How Smart Order Routers Pick Venues — and How That's Audited
A plain-language look at how automated systems choose where to send your trades, and the paper trail regulators now expect firms to keep.
A plain-language look at how automated systems choose where to send your trades, and the paper trail regulators now expect firms to keep.
Execution algorithms split large trades into smaller slices to manage market impact, and the benchmark you pick decides what "good execution" even means.
Every big order moves the market against itself — here's how traders measure that cost before and after they hit "send".
The rule that decides which resting order gets filled shapes your fill quality, your queue position, and the strategy that actually works.
A plain-English guide to how stock orders move through fragmented markets and the rules that decide where your order fills.
Institutions break huge orders into smaller slices to avoid shaking the market; TWAP and VWAP are two of their most-used tools.
A beautiful backtest can still be a liar; here are the quiet ways it fools you.