- CFA Exams
- Level II 2021
- Study Session 17. Portfolio Management (2)
- Reading 48. Trading Costs and Electronic Markets
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Learning Outcome Statements PDF Download
 | 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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