The Execution Problem
Execution transforms a desired position change into market actions before a deadline while prices, liquidity, and information evolve.
Central questions
- What quantity, deadline, and completion requirement define the task?
- Which price and risk objectives compete?
- What information is available when each decision is made?
Planned model
Give the reader a parent order, deadline, evolving book, and risk preference. Compare immediate execution, uniform scheduling, and adaptive participation.