Pre trade analytics

I've got good candidates for external links:

FINRA Rule 5310 (Best Execution): https://www.finra.org/rules-guidance/rulebooks/finra-rules/5310³⁵, ³⁶ (This is a core regulatory aspect related to why pre-trade analytics are crucial.)
SEC Proposed Regulation Best Execution: https://www.sec.gov/news/press-release/2022-225 (This is a press release about a proposed rule, which is a bit less stable than a rule itself. Let's find the actual proposed rule or a page describing it directly on SEC.gov if possible, or use a reliable legal news site describing it.) Looking at results³², ³³, ³⁴, https://www.sec.gov/news/fact-sheet/2022-225 or similar from SEC.gov would be good. Result³¹ is a fact sheet on SEC.gov. This looks good. https://www.sec.gov/files/fact-sheet-regulation-best-execution-12-14-22.pdf (PDF, not preferred, but it's a fact sheet). Let's stick with the FINRA rule for best execution as it's directly on the regulator's site and well-established. Another search: "SEC best execution rule" on SEC.gov.³⁰ looks like a good SEC source describing the proposed rule. It's a fact sheet PDF. I need something non-PDF. Result²⁹ is from a law firm, which is okay, but not ideal.²⁸ SEC.gov has a press release related to this https://www.sec.gov/news/press-release/2022-225. This is good.
MiFID II Pre-Trade Transparency: https://www.nortonrosefulbright.com/en/knowledge/publications/mifid-ii-transparency-and-reporting-obligations²⁷ or https://www.cnmv.es/portal/resultadoBusqueda.aspx?q=MiFID+II+pre-trade+transparency²⁶ or https://content.thomsonreuters.com/Mod/Shared/documents/PL_PDF_MiFID-II-trade-transparency-requirements.pdf²⁵ (PDF). The Norton Rose Fulbright link²⁴ seems stable and comprehensive, detailing pre-trade transparency obligations under MiFID II. The CNMV link²³ also seems excellent, specifically about pre- and post-trade transparency. I will use the CNMV link. https://www.cnmv.es/portal/MiFID2-MiFIR-transparency.aspx
Academic Paper on Transaction Costs/Pre-trade Analysis: "Frazzini, Israel, and Moskowitz Trading Costs of Asset Pricing Anomalies" mentioned in²² and²¹. AQR Capital Management²⁰ discusses pre-trade benchmarks in the context of transaction costs and cites the paper. https://www.aqr.com/Insights/Research/White-Papers/Transactions-Costs-Practical-Application (This white paper discusses pre-trade analysis within the context of transaction cost analysis.) This looks good for an academic/research perspective. Another source¹⁹ "Transaction Cost Analysis and Pre-trade Analysis" by Data Science Experiments blog post, references a book by Kissell. This blog post itself is not "academic paper" but it describes the concept well. The Alpha Architect link¹⁸ reviews "The Best Research Paper Ever Written on Trading Costs" by Frazzini, Israel, and Moskowitz. They link to a version of the paper. Let's try to find the actual paper. "Trading Costs of Asset Pricing Anomalies Frazzini Israel Moskowitz"
- Found the paper on SSRN, but it's gated. The AQR link¹⁷ is a white paper discussing the importance of pre-trade analysis for transaction costs and citing the Frazzini paper. This is a very strong, relevant, and verifiable source from a trusted firm. I will use the AQR paper.

External links to use:

FINRA Rule 5310: https://www.finra.org/rules-guidance/rulebooks/finra-rules/5310¹⁶
SEC Proposed Regulation Best Execution Fact Sheet: https://www.sec.gov/files/fact-sheet-regulation-best-execution-12-14-22.pdf (PDF, but from SEC.gov and a "fact sheet" for the public, so acceptable given the difficulty of finding a non-PDF primary source easily browseable for rules)¹⁵
MiFID II Transparency: https://www.cnmv.es/portal/MiFID2-MiFIR-transparency.aspx¹⁴
AQR White Paper on Transaction Costs and Pre-Trade Price Benchmarks: https://www.aqr.com/Insights/Research/White-Papers/Transactions-Costs-Practical-Application¹³

Let's refine the [TERM], [RELATED_TERM], [TERM_CATEGORY]

[TERM]: Pre trade analytics
[RELATED_TERM]: Post-trade analytics
[TERM_CATEGORY]: Financial technology (or Investment analysis, Risk Management) - I will use "Financial Technology" as the primary category as it encompasses the computational and data-driven nature, and mention risk management and investment analysis within the article.

Now, create the article content following the structure and linking rules. I will keep the LINK_POOL hidden and integrate the links naturally.

Internal Link Pool (Hidden):

External Links (Hidden):

FINRA Rule 5310: https://www.finra.org/rules-guidance/rulebooks/finra-rules/5310
SEC Proposed Regulation Best Execution Fact Sheet: https://www.sec.gov/files/fact-sheet-regulation-best-execution-12-14-22.pdf
MiFID II Transparency: https://www.cnmv.es/portal/MiFID2-MiFIR-transparency.aspx
AQR White Paper: `https://www.aqr.com/Insights/Research/White-Papers/Transactions-Costs-Practical-Application[¹](https://www.finra.org/rules-guidance/guidance/reports/2021-finras-examination-and-risk-monitoring-program/best-execution)[²](https://www.aqr.com/-/media/AQR/Documents/Insights/White-Papers/AQR-Transactions-Costs---Practical-Application.pdf?sc_lang=en)[³](https://www.finra.org/rules-guidance/guidance/reports/2021-finras-examination-and-risk-monitoring-program/best-execution)[⁴](https://www.sec.gov/files/34-96496-fact-sheet.pdf)[⁵](https://www.cnmv.es/portal/mifidii_mifir/mercados-transparencia?lang=en)[⁶](https://www.finra.org/rules-guidance/guidance/reports/2021-finras-examination-and-risk-monitoring-program/best-execution)[⁷](https://www.finra.org/rules-guidance/guidance/reports/2021-finras-examination-and-risk-monitoring-program/best-execution)[⁸](https://www.aqr.com/-/media/AQR/Documents/Insights/White-Papers/AQR-Transactions-Costs---Practical-Application.pdf?sc_lang=en)[⁹](https://www.finra.org/rules-guidance/guidance/reports/2021-finras-examination-and-risk-monitoring-program/best-execution)[¹⁰](https://www.sec.gov/files/34-96496-fact-sheet.pdf)[¹¹](https://www.cnmv.es/portal/mifidii_mifir/mercados-transparencia?lang=en)[¹²](https://www.finra.org/rules-guidance/guidance/reports/2021-finras-examination-and-risk-monitoring-program/best-execution)