Executing a large order on one venue is simple but pays more impact as it walks a single book; splitting across venues takes a smaller share of several books and usually costs less. The saving grows with size.
Impact rises with the share you take of a book. Taking 20% of five books moves each less than taking a large share of one, so a routed order's average price is closer to the untouched market.
For small clips that barely move any book, a single deep venue can be simplest with no real cost penalty. The multi-venue saving is a large-order effect.
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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