Everything is Market Impact

An often overlooked problem in transaction cost analysis is endogeneity. The term arises from econometric analysis. It describes how the results of a regression analysis can be biased when both the dependent and independent variables are affected by the same predictor...

Record Currency Management engages New Change FX

Record Currency Management Limited (“Record”), the specialist currency manager, is pleased to announce that it has engaged New Change FX, an independent provider of foreign exchange data and transaction cost analysis, to further enhance Record’s commitment to deliver...

Fast and Fragmented Trading. The end of prime market venues

It used to be that FX price discovery happened over the phone at what must seem, to a self-aware computer, an excruciatingly slow pace. These days it happens much faster, as the latest report from the BIS on market microstructure shows.  The report doesn’t talk about...