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An Introduction to Trading in the Financial Markets: Global Markets, Risk, Compliance, and Regulation by R. Tee Williams

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4

Step 4: Order Execution

The execution step in this process occurs multiple times as we track the order over the course of the trading day (see Figure 5.4). The first execution occurs at the open, meaning David Anderson’s initial execution is being routed to Exchange A, which we are assuming is the market that opens trading in ITEN each day using a call process sometimes called a cross.

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Figure 5.4 Order execution occurs using a variety of rules, technologies, and processes, each offering different advantages and costs to the prospective trader.

However, because we will look at several different trading venues throughout the trading day as we ...

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