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GSCS began providing transaction cost measurement services in 1993. The business was originally established in the U.S. and focused on analysis of non-U.S. equity trading undertaken by global investment managers on behalf of U.S. pension funds. GSCS was the first company to overcome the market data difficulties associated with non-dollar investments thereby beginning a history of innovation which still continues today. In 1999 GSCS determined the need to provide much more sophisticated analysis of trading than had previously been cost effective or practical. Its enhanced core processing facilitated use of multiple time-stamp information on transactions to allow accurate assessment of implementation shortfall and market impact as well as performance against market averages during time periods of any length. In addition collection of comprehensive market data facilitated trend analysis and opportunity costs associated with incomplete orders. The multi-benchmark approach was particularly attractive to investment managers in Europe, responsible for trading on behalf of a wide range of funds with varying investment styles. With a growing number of U.K. and European clients GSCS moved the main focus of its operations from the U.S. to the U.K. in early 2001. By maintaining offices in the U.S. and U.K., GSCS was able to enhance its time-zone coverage and processing flexibility while at the same time reducing the costs of its service provision. The move also benefitted clients through the improved continuity and experience of client service personnel. Later in 2001 GSCS launched the first web-based on-line reporting of transaction cost measurement with the GSCS Hypercube. This gave clients the freedom not only to identify aspects of trading performance at summary and interim levels, but also to drill down to individual transaction details. By processing and reporting monthly GSCS provided clients with much more timely information than had previously been available. More timely and flexible information encouraged use by clients to better understand the trading patterns for which they were responsible, whether by client account, portfolio manager, country, broker or security. With regulators and clients looking for transaction analysis across more asset classes, GSCS began working on the development of analysis of fixed income trading in 2003. This service, which covers all government and corporate bonds was launched in 2004 after extensive review of data sources and analytical techniques. Finally in 2005 GSCS launched itero as its successor web-based reporting system. This completely new system incorporates many improvements for traders, compliance officers and relationship managers at investment management companies. In particular it facilitates compliance with the various internal and external reporting requirements proposed by the FSA in the U.K. and MiFID in Europe. Of more importance to traders and portfolio managers, itero forms the basis for the GSCS Landscape custom research service that allows clients to apply the results of post-trade analysis to their pre-trade consideration of trading strategy. |
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Company history
