Analytics: TCA
Transaction cost analysis,
measured against
an evolving reference.
Every trade is measured against fairMid, our independent fair-value analytics. Because fairMid keeps refining as post-trade data arrives, your historical measurements improve over time.
What is Ediphy TCA
A reference that keeps improving after the trade.
Ediphy TCA measures every trade against fairMid, our independent fair-value analytics for the instrument. The distinction that matters is what happens next: fairMid does not stop at the moment of execution. As more post-trade data arrives – sometimes days or weeks later – fairMid refines its view of where fair value sat at any past point in time.
Because the reference keeps improving, so does the measurement. A trade assessed today against fairMid is assessed against a sharper picture than it was a week ago, and a sharper one still next month. Ediphy TCA keeps revisiting the benchmark as that picture comes into focus.
REGULATOR VIEW
Senior management should ensure decisions are based on objective, measurable data and clear evidence that execution arrangements align with client interests.
– FCA · Best execution multi-firm review (December 2025)
The independent
best-ex report.
Everything the MiFID II best-execution obligation asks for, produced as a continuous by-product of trading and ready as evidence on demand.
fairMid reference
Every fill measured against fairMid, independent fair-value analytics, produced separately from any execution venue.
INDEPENDENT · FAIR-VALUE
A reference that refines
fairMid keeps updating as post-trade data arrives, so the fair-value point a trade is measured against sharpens over time. Historical measurements improve as the picture fills in.
CONTINUOUS
MiFID II evidence
A best-execution record produced as a by-product of measurement, desk-by-desk, asset-class-by-asset-class, aligned with the firm's MiFID II obligation.
MIFID II · EVIDENCED
Desk, trade, and client views
Aggregated views by desk, portfolio, trader, client, and asset class. Drill-down to the individual ticket with the full measurement and decision context for review and audit.
ATTRIBUTION · DRILL-DOWN
The deliverable
A measurement record a desk and a reviewer can both rely on.
The TCA output is delivered as both a queryable dataset and a structured report, desk-by-desk, asset-class-by-asset-class, with the fair-value reference behind every fill. Each measurement carries the version of fairMid it was made against, so a result can be re-run against the latest fair-value view at any time.
The artefact you use to manage the desk is the same artefact that supports your MiFID II best-execution obligation: one measurement record that serves both the desk and the auditor.
Best-Execution Measurement Summary
| Ediphy TCA | Conventional TCA | In-house build | |
|---|---|---|---|
| Independent of the executing venue | Varies | Partial | |
| Measured against a fair-value reference | Varies | Partial | |
| Reference keeps refining after the trade | – | – | |
| Historical measurements improve over time | – | – | |
| Re-runnable against the latest reference | – | Partial |
Why it is different
A static benchmark answers the question once.
Conventional TCA fixes its reference at the moment of measurement and never returns to it. The trade is scored once, against whatever view of fair value was available that day, and the result is frozen.
Ediphy TCA treats the reference as living. As fairMid sharpens its view of where fair value sat, past measurements can be re-run against the better picture. The matrix on the left is what that distinction looks like in practice.
How you get it
Two ways to
run it.
Bundled with Execution: for trades executed on the Ediphy platform, TCA is produced in-flow as a by-product of trading, ready the moment the fill lands. Standalone via Enterprise: for off-platform trades, the firm brings its own fills and Ediphy provides the fairMid reference and the measurement, so the same evolving-reference benchmark applies to flow executed anywhere.