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Market Structure Consulting.

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 Market Structure Workshops | Resources

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KOR's Expertise: From Policies and Procedures to TCA and Quantitative Analysis


With decades of experience in US equity and options markets, KOR Group is uniquely positioned to help audit, measure, improve and achieve true Best Execution and trade performance. We are the only independent, unconflicted firm working for the buy-side. We can help firms adhere to their fiduciary obligation of Best Execution while reducing transactional friction, resulting in higher fund returns and better use of invested capital. KOR’s Best Execution Consulting provides firms with:

  • Independent evaluation and accreditation of your firm’s adherence to Best Execution
  • Full set of guidelines and recommendations to establish a new Best Execution process or refine an existing one
  • Identification of opportunities to improve execution quality and reduce implementation costs
  • Identification of improvements to execution partner relationships
  • Multi-broker, multi-venue analytics
  • Multi-dimensional and cross-sectional analysis

Let us help you leap ahead of you competition, reduce your transaction costs, and provide peace-of-mind for your clients that you are far exceeding current Best Execution requirements.

Contact us now to learn more.


Greater transparency of trading performance helps investment managers lower their trading costs. Transaction Cost Analysis (TCA) is the study of trading activity to evaluate past order routing decisions, and hopefully to help guide future decisions to reduce transaction costs. Legacy TCA has its roots in VWAP analysis but in a fragmented and complex market, VWAP and legacy TCA offers little insight. Classic TCA is unable to determine the optimal broker/algo (and sometimes venue) combination to minimize information leakage, implementation shortfall and provide a superior outcome with the lowest possible trading costs in a complex, evolving, dynamic trading environment.

KOR Group utilizes the latest TCA techniques to provide multi-dimensional and cross-sectional analysis. This analysis is supplemented with our thoughts on the numbers:

  • What does it all mean?
  • How does it match up to historic trends?
  • What are the most important metrics to monitor?
  • What are the outliers?

We don’t just tell you what happened in the past, we make quantitative recommendations of when and why to make routing changes all customized to your specifications. Available in both graphic and textual outputs and at the lowest price point in the industry!

Our library of metrics includes (all of which are fully customizable):

  • Trade summary analytics
    • Full summary demographics
    • Fill rate – parent- and child-level
    • Notional traded
    • Cross-sectional breakdown:
      • By Market Cap
      • By Order % of Average Daily Volume
      • By Algo
      • By Venue
  • Metrics
    • Benchmarks
      • PWP
      • Arrival Price
      • Interval VWAP
      • Custom
    • Broker-, Algo- and Venue-level stats:
      • Spread capture
      • Price improvement/disimprovement
      • Toxicity
      • Estimated market impact
      • Custom metrics
    • All-in shortfall with venue fee analysis
    • Outliers
    • Full statistical breakdown: Mean, Max, Min, Std Dev, Skew and Share-Weighted Mean

We don't simply provide you a report with a ton of numbers of visualizations. We take our decades of market structure and order routing experience and interpret your results - giving your firm actionable guidance on trends to watch and changes to consider.

  • What does it mean?
    • Implementation strategy analysis
    • Observations and Recommendations
    • Cross-Sectional Conclusion Analysis
    • Quarter over Quarter and Year over Year comparisons

Contact us to learn more about our TCA offering.

Learn Market Structure from the experts that the US Congress and Regulators turn to.


KOR not only understands the complexities of US markets, but we understand how we got here and where we're going. Congress and Regulators regularly ask us to testify on critical market structure issues. Leverage our expertise to understand modern electronic markets and the incredible technological and regulatory complexity that drives them.

KOR Group is available for a variety of half-day and full-day workshops / seminars on many different topics, including:

  • Market structure history and current developments
  • Direct market access and order routing best practices
  • Transaction Cost Analysis and performance attribution / analysis
  • Regulatory landscape, current proposals and how these events impact your business

These workshops are valuable for the buy-side to understand market structure developments, for regulators looking for practitioners' perspectives, for attorneys preparing capital markets litigation or defense, and for sell-side firms looking to sponsor buy-side educational events or who want to train traders and market structure analysts.

Contact us now to learn more.


Here are some resources on Market Structure and Best Execution that we find useful.

Market Structure

Best Execution

Our Comment Letters and Testimony

Library image above By Riccardo Cambiassi from London, United Kingdom - BlogWalk - British Museum + Power Law, CC BY-SA 2.0,

Chess image above By David Lapetina - Own work, CC BY-SA 3.0,