• Refers to the commissions, fees and other costs of executing a transaction. The other dominant cost is the spread between the bid and offer and price adjustments for size. Sometimes, there are additional expenses in trading odd lots or very large blocks.

• The difference between estimated transaction costs and actual transaction costs. The difference is usually composed of revisions to price difference or spread and commission costs.

 Embedded terms in definition
Odd lot
Transaction costs
 Referenced Terms
 Trading costs: Costs of buying and selling marketable securities and borrowing. Trading costs include commissions, Slippage, and the bid/ask spread. See: transaction costs.

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