on a T+1 basis and can be provided to the client at a frequency of their choosing.

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Daily, Weekly, Monthly, Quarterly, Semi-Annually or Annually.

All data is captured as it occurs and analyzed overnight by the industry leading TCA provider.

FlexTQM hosts real time data updated every second with no restrictions . The user can view both historical and updated data on the screen.

Daily, Weekly, Monthly, Quarterly & Annually.

Analytics are generated real time and post trade on a daily basis for clients either trading on REDIPlus, directly with GSAT desk, or via a FIX connection.

TCA post-trade and Logic pre-trade analysis can be integrated into trade order management blotters for real-time or accessed with any other periodicity. Plexus strategic analysis is quarterly

Our tick databases store data across all frequencies from intra-day to multi-day. FTP data is used in real-time and when uploaded.

Lehman execution data is retrieved and analyzed on a daily basis through end-of-day batch processes. Trades uploaded directly into the application can be analyzed in real-time.

All orders sent to Merrill Lynch are time-stamped and benchmarked in real-time for intra-day and end-of-day reports, and stored for longer term analysis. Data is retrieved at any frequency as requested by our clients and is also available on a real-time basis via X-Sight, our pre-trade and intra-trade analytic system.

The transaction data is dependent on user-defined input parameters: Trading Horizon - can be as short as 30 minutes or as long as 10 days Aggressiveness Level - from passive trading strategy to a more aggressive one Calculation Mode - single stock, list or portfolio

We provide real-time execution performance measurement through our Passport trading system. For post trade Execution Performance Attribution (EPA), we automatically generate and email an execution scorecard daily, weekly and monthly. Customized date ranges are also available.

Real time

The data is collected real-time and historically.

Our data is daily but moving to real time.

With TCAR, TradeTrek Securities has introduced a degree of granularity and flexibility never before offered in trading cost measurement products. TCAR's flexibility extends to data retrieval.

Data are available as frequently and as far back as desired by the client. Post-trade reports are available on the day following the client's request.

Monthly or quarterly data is aggregated and customized executive summary reports are created by our analytics group.These reports are delivered by an Abel Noser consultant quarterly.

Trade Zoom allows users to filter, summarize data and create custom views. The Stock Lenz feature enables users to view a graphic depiction of the trade and market.

The execution data will be pulled from AthenaTrader and calculated by performing a sophisticated match against actual Times & Sales Data.

The analysis is presented in a printable Excel spreadsheet. The report is segmented by algorithm strategy, aggression level as well as performance broken down by Buy-Side Trader, ADV, Participation Level, Market Cap, Side, Sector, Exchange. A client can now gauge when they should enter the market, how aggressively they should execute the trade, what strategy should be adopted and what foot prints if any are left in the market upon completion of trade. It also quantifies what fraction of the client flow that was crossed via Credit Suisse's CrossFinder and what the price appreciation was incorporated into performance.

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Data is measured by any category(fund, manager, broker etc.)upon request. Drill down tool allows a customer to exam down to the trade level. Specific Universe sets are calculated for broker Commission and market impact.

Cumulative performance results are available across the US institutional desk on a quarterly basis. All E*Trade Capital Markets global institutional trading desks will ultimately offer equivalent analysis.

All of FlexTQMs graphs and reports support drill down functionality getting you as granular as you choose. With an intuitive GUI it is easy to quickly identify costly areas. Use this real time feedback to adjust strategies or discuss with traders and brokers. FlexTQM boasts both pre and post trade analysis.

Because of GTA's unique approach, each customer's analysis is a custom analysis.

Streaming analytics are fed in real time into trading systems to help clients optimize trading strategies. Historical analytics are retrieved, aggregated and analyzed using internal reporting systems and are delivered to clients in the form of automated reports, web content [coming soon] and in consultation.

Logic pre-trade is web-based with input from users. Sum TCA website contains drill-down functionality and presentation reports (Plexus will have the same delivery)

Data is used differently by applications. Some data is pre-processed by tick data infrastructure (Pre-Trade) - in other cases they are calculated by internal Calculation Engines (TAO)

Clients can access and filter historical execution data through a convenient query-like-interface. Performance analysis is conducted on-the-fly on the set of selected trades.

Merrill Lynch Transaction Cost Analysis is customized to suit our clients' individual requirements. Order and execution data is matched with our extensive tick database at both the parent and child order levels to evaluate both realized and unrealized performance. These Transaction Cost Analysis reports are an important component of the regular dialogue we maintain with our clients to provide high quality execution consulting services.

Advanced graphical interface provides the flexibility to compare different data sets, for example PNL versus multiple benchmarks. Will measure the performance over the life of the trade allowing clients to investigate the root cause of trade over- or under- performance.

Our standard product offering allows customers to analyze any number of executon methods (DMA, Algorithmic, Blocks, etc...) against a series of benchmarks to determine a broad view of execution performance. As part of a more comprehensive analysis we also offer cusomtized studies to help customers better understand their execution costs.

NYFIX eQ provides an application plotting clientsi executions vs. the market in real time. Detailed customized historical reports are available. eQ enables quick analysis so traders can immediately reduce market impact by adjusting strategies.

Data is aggregated, calculated and reported via email in a user-friendly generic report generated with visualization software with drill-down detail which can be customized depending upon client's requirements.

Using our patent pending metrics, we isolate the cumulative price impact of a series of executions. Our tick-based execution quality metrics accurately measure "best execution".

Data may be acquired through various electronic methods and filtered to present a comprehensive analysis.

Statistics are available in a variety of pre-packaged options. Clients can select pre-designed report templates or work with UNX to customize individual reports. Clients can also receive raw order and execution data.

75 different metrics are available.They include strike price and volume tests displayed in custom broker, trader and portfolio manager views.Specifically, broker executions are compared to a placement strike and interval average price.

Trade Zoom offers a variety of measures including strike price and VWAP in customizable views. Ancerno provides some of the most comprehensive benchmark statistics available.

Main criteria will be brokersi ability to control market impact with emphasis on utilizing available liquidity, ability to draw additional liquidity, and discover depth beyond displayed book.

Quality of execution is gauged by what fraction of Implementation Shortfall is Trend Cost. The key to minimizing slippage is minimizing the combination of Trend and Impact. The framework identifies trends in the client's historical trading performance to offer directional trading advice for future executions.

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Market Impact benchmarks include: VWAP, Interval VWAP, Available VWAP, Implementation Shortfall. Universe comparisions are calculated for VWAP and Implementation Shortfall.

ETCM uses myriad benchmarks and cost models in accordance with the characteristics of the order and client execution instructions when they exist. Considerations include the client's urgency versus avoiding market impact and the appropriateness of VWAP versus implementation shortfall.

FlexTQM can view by total cost incurred by each broker strategy whereby you can see which the best strategy is for the broker and perform a cost comparison. This provides the user with core information on best execution.

GTA's individualized approach provides a unique and specialized framework for each customer's analysis.

We believe that clients should look at a variety of slippage metrics for each trade, regardless of the particular benchmark that they have selected. This serves a couple of purposes, first the client is able to measure slippage versus their chosen benchmark and second, and perhaps more importantly, the client is able to validate their benchmark choice. We provide a wide variety of post-trade metrics to specifically measure slippage on our standard execution reports. For those using implementation shortfall, we also provide estimated costs from our proprietary cost model. Our model is helps us put transactions costs in perspective and provide an 'apples to apples' comparison of executions.

Implementation Shortfall methodology, measuring delay costs, is preferred, but many VWAP metrics are supported. Pre-trade ACE model costs are used to handicap results. PAEG/L is supported

We combine a very sophisticated and accurate cost and risk model whose coefficients are estimated periodically with a unique (Algorithmic) Decision Framework

Execution performance is compared with respect to multiple benchmarks e.g., arrival price, interval VWAP, previous close, open, close, etc. Comparisons with respect to pre-trade market impact model estimates will be available shortly.

Performance is measured based upon both pre-trade cost estimates as well as actual results versus the client's benchmark. Upon request, results may also be measured versus a number of other benchmarks, including implemention shortfall, VWAP, or client-specific customized benchmarks. We also report on price movement after a trade has been completed.

A variety of benchmarks are available for measuring performance. The ability to break down performance by sector, exchange, index, market capitalization, spread and trade date.

We provide performance measurement of the executed trade versus a series of benchmarks (ArrivalPrice, VWAP and the Closing price for the day). Using these measurements a customer can make a direct comparison against their trades.

Order performance is measured in real-time against three benchmarks: RVWAP, Arrival Price and Closing Price. Traders can control or eQ can be set to Auto.

Execution performance is compared relative to proprietary pre-trade market impact estimates and multiple benchmarks such as arrival price, close, prior close, VWAP and interval VWAP, and execution efficiency.

With our tick-based analysis, we can not only measure the brokeris execution footprint but analyze execution quality and "best execution".

TradeTrek Securities has developed unique broker measurement criteria which include market impact, risk and consistency.

Clients can choose from the following benchmarks: NBBO at order arrival time, NBBO at execution time, VWAP, TWAP, High, Low, Open, Close, and Prior Day Close.

As the pioneer and leading provider of TCA,we offer a unique blend of robust benchmarking,a consultative approach and customized solutions to help our customers improve investment results and remain compliant.Lastly, the core of Abel Noser is Trade cost analysis

With over twenty years experience in transaction cost analysis, Ancerno offers flexible, broker-neutral TCA solutions through a network of providers to over 500 clients trading in more than 75 countries.

The main advantage will be Athena's ability to perform TCA calculation against real time data as the trade occurs by performing sophisticated and meaningful analysis.

Slippage from benchmarks is an expected piece of post-trade analysis. The real value is added in understanding the componenets of Implementation Shortfall. To what extent were you exposed to street executions (excluding you) contributing to your slippage and how that can be minimized (if required) in the future.

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Elkins/McSherry is the largest non broker TCA provider. 250 customers across 12 countries. Reliable, non-biased service. In business for for over 15 years. Former traders and academics on staff.

E*Trade Capital Markets views transaction cost research as the ally of our institutional clients. All analysis is crafted and produced independently resulting in zero- conflict performance metrics. The ETCM standard requires complete client transparency and intensely scrupulous practices to protect the sanctity of the analysis.

FlexTrade is broker neutral system and hosts 80+ out of the box benchmarks. As a user you can pick any time series, benchmark broker algos, add customized benchmarks or compare brokers strategies against each other.

Independent third-party analysis. Most user-friendly, comprehensive and transparent analysis. More Asset Classes analyzed than any other provider. The best service and fastest reporting turnaround.

We are committed to providing TCA tools for a multitude of financial instruments. Every trading desk within Goldman either has or will have the same advanced platform and tools we offer clients. As a result there is a tremendous amount of vested interest in creating the best available tools. Our product development team has an open and constant dialogue with a diverse range of Goldman Sachs's internal trading desks which enables us to effectively and efficiently search for new algorithmic ideas, receive feedback on performance and functionality, and perform robust testing. Our primary focus is to work very closely with our clients to understand their specific needs and to build the algorithms and measurement tools that will improve their ability to execute effectively.

Next day or real time, global market coverage (41), global client service, unlimited transaction volumes, proprietary analytics and metrics, consulting and analytic support, largest peer group database, widely accepted, continuous innovation

(1) Broad global coverage of tickers (2) Algorithmic Pre-Trade (3) Integrated Pre-, Post- and Real-Time Analytics (TAO) (4) Transparency, Speed and Modeling Power

TradeGauge is complemented by an award-winning suite of pre-trade analytics that includes sophisticated market impact models, global risk models, portfolio optimization and trade scheduling capabilities for single stocks and baskets.

Merrill Lynch has an extensive, global data infrastructure that drives our execution models and transaction cost analysis. Our global presence and experience allows us to provide unparalleled detail and advice to our clients.

Miletus has developed a basket post-trade analysis tool for multi-day trade baskets. It measures performance over the life of the trade allowing clients to investigate the root cause of over- or under- performance.

Morgan Stanley takes a consultative approach when offering our EPA service. We are in the business of helping customers trade more effectively. The EPA service is a major aspect of our overall execution service. In addition, our detailed customized analysis and consultative service can be tailored to a client's specific needs.

NYFIX as the FIX Network provider can uniquely measure execution quality in real time. The application allows traders to change direction quickly instead of waiting for end of day/week/month/quarter reports.

Our sweet spot is not collecting data for compliance/marketing purposes, but rather the interpretation of that data. Our tools were developed by a buy-side practitioner and provide actionable insights for trading strategy/tactics. They also uniquely integrate trading into the investment process, a connection missing from many other tools that are trading desk myopic.

Independence. Our unique measures that identify whether market conditions or the trading strategy is driving the trading costs. Our comprehensive service, including dedicated analyst support, trading alerts, and custom reporting.

TCAR answers the call for a highly efficient, systematic performance measurement product that incorporates risk, trade difficulty and execution consistency.

Clients customize reports to obtain the feedback most relevant given their trading objectives. Because UNX makes the raw data available, the process is transparent and analyses are verifiable by clients.