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Master advanced trade strategy and execution concepts in this 46-minute video lecture covering Part II of the 2026 Level III CFA® Program Learning Module 7. Explore comprehensive market microstructure analysis across multiple asset classes including equities, fixed income, exchange-traded and OTC derivatives, and foreign exchange markets. Learn to distinguish between high-touch and algorithmic/direct market access trading approaches, understand the differences between dark and lit pools, and analyze explicit versus implicit trading costs. Dive deep into implementation shortfall methodology with detailed examination of delay costs, trading costs, opportunity costs, and fees through 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 considerations essential for portfolio management professionals.
