Nordic Financial Solutions Oy

Most buy-side firms can say they have transaction cost analysis (TCA). Fewer can say their execution analytics consistently change day-to-day decisions on the trading desk.

Front-to-back has become a catch-all phrase in trading technology; sometimes used loosely, sometimes used as a proxy for real operational priorities.

The news headlines and industry buzz suggest that ETF investors have morphed from devotees of cheap beta (looking at you, Bogleheads) to risk-enthusiasts chasing returns or income junkies seeking to maximize dividend payouts and who are willing to pay ever-higher fees for the privilege.