New Change FX conduct a good number of research pieces for asset owners and asset consultants every year. We conduct Transaction Cost Analysis (TCA) on data submitted by asset managers in order to assess the cost of the manager’s FX execution. This activity might take place as part of an ongoing process to check costs being incurred by managers, or as part of a process to select a new manager. What is clear from having conducted this process for some time now is that FX is ta
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