9 Insider Secrets: Mastering Partial Fills and Large Order Slicing
Execution quality separates profitable traders from the rest. For institutional players, managing large orders without triggering market impact requires precision tools—atomic orders, algorithmic slicing, and stealth tactics. Here’s how the pros do it.
Atomic order types (AON/FOK) enforce full execution or cancellation, eliminating residual risk. TWAP algorithms smooth execution in volatile or illiquid markets by pacing orders over time. VWAP strategies align trades with natural volume cycles to minimize slippage.
Iceberg and reserve orders mask true intent, preventing front-running. The best execution desks combine these tools with real-time liquidity analysis, turning partial fills from failures into controlled outcomes.