Trade Strategy and Execution – Part II (2025 Level III CFA® Program – Reading 24)

Master Trade Strategy & Execution – Part II (2025 Level III CFA® Program, Reading 24). Jim reviews market microstructure across equities, fixed income, exchange‐traded & OTC derivatives, and FX; high-touch vs algorithmic/DMA; dark & lit pools; explicit vs implicit costs; implementation shortfall (delay, trading, opportunity costs, fees) with step-by-step examples; trade cost analysis (TCA) with arrival, VWAP/time-weighted, market-on-close & market-adjusted benchmarks; governance, best execution, equitable allocation, error policies, and MiFID II. Study with AnalystPrep: Level I: https://analystprep.com/shop/cfa-leve... Level II: https://analystprep.com/shop/learn-pr... Level III: https://analystprep.com/shop/cfa-leve... Levels I, II & III (Lifetime access): https://analystprep.com/shop/cfa-unli... Prep Packages for the FRM® Program: FRM Part I & Part II (Lifetime access): https://analystprep.com/shop/unlimite... Topic 9 – Trading, Performance Evaluation, and Manager Selection Trade Strategy and Execution – Part II LOS : Contrast key characteristics of the following markets in relation to trade implementation: equity, fixed income, options and futures, OTC derivatives, and spot currency. LOS : Explain how trade costs are measured and determine the cost of a trade. LOS : Evaluate the execution of a trade. LOS : Evaluate a firm’s trading procedures, including processes, disclosures, and record keeping with respect to good governance. #CFA #CFAExam #CFALevelIII #PortfolioManagement #TradeExecution #ImplementationShortfall #BestExecution #AlgorithmicTrading #FixedIncome #Derivatives