Transaction Cost Analysis
A trade-level review of FX pricing, spreads, forward points, timestamps, trade size, counterparty behavior, and execution patterns so finance can see what may be embedded in the current process.
TCA & Advisory
Transaction Cost Analysis & FX Advisory
Measure what your FX process is really costing before changing providers, negotiating pricing, or making execution decisions.
Two clear offers
Measure FX cost, then fix the process that creates it.
Bastion separates trade-level cost analysis from broader FX advisory so finance teams can see both the pricing issue and the process issue. The goal is not just to find a cheaper quote. It is to understand how spreads, timing, trade size, counterparties, approvals, policy, and reporting affect the full FX workflow.
TCA workflow
A practical diagnostic path from trade data to better controls.
01Trade confirmation
02Timestamp
03Benchmark reference
04Spread estimate
05Counterparty review
06Process recommendation
FX Advisory and Decision Support
On-demand market interpretation, exposure discussion, policy support, execution planning, and practical decision support for companies with recurring currency exposure.
TCA explained
What it reviews, who needs it, and what finance can do with it.
What it is
A structured review of FX transactions to estimate explicit and embedded costs, benchmark counterparties where data allows, and identify process changes that improve pricing transparency and governance.
Who needs it
Companies with recurring FX trades, meaningful USD/CAD or cross-currency volume, forward contracts, multiple providers, unclear markup disclosure, or uncertainty about whether current pricing is fair.
Data required
Trade confirmations, timestamps, currency pairs, trade sizes, settlement dates, forward details, counterparty names, pricing agreements, and available market references.
Simple example
Small FX spreads become meaningful when volume repeats.
If a company converts millions of dollars per year, a few basis points of hidden or unmanaged markup can become material very quickly. TCA helps quantify the cost, identify the source, and support better negotiation, provider review, policy design, 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.
Spread impact lens
A seemingly small 10 bps adds up fast.
| Annual FX volume | Potential avoidable cost | Why review matters |
|---|---|---|
| $10 million | 10 bps equals about $10,000 | Good governance and pricing discipline |
| $50 million | 10 bps equals about $50,000 | Counterparty comparison matters |
| $100 million | 10 bps equals about $100,000 | Process, timing, and policy become material |
TCA deliverables
Useful outputs for finance, negotiation, and governance.
Trade-level markup estimate
Estimate the apparent spread or markup using available market references and transaction details.
Counterparty comparison
Compare pricing and execution patterns across banks, brokers, or providers where data allows.
Spread analysis
Review spot spreads, timing, size, currency-pair behavior, and consistency with agreed pricing.
Forward-point review
Assess whether forward pricing is transparent, consistent with market inputs, and explainable to finance.
Options or structured product valuation
Review complexity, embedded cost, and valuation logic where applicable and subject to legal or suitability review.
Governance summary
Summarize practical controls, approvals, provider review cadence, and reporting improvements.
FX Advisory
Ongoing FX advisory for finance teams carrying currency decisions.
- Market interpretation tied to company exposure and payment timing
- Trade planning and execution context before decisions become urgent
- FX policy support, governance discussions, and reporting cadence
- Contingency planning for large payments, receivables, or event risk
- Decision support for recurring importer and exporter exposure
- Clear explanations for stakeholders who do not live in FX markets
Book an FX Cost Review.
Start by measuring the cost, then fix the process that creates it.