Agency broker and financial technology company Investment Technology Group said it will base its transaction cost analysis (ITG TCA) on data from primary exchanges and European multilateral trading facilities (MTFs).

This makes ITG the first specialist transaction cost analysis provider to offer European transaction cost analysis based on unified data from all key traditional and alternative venues. The company will use a so-called 'consolidated tape' against which to run post-trade analysis.

Since the introduction of the EU's markets in financial instruments directive (MiFID) in November 2007, there has been a growth in the number of alternative share trading mechanisms.

In addition to ITG TCA consolidated data will be used in other ITG products. Clients will be able to view the results of trades in any time horizon, currency and configuration.

Underpinning the process is a standardised and consistent methodology developed by ITG.