“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…” https://www.fxweek.com/foreign-exchange/trading/3451061/fca-tca-unlikely-to-fall-under-research (March 6, 2018) “Transaction cost analysis (TCA) Market participants are calling for more disclosure around who…
