Trade Strategy and Execution – Part II (2025 Level III CFA® Program – Reading 24)

Описание: Master Trade Strategy & Execution – Part II (2025 Level III CFA® Program, Reading 24). Jim reviews market microstructure across equities, fixed income, exchange‐traded & OTC derivatives, and FX; high-touch vs algorithmic/DMA; dark & lit pools; explicit vs implicit costs; implementation shortfall (delay, trading, opportunity costs, fees) with step-by-step examples; trade cost analysis (TCA) with arrival, VWAP/time-weighted, market-on-close & market-adjusted benchmarks; governance, best execution, equitable allocation, error policies, and MiFID II.

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Topic 9 – Trading, Performance Evaluation, and Manager Selection
Trade Strategy and Execution – Part II
LOS : Contrast key characteristics of the following markets in relation to trade implementation: equity, fixed income, options and futures, OTC derivatives, and spot currency.
LOS : Explain how trade costs are measured and determine the cost of a trade.
LOS : Evaluate the execution of a trade.
LOS : Evaluate a firm’s trading procedures, including processes, disclosures, and record keeping with respect to good governance.

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