TWAP spreads an order evenly over a window, buying the same amount each interval regardless of volume. It is the simplest execution schedule and a common desk default.
TWAP is predictable, hard to game, and keeps participation low if the window is long. It is the honest baseline most execution algorithms are measured against.
Because it ignores volume, TWAP buys the same in thin minutes as in deep ones, so it can pay more impact in quiet periods. A volume-aware schedule (VWAP or a participation cap) usually does better when liquidity is uneven.
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.
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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