CFA Level 2: Study Session 17. Portfolio Management (2) - Reading 48. Trading Costs and Electronic Markets

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	a. explain the components of execution costs, including explicit and implicit costs; b. calculate and interpret effective spreads and VWAP transaction cost estimates; c. describe the implementation shortfall approach to transaction cost measurement;
	d. describe factors driving the development of electronic trading systems; e. describe market fragmentation;
	f. distinguish among types of electronic traders;
	g. describe characteristics and uses of electronic trading systems; h. describe comparative advantages of low-latency traders;
	i. describe the risks associated with electronic trading and how regulators mitigate them; j. describe abusive trading practices that real-time surveillance of markets may detect.

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