--- title: TCA Usage Expands in Fixed Income description: TCA Usage Expands in Fixed Income --- ![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/tca-usage-expands-in-fixed-income#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/) - [Institution](https://articles.marketsmedia.com/tag/institution) - Institution - TCA Usage Expands in Fixed Income 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/tca-usage-expands-in-fixed-income#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) 04.29.2015 By Terry Flanagan Institution # TCA Usage Expands in Fixed Income 04.29.2015 By Terry Flanagan [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/tca-usage-expands-in-fixed-income) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/tca-usage-expands-in-fixed-income) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/tca-usage-expands-in-fixed-income) As new regulations and changes to market structure make fixed-income markets more complex, a growing number of institutional investors are adopting transaction cost analysis to assess the effectiveness of trades, according to a report from Greenwich Associate. The report presents the results of a study in which 88 buy-side traders across the globe working on fixed-income trading desks were interviewed. More than one-third of these investors now use TCA as part of their fixed-income trading process, up from 19% just two years ago. Investors have long viewed the total cost of trading for OTC products to be nothing more than the bid-ask spread. “As regulations push for greater transparency from the buy side and electronic trading and central clearing move into formerly phone-based markets such as corporate bonds, government bonds and swaps, a more complex analysis will be required to ensure the execution achieved—even if at the best prevailing price—was, in fact, the best choice,” said Kevin McPartland, head of market structure and technology research at Greenwich Associates, in a release. The market for fixed-income TCA is roughly split between vendor-provided and internal products. Greenwich Associates expects firms that are TCA leaders in other asset classes—such as ITG, and trading platforms such as MarketAxess and Tradeweb, to innovate in fixed income in coming months. “This is a market ripe for competition, as economic and regulatory factors continue to drive investors to integrate TCA into their investment process,” said Greenwich Associates analyst Kevin Kozlowski. Greenwich Associates expects use of TCA by fixed-income investors to grow similarly in the FX market, with more than half using fixed-income TCA within the next two years. While it seems unlikely that either fixed-income or FX TCA will reach levels of adoption seen in exchanged-traded equities markets, the increasingly electronic nature of both puts them on similar paths. The wildcard remains central bank policy. If rates rise quickly and a few basis points start to matter less, spending money on TCA technology might look less desirable. Nonetheless, investors are more sophisticated than ever and will continue to demand fees are spent intelligently, fueling the continued proliferation of TCA in fixed income. [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/tca-usage-expands-in-fixed-income) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/tca-usage-expands-in-fixed-income) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/tca-usage-expands-in-fixed-income) ![email](https://articles.marketsmedia.com/hubfs/Markets%20Media/email.svg) ### NEWSLETTER SIGN UP And receive exclusive articles on securities markets ### Related articles 1. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/trading-across-the-pond-Jul-07-2022-09-33-17-07-AM.png?width=376&height=250&name=trading-across-the-pond-Jul-07-2022-09-33-17-07-AM.png)](https://articles.marketsmedia.com/eu-achieves-electronic-trading-of-standardized-otc-derivatives) Regulation ## [EU Achieves Electronic Trading of Standard OTC Derivatives](https://articles.marketsmedia.com/eu-achieves-electronic-trading-of-standardized-otc-derivatives) ISDA warns on proposed changes to post-trade deferrals regime. 07.07.2022 By Shanny Basar 2. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/iStock-522304914-Jul-07-2022-09-33-41-28-AM.jpg?width=376&height=250&name=iStock-522304914-Jul-07-2022-09-33-41-28-AM.jpg)](https://articles.marketsmedia.com/six-digital-exchange-collaborates-with-fireblocks) Fintech ## [SIX Digital Exchange Collaborates with Fireblocks](https://articles.marketsmedia.com/six-digital-exchange-collaborates-with-fireblocks) The partnership will focus on delivering an institutional custody solution for digital assets. 07.07.2022 By Shanny Basar 3. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/Depositphotos_103566932_L-2.jpg?width=376&height=250&name=Depositphotos_103566932_L-2.jpg)](https://articles.marketsmedia.com/iosco-publishes-crypto-asset-roadmap) Regulators ## [IOSCO Publishes Crypto-Asset Roadmap](https://articles.marketsmedia.com/iosco-publishes-crypto-asset-roadmap) The IOSCO Fintech Task Force will collaborate closely with other international bodies. 07.07.2022 By Shanny Basar [![MarketsMedia](https://articles.marketsmedia.com/hubfs/MarketsMedia.svg "MarketsMedia")](http://marketsmedia.com) - [About us](https://www.marketsmedia.com/about-us) - [Careers](https://www.marketsmediagroup.com/careers) - [Contact](https://www.marketsmediagroup.com/contact) - [Advertise](https://www.marketsmediagroup.com/advertise) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Corporate Site](https://marketsmediagroup.com) - © 2026 Markets Media Holdings LLC - - Terms & Conditions - Privacy Policy {{ standard\_footer\_includes }}