Problem : You have just been hired by OYH Group, a firm specializing in analyzing costs of transactions . Your first project is to evaluate the trading costs for OPERA, a pension fund with $5 billion under management. OPERA fund has a US large-cap value mandate, and the fund prides itself in very low turnover . When the Portfolio Manager (PM ) releases orders to executing brokers, they are day orders . The OPERA fund currently uses two executing brokers, Better and Best. Summary information for this quarter's trades is provided below. Clearly state any additional assumptions that you wish to make to answer a. and b. below. Better : Stock B Shares Price at Price Closing Closing com - Trade PM at price on price on mission price decision broker day of day 10 per release trade share on day 1 completion ABC B 10,000 $22.05 $22.30 $22.25 $22.25 $0.03 $22.40 XYZ S 100,000 $54.09 $54.05 $53.90 $52.90 $0.03 $53.80 Best : Stock B Shares Price at Price Closing Closing Com - Trade PM at price on price on mission price decision broker day of day 10 on day 1 release trade completion ABC B 10,000 $22.05 $22.40 $43.85 $22.25 $0.05 $22.35 XYZ S 100,000 $54.09 $54.00 $53.90 $52.90 $0.05 $53.80 First define the commission costs, market impact cost, and delay cost. Commission costs = Market impact costs= Delay costs=