The purpose with this procurement is to find a trading cost analysis (TCA) system for the internal executions, which can evaluate our brokers' execution and analyse if the trading strategies are as optimal as possible.

AP2 requires a trading cost analysis (TCA) system for analysis of mainly the internal cash equity execution. We are looking for a system which can evaluate trading decisions by providing quick and user-friendly cost analysis. Since we are investing in a range of markets, both developed and emerging markets (according to MSCI's definition) it is important the system cover these markets. The analysis should include both post-trade analysis and TCA-analysis. Our definition of post trade analysis is analysis on order level against certain benchmarks (i.e. VWAP, Close etc.) and TCA is a best execution analysis on fill level.