Single order
Pre-trade estimate
Expected cost, market impact and difficulty - on the same lens as post-trade.
Know the cost before you send it.
Expected cost, market impact and difficulty - on the same models as post-trade, so estimates and outcomes stay comparable.Pre-trade estimate · single orderxyt
OrderBuy 500,000 · NOKIA.HEvs SMART benchmark
Expected cost
6.8 bps
point estimate
Market impact
4.1 bps
model component
Difficulty
Moderate
vs addressable volume
Illustrative · same models as post-tradein bps, spreads or currency
Questions we answer
Start with yours.
A trading desk
"What will this order cost - and how hard will it be?"
Expected cost, market impact and difficulty against the addressable volume in that name, right now.
A portfolio manager
"Can we cost the whole list before we commit?"
A full basket in one pass - concentration, difficulty and schedule, ranked so the hard names surface first.
A fund operator
"What do the fund rules mean for us - in numbers?"
Swing pricing and dilution levies calibrated on real market impact - Liquidity Management Tools, ready for the EU rules.
One model family
From a single order to a whole portfolio.
Whole list
Basket upload
A full list costed in one pass: concentration, difficulty and schedule.
Whole book
Portfolio transition
Plan the cost and risk, monitor the event, evidence the outcome.
Fund rules
Liquidity Management Tools
Swing pricing and dilution levies calibrated on real market impact - ready for the EU rules.
What the number stands on
Priced off what really trades.
Two ingredients decide an estimate you can act on: how much of the printed volume is genuinely price-forming - the addressable core - and the spread you cross to reach it. An order that looks like 2% of the day can be 4–5% of what really trades - the model prices the real share.
The denominator · AZN.L, one Friday
real market data
Printed volumeEUR 1,037m · 100%
AddressableEUR 698m · 67%
Price-forming coreEUR 539m · 52%
The same EUR 21m order, re-measured2.0% of printed ADV → 3.8% of core ADV
Off-exchange and technical prints excluded — the estimate never leans on volume you could not have touched. Every print classified, per name, per day.
The estimate · spread + impact
real model output
Orange S.A. — estimated cost by participation. The spread you cross sets the floor; impact takes over as participation grows. Method in the open.
Close the loop with xyt TCA.
Pre-trade gives you the estimate. Connect it with xyt TCA and every estimate can be audited against the outcome - estimated versus realized on the same lens, where the difference is execution alpha, not a change of method.
That is what makes a pre-trade number worth acting on: a promise the post-trade lens can hold you to.
Connected with xyt TCA · same lens
What would you like to understand?
Bring one order or one list - we will cost it together, and show you the models behind the number.