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Best execution

Best execution is the duty — and the practice — of getting the most favourable terms reasonably available for an order: price, cost, speed and likelihood of completion, taken together. For crypto it means pricing an order across venues before trading.

What it requires

A defensible best-execution process shows that, for each order, you considered the venues and methods available and chose the one that minimised total cost. That means a record of the alternatives, not just the fill.

How to evidence it

Keep a pre-trade price across the venues you can use and a post-trade score of the fill with workings. EnsoTrade produces both, independently, without touching the order — which is what makes the evidence credible to a board or regulator.

How EnsoTrade measures it

EnsoTrade prices a large order against live order books across venues — which venues to use, what size each piece should be, and whether to rest an order or cross the spread. It is independent measurement, not execution: your own desk or execution partner keeps placing the orders on its own accounts, and we never touch custody, keys or funds. Before a window we price it at your real clip size on the venues you can use; after a window we score the fill with full workings. We quote no price or saving until you give your real clip size and fee stack — then the number is yours to check.

FAQ

What does best execution mean for crypto?
Getting the most favourable available terms — price, cost, speed, likelihood of completion — for each order, and being able to show you did. In practice: price across venues before trading and score the fill after.
How do you prove best execution?
With a pre-trade price across available venues and a post-trade score of the actual fill, both with workings, produced independently of the desk that placed the order.

Related

Implementation shortfallArrival priceVWAPTWAPParticipation rateMarket impactSquare-root law of market impactThe scoreboard

Independent execution measurement

Price an order before you trade and score the fill after, on live multi-venue order books. We never touch custody, keys or orders — the independence is the point.

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