Free module · Execution & fund operations
Execution & Market Microstructure
Understand the distance between a forecast price and an executable fill.
orders · slippage · capacity
The building blocks
Execution turns desired holdings into fills. Trace a single order and its benchmark price before estimating impact across many orders.
- Separate an order from a fill
- Reconcile prices, fees and slippage
- Compare schedules and impact models
Lessons in this module
- The spread is a price for immediacy
- Measure implementation shortfall
- Capacity is where alpha meets market impact
- Make the order lifecycle auditable
Practice and apply
- A partial fill has an opportunity cost — Buy 1,000 shares. Decision price $50. Fill 600 at $50.03; the remaining 400 are unfilled when price reaches $50.10. Fees are $2.
Work through the practice exercises · Quant development tools