Reading an execution report: the fields that tell the story

[Shadow Trader]

Some brokers provide detailed execution reports, either on request or through the platform. They contain fields that most traders never look at, yet each says something about the quality of service.

Useful items include the time the order was received, the time it was sent to the liquidity provider, the time of the fill, the requested price, the fill price, and the venue or provider. Some also show whether the order was filled in full or in parts.

The gaps between timestamps show where delays occur. A long time between receipt and routing points to broker-side processing. A long time between routing and fill points to the liquidity provider.

Comparing requested and filled prices across a large sample reveals slippage patterns. Splitting by order type and market conditions shows where the problems are.

If a broker refuses to provide such data, that is itself informative. A clear execution policy and willingness to discuss it are signs of transparency.

If the platform does not provide reports, a manual alternative is to record the click time with a screen recording or a timestamped screenshot, then compare it with the platform's fill time. The result is rough, but it does show the main delays.

Has your broker ever supplied a detailed execution report, and what did it show?