In this section we describe how we define the execution chain and how to benchmark the two last levels.

It all starts with a decision to buy or sell. Depending of the size of the investment and the available liquidity – the execution objectives have to be selected. These objectives serve as inputs into the macro level of execution and typically involve dividing a big investment decision into smaller, more manageable parts. Each smaller part is then transmitted to an execution venue and will fight with all the other market orders in the order book. This is what we refer to as the micro level of execution.


 

Execution overview – The macro level

Compared to the micro level that we described earlier in “The micro level” document, macro is, as the word indicate execution on a higher level – and it is closer to where it all starts; the actual strategic decision to buy/sell.

What we refer to as the macro level of execution is the way we choose to execute in and out of investment positions – and is the focus of this document. Read more >>





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Execution overview – The micro level

It all starts with a decision to buy or sell. Depending of the size of the investment and the available liquidity – the execution objectives have to be selected. These objectives serve as inputs into the macro level of execution and typically involve dividing a big investment decision into smaller, more manageable parts. Each smaller part is then transmitted to an execution venue and will fight with all the other market orders in the order book. This is what we refer to as the micro level of execution and is the focus of this document. Read more >>



Last updated: May 2014 Print this page
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