State Street’s analytics trade tools are designed to create a comprehensive, 360-degree examination of trading costs at the fund, market, manager and broker level.

Trade cost analysis components include:

• U.S. Equity: customizable reports that create a detailed analysis of execution for NYSE- and NASDAQ-traded equities. This service compares execution to an appropriate benchmark, including Price to Price, VWAP, Interval VWAP, Average Price or any particular benchmark request.
• Global Equity: provides customers with the information they need to analyze their global trading costs and effectiveness in 42 markets. The service calculates commissions, fees and market impact of global equity transactions versus a universe of institutional trades, with comparisons being made by country, investment manager and broker. An Executive Summary feature highlights the most significant information in bulleted form.
• U.S. Fixed Income: provides analysis for U.S. Treasury, Agency and high grade corporate transactions. This service establishes trading costs for U.S. Fixed Income securities by comparing the cost of an investor’s trade versus the universe weighted average price for that issue. Comparisons are made by portfolio and broker. In addition, the product evaluates transactions on announcement dates for 21 macroeconomic indicators.
• Global Fixed Income: provides information on market impact, by bond issue, for each covered portfolio. These costs are compared to an institutional universe of similar costs, enabling customers to evaluate global fixed income costs for the entire fund. The reports are currently available in hard-copy form.
  
  Our trade costs analysis services are provided by industry expert Elkins/McSherry, a wholly owned subsidiary of State Street.