Chicago-based trading platform provider InfoReach has released a real-time transaction cost analysis service, dubbed Second Opinion, which calculates and updates its predictions of the market impact of trades at 15-minute intervals throughout the trading day.

InfoReach chief executive Allen Zaydlin says the vendor developed the service after observing how clients typically used TCA as an input to their trading strategies, where a trader would upload their basket of trades to a broker’s online trading and risk platform, which would typically produce statistically-expected trade impact measures…

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