The coverage on this site is organised around the cost components that an execution model has to address. Each area below is a standing topic, not a product line. Nothing here is for sale.

Transaction cost estimation

Reading how a model produces a cost number before the trade: which impact function it assumes, what spread it uses, how it treats opportunity cost, and what it does with timing risk. Editorial pieces in this area compare linear-impact, square-root and venue-fitted models on what they are willing to name, not on which one is “best.”

Trade execution structure

How a parent order becomes child orders: participation-rate scheduling, VWAP and TWAP horizons, arrival-price and implementation-shortfall objectives, and the trade-off between urgency and market impact. Coverage here treats execution as a scheduling problem with a cost, not as a prediction of future prices.

Slippage and post-trade reading

How slippage is measured after the fact, what a benchmark price is chosen against, and which portion of slippage is measured from recorded fills versus reconstructed from spread and impact proxies. The honest distinction is between slippage that was observed and slippage that was assumed.

Model calibration and staleness

Every cost model is fit on a regime — a venue, an order-size band, a volatility period. Coverage here asks when the calibration was done, what regime it was fit on, and how stale that fit is against today’s market. A model that fit well last year is not automatically a model that fits today.

What this coverage is not

This is not vendor analysis, not product endorsement, and not personalised advice. We do not run money, do not execute trades, and do not sell access to a model. If a reader sends a question about a specific product, we treat it editorially and may decline to comment on vendors.

If a topic here is something you want to read more of, or argue with, the inquiry form is open. We also keep a short articles list of pieces already written.