文档介绍：Overview
Ann C. Logue, CFA
munications
Chicago
When market returns are down across the board, trad- Marie Konstance explains that analyzing trading
ing costs—never insignificant—e a vital factor costs is difficult, but anything that can be done to
in generating portfolio returns. Recent activities, lower them goes straight to the bottom line. This cost-
including the release of AIMR’s Trade Management reduction process begins with effective measurement
Guidelines and the study “Institutional Investment in and then moves on to analysis and finally to control.
the United Kingdom”(commonly called the “Myners Even if traders cannot control all factors affecting
Report”), have forced money management firms to trading costs, small improvements can lead to a big
consider transaction costs in light of their fiduciary impact on overall costs and performance.
responsibility, not just their performance targets. Institutional investors trade in the same markets
The problem is that many transaction costs are as retail investors, says Wayne Wagner, but typically,
hidden. The obvious explicit costs mission, institutional investors work with much larger
spread, and market impact, which can be discovered amounts of dollars and shares. These large trades do
without much effort. But costs such as delay, missed not appear to be cost-effective when viewed from
trades, and other op