Execution Price and Impact Cost

The execution quote (all-in price) is dynamic, reflecting the liquidity cost required to carry out the trade.

Quote Formula

Buy [QuoteAsk] = MarkAsk + ImpactPrice(N)

Sell [QuoteBid] = MarkBid - ImpactPrice(N)

ImpactPrice(N) Model

This is an algorithmic model that simulates market liquidity and determines the impact cost based on the order’s notional size (notional tier).

ImpactPrice(N) = pip_final(N) × pip_size

pip_final(N) = pip_base (by notional tier) × session multiplier

The model uses order notional to estimate execution impact and transparently adds that cost to the quote.

Time Multiplier

Adjusts ImpactPrice(N) for changing market conditions (thin vs. volatile markets), so quotes reflect real execution costs.

Post Trade Report

Before submitting your trade, you will get the quote and an estimated fill price. After the trade has been placed, you will receive a detailed report (avg. fill price, notional, impact cost, cross-tier fills, and timestamps) as a verifiable record of execution.