Scheduling and Participation
An execution schedule distributes quantity through time or observed volume, balancing market exposure, completion risk, signaling, and impact.
Central questions
- Should trading follow time, volume, liquidity, or urgency?
- What happens when realized volume differs from forecast volume?
- How does a participation cap constrain completion?
Planned model
Compare TWAP, VWAP, percentage-of-volume, and adaptive schedules against quiet, bursty, and trending volume profiles.