GSCS offers a comprehensive service for analysis of transaction costs related to trades in equity securities. Analysis covers all global equity markets without exception and involves consideration of the following key characteristics;

Complete Benchmark Coverage

GSCS uses more than 25 measures in its analysis including ones for;

• implementation shortfall
• cost of delay
• market impact
• opportunity cost

The measures include;

• time stamp related benchmarks (e.g. Release Time Price and Available Volume Weighted Average Price (VWAP) etc.)
• trade date related benchmarks (e.g. high, low, open, close, Daily VWAP etc)
• pre-trade and post-trade pricing information

To assess the characteristics of the trading and performance within its Landscape analysis, GSCS takes account of;

• momentum of the security being traded
• the size of the trade relative to daily and periodic volume
• the historic volatility of the security being traded (beta)
• the typical bid/ask spread for the security being traded
• custom factors identified by clients as being important for their assessment and determination of execution strategy

To facilitate analysis of actual trades, GSCS allows reports to be generated within the itero on-line reporting service based on any combination of;

• date ranges
• portfolio manager
• trader
• trading strategy
• client account
• side (i.e. buy/sell)
• security
• country
• broker
• momentum
• % of daily volume
• volatility
• bid/ask spread
• office (where clients trade through more than one location)
• up to five custom fields defined by the client

Reports can be created that reflect

• at-a-glance summary information (with full drill-down)
• peer group comparison with the GSCS Universe of data
• multiple benchmark reports (with up to four client specified benchmarks available on a single page
• detailed reports identifying expensive and inexpensive transactions

Based on its own analysis of client data, GSCS will if requested present its findings to investment managers to allow for iterative development of trading practices and procedures on the trading desk and maximization of resource efficiency. This analysis can include custom reports designed to facilitate review by investment manager personnel.

Fixed income

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