This document explains the trading benefits that happens when a manager is able to beat the mid-rate at a point in time, or an average of mid-rates over a window of time. Obviously, this can happen easily on a single trade with no timestamp measured vs. a benchmark like full-day ITAP (Interval Time Average Price), but how does it happen still when sample sizes in FXT’s Peer Universe are set to > 150 trades per currency per product?
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