Execution model transparency: what does your broker disclose?
The order execution policy is the document that explains how your orders are handled — and the level of disclosure varies from detailed to legally minimal.
What did you find?
- what your broker's execution policy says
- whether it matched your experience
- the questions it left unanswered
The bid, ask and slippage guide explains the models the policies describe.
Background: Bid, ask and slippage: why your order fills at a different price
Why buy trades open at one price and close at another, why a stop can trigger when the chart never touched it, and how slippage happens.
Why did my stop-loss trigger when the price on the chart didn't reach it?
Charts usually show the bid price, but a sell position's stop is triggered by the ask. If the spread widened, the ask could have touched your stop while the bid line stayed away from it.
What is slippage?
The difference between the price you expected and the price your order was filled at. It is most common in fast or thin markets, such as around news releases.
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