Transaction Cost Analysis
A review of trade-level FX pricing, spreads, forward points, and execution patterns so finance teams can see what may be embedded in their current process.
TCA & Advisory
Transaction Cost Analysis & FX Advisory
Find the hidden FX costs your bank or broker may not show you.
Two clear offers
Measure the cost first, then improve the decision process.
Bastion’s advisory work separates transaction cost analysis from broader currency decision support. That makes the offer easier to understand and easier to evaluate.
Currency Concierge / FX Advisory
On-demand market interpretation, policy support, trade-planning support, and practical decision support for companies with recurring currency exposure.
TCA explained
What it is, who needs it, and what you receive.
What it is
A structured analysis of FX transactions to estimate explicit and embedded costs, benchmark counterparties, and identify process changes.
Who needs it
Companies with meaningful FX volume, recurring bank or broker trades, forward contracts, or uncertainty about markups.
Data required
Trade confirmations, timestamps, currency pairs, trade sizes, settlement dates, forward details, counterparty data, and available market references.
Simple example
A small spread can become a meaningful annual cost.
If a company converts millions of dollars per year, a few basis points of hidden markup can add up. TCA helps quantify the cost, identify the source, and support better negotiation or execution governance.
Any savings estimate should be treated as an analytical estimate, not a guarantee. Actual outcomes depend on market conditions, credit, liquidity, trade size, timing, counterparty terms, and execution.
| Annual FX volume | Potential avoidable cost | Why review matters |
|---|---|---|
| $2 million | Even 10 bps equals about $2,000 | Good governance and pricing discipline |
| $10 million | Even 10 bps equals about $10,000 | Counterparty comparison matters |
| $50 million | Even 10 bps equals about $50,000 | Process, timing, and policy become material |
TCA deliverables
Useful outputs for negotiation and governance.
Trade-level markup estimate
Estimate the apparent spread or markup using available references.
Counterparty comparison
Compare pricing and execution patterns across banks or brokers where data allows.
Spread analysis
Review spot spreads, timing, size, and currency-pair behavior.
Forward-point review
Assess whether forward pricing is transparent and consistent with market inputs.
Options or structured product valuation
Review complexity and valuation where applicable and legally reviewed.
Governance summary
Summarize practical controls, approvals, and reporting improvements.
Currency Concierge
Practical decision support for finance teams.
- On-demand FX research and market interpretation
- Trade planning and timing support
- Policy support and governance discussions
- Contingency hedging support
- Decision support for recurring importer/exporter exposure
- Clear explanations for stakeholders who do not live in FX markets
Book a TCA Review.
Start by measuring the cost you can actually influence.