The market you're measuring no longer looks like the market your TCA was built for. Bilateral streams don't print to the tape. AI-driven routing makes thousands of micro-decisions no benchmark was designed to judge. Overnight sessions trade in liquidity conditions your peer universe has never seen. This panel brings together buy-side analytics leaders and execution researchers to get practical about what comes next: which of your current metrics still tell the truth, where standard benchmarks now reward the wrong behavior, what pre-trade and real-time analytics can actually deliver today, and how the best desks are rebuilding their measurement frameworks to keep pace. Leave with a clear-eyed view of what to keep, what to fix, and what to throw out.