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Master advanced trade strategy and execution concepts in this 46-minute video tutorial covering Part II of the 2025 Level III CFA® Program Reading 24. Explore comprehensive market microstructure analysis across multiple asset classes including equities, fixed income, exchange-traded and OTC derivatives, and foreign exchange markets. Learn the distinctions between high-touch versus algorithmic and direct market access trading approaches, and understand the dynamics of dark pools versus lit pools. Analyze explicit versus implicit trading costs through detailed implementation shortfall methodology, including delay costs, trading costs, opportunity costs, and fees with step-by-step practical examples. Master trade cost analysis (TCA) techniques using various benchmarks including arrival price, VWAP/time-weighted, market-on-close, and market-adjusted approaches. Examine critical governance frameworks covering best execution requirements, equitable allocation principles, error handling policies, and MiFID II regulatory compliance for portfolio management professionals.
