[Verse 1] After the trade is done and through We need to see how well we flew Did we get the price we wanted most Or pay more than we should have cost Transaction Cost Analysis shows Where our trading profit goes [Chorus] T-C-A, measure every way Implementation shortfall tells us what we pay Market impact, timing cost, spread so wide T-C-A helps our trading strategy ride Check the benchmark, see the gap Make our future trading snap [Verse 2] Implementation shortfall's the key Compares what we got to what should be Paper portfolio versus real Shows us exactly how we feel The difference between our perfect plan And what we got with our own hands [Chorus] T-C-A, measure every way Implementation shortfall tells us what we pay Market impact, timing cost, spread so wide T-C-A helps our trading strategy ride Check the benchmark, see the gap Make our future trading snap [Bridge] Explicit costs are clear to see Commissions paid, that's the fee Implicit costs hide in the trade Market impact, price delayed Opportunity cost when we wait too long VWAP and TWAP help us stay strong [Verse 3] Volume weighted average price VWAP benchmark, that's precise Time weighted shows us how we did Against the market, nothing hid Arrival price and closing too All benchmarks help our analysis through [Chorus] T-C-A, measure every way Implementation shortfall tells us what we pay Market impact, timing cost, spread so wide T-C-A helps our trading strategy ride Check the benchmark, see the gap Make our future trading snap [Outro] Learn from every single trade Better decisions can be made T-C-A lights up the way For better trading every day
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