Multi-Venue Trading Architecture: The Four Layers Beneath Smart Order Routing
A fill lands on venue A. The strategy’s risk logic reads it, computes exposure, and fires a hedge. Milliseconds later,…
Tag: transaction cost analysis
TCA Blind Spots: Four Microstructure Signals Your Execution Dashboard Is Missing
Table of Contents What the Dashboard Records vs. What the Market Sees Cancel Ratio Drift and Order-To-Trade Ratio as Adverse-Selection…