FCA: TCA ‘unlikely’ to fall under research

price-tag2015 — Fees in focus: third-party TCA costs are likely to be shouldered by asset managers rather than clients

Eva Szalay
01 Mar 2018

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The payment of third-party transaction cost analysis services is likely to be shouldered by asset managers, rather than passed on to clients, because the UK’s Financial Conduct Authority says such fees are unlikely to qualify as research costs.

Last month, an article in FX Week highlighted that several asset managers currently pay for external, third-party TCA services as part of the spread, which means the TCA fee becomes a component of the overall cost of execution, which can then be charged

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