- 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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