--- title: Big Data Sharpens FX TCA at ITG description: ITG get better indicative FX-pricing with the help of big data. image: https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/big-data-sharpens-fx-tca-itg-May-12-2022-07-47-56-84-AM.jpg --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/big-data-sharpens-fx-tca-itg#popup-newsletter) #### Want the latest news on securities markets -- FREE? Sign up to receive exclusive articles on topics including: - Equity market structure - Profiles of buy-side investment firms - The evolution of multi-asset-class trading - Regulation and its implications for markets - The search for liquidity in fixed income markets - The convergence of fintech and capital markets Select one or more newsletters you would like to receive: menu [![Markerts media](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/header%20logo.svg "Markerts media")](https://articles.marketsmedia.com/) - [Weekly Newsletter](https://articles.marketsmedia.com/tag/weekly-newsletter) - Weekly Newsletter - Big Data Sharpens FX TCA at ITG Search - [Home](https://articles.marketsmedia.com/) - [Trending](https://articles.marketsmedia.com/tag/trending) - [Featured](https://articles.marketsmedia.com/tag/daily-email-feature) - [Sectors](https://articles.marketsmedia.com/tag/sectors) - [From The Markets](https://articles.marketsmedia.com/tag/from-the-markets) - [AWARDS](https://articles.marketsmedia.com/tag/events) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Newsletter](https://articles.marketsmedia.com/big-data-sharpens-fx-tca-itg#popup-newsletter) Hide search Search - NewsLetter ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/trading-up-occ-iex-select-board-members-citadel-lands-lieblich-573x379-Jul-07-2022-09-34-11-57-AM.jpg) [ON THE MOVE: Citi Hires Artie Ambrose;...](https://articles.marketsmedia.com/on-the-move-citi-hires-artie-ambrose-natalie-a-brown-to-mesirow) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_445735906_L.jpg) [Trading Adapts to ESG and Sustainable...](https://articles.marketsmedia.com/trading-adapts-to-esg-and-sustainable-investing) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-917493152-Jul-07-2022-09-34-19-09-AM.jpg) [Focus on FX Execution Connectivity](https://articles.marketsmedia.com/focus-on-fx-execution-connectivity) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_333839538_L.jpg) [TRACE Turns 20](https://articles.marketsmedia.com/trace-turns-20) 05.12.2016 By Rob Daly Weekly Newsletter # Big Data Sharpens FX TCA at ITG 05.12.2016 By Rob Daly ![Big Data Sharpens FX TCA at ITG](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/big-data-sharpens-fx-tca-itg-May-12-2022-07-47-56-84-AM.jpg) [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/big-data-sharpens-fx-tca-itg) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/big-data-sharpens-fx-tca-itg) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/big-data-sharpens-fx-tca-itg) Trading analytics for foreign exchange are somewhat sparse historically, but ITG is using new data sources to hone its analytics. “We’re improving the tool that we provide to our clients by analyzing the wealth of available tradeable quotation data, which wasn’t available to analysts four or five years ago,” said Jim Cochrane, director and senior product manager at ITG. Before the largest FX banks adopted an agency execution model, FX traders accepted risk-transfer prices or a fairly significant T-Costs. ![Jim Cochrane, ITG](https://static.hsstatic.net/BlogImporterAssetsUI/ex/missing-image.png) Jim Cochrane, ITG But now that the traders are taking on more currency risk themselves, they are examining every variable that makes up their transactions costs, according to Cochrane. The brokerage is using ‘big data’ analytics to understand the available market data currently available. “I think the study that we’re doing in the FX market is really the challenge, because of it is difficulty of getting representative data sets and universal data sets,” he said. Two areas which ITG is investigating is the development of a benchmark rate that will help FX traders find a more accurate price when calculating implementation shortfall. The second project is determining when and where are the best times and locations to execute implementation shortfall. In order to calculate its benchmark, the brokerage is including pricing data from FTSE Cürex as well as from the Lmax Exchange’s and Nasdaq’s market data feeds into its indicative price calculations. Those prices might be higher than the riskier last-look quotes, but they have the risk-transfer price built in to them. By using this new benchmark, ITG can start examining the results of FX trade executions using peer-level data to determine more accurate transaction costs. 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