- CFA Exams
- 2023 Level II
- Topic 9. Portfolio Management
- Learning Module 46. Trading Costs and Electronic Markets
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Learning Outcome Statements PDF Download
 | explain the components of execution costs, including explicit and implicit costs; calculate and interpret effective spreads and VWAP transaction cost estimates; describe the implementation shortfall approach to transaction cost measurement; |
| describe factors driving the development of electronic trading systems; describe market fragmentation; |
| identify and contrast the types of electronic traders; |
| describe characteristics and uses of electronic trading systems; describe comparative advantages of low-latency traders; |
| describe the risks associated with electronic trading and how regulators mitigate them; describe abusive trading practices that real-time surveillance of markets may detect. |
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