The percentage increase in the implicit transaction costs of trading UK equities over the past two years. The figure, from transaction cost analysis group Plexus, shows that the average cost of trading UK equities has risen to 71 basis points, excluding exchange fees and stamp duty, compared with 30bp in the third quarter of 2004. The rise is largely a result of increased volatility but is surprising given how much investment has been made into lowering transaction costs through such means as algorithmic trading.