institutional trade execution review on-line (itero) is the name for the new suite of transaction management tools offered by GSCS. itero reflects an approach that is broader in scope than simple transaction cost analysis but builds on the ten years experience we have of helping buy-side institutions understand the costs of executing trades in global markets.
itero extends our services in three ways:
beyond equities - itero includes analysis of all global fixed income instruments as well as foreign exchange and derivatives
beyond benchmarks - itero incorporates a flexible
array of calculations with fully integrated on-line presentation of
results allowing analysis of implementation shortfall, market impact,
delay and opportunity costs and comparisons of trading strategies
with pre-trade estimates
independence - execution analysis affects billions of dollars in order flow going from managers to brokers. Analysis is complex and still relatively immature. There are no standard methodologies and many ways of defining success. Interested parties will naturally focus on analytical approaches that reinforce their commercial goals. Independence allows GSCS to offer a flexible, continuously evolving approach using multiple perspectives without bias. Performance is assessed objectively enabling sustainable iterative improvement.
technological excellence - transaction management and analysis of results is technologically demanding. Technology architecture and applications design differentiate the GSCS approach to its work, allowing us to use technology to empower individuals, both our own staff and those who work for our clients, to improve performance
realistic objectives - effective transaction management is important. It can lead to lower costs and improved investment performance. Transparency enhances understanding and leads to better decision making and resource allocation. However, gains will always be incremental not structural and itero service costs reflect this reality.