Is Your TCA Framework Keeping Pace With the Market?

Fragmented liquidity. Eroding price discovery. Traditional metrics that no longer tell the full story. These are the pressures quietly building on buy-side trading desks - and they were front and centre in one of the most thought-provoking conversations at TradeTech Europe 2026.

Trader TV's Jo Gallagher caught up with Henry Yagerman, TCA Product Lead at ISS LiquidMetrix, to dig into how transaction cost analysis is being forced to evolve in response to a market structure that looks increasingly unrecognisable from a decade ago.

The conversation ranged from the mechanics of execution distribution analysis and synthetic benchmarking, to the very practical question of why one-size-fits-all TCA simply doesn't work - and never did. Every firm's investment strategy, liquidity needs and risk tolerance demands its own analytical framework.

And looking ahead? Yagerman is clear-eyed about where this is heading. AI and deep learning, fuelled by large-scale anonymised market datasets, will define the next generation of execution analytics. Watch the full interview below.