7. The industry has yet to adopt a standard approach to performance measurement in transitions. Many costs are hidden (e.g., when a custodian systematically executes foreign exchange trades at prices worse than prevailing market prices) and transition manager revenues are not transparent (e.g., the manager charges commissions on the other side or engages in proprietary trading). The T Standard is an industry initiative to create uniform standards for measuring transition performance using the implementation shortfall approach.

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