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Lesson 3.5 - Execution Quality Monitoring

Scenario

The Order Filled, But Should It Be Reviewed?

A client order is filled successfully. There is no reject and no timeout. However, slippage is higher than normal, execution time is longer, Bridge queue rises and the client terminal shows fast movement.

An executed order does not automatically mean no review is needed.

Learning Objectives

  • Understand when a filled order still needs review.
  • Check execution time, slippage, Bridge queue, chart evidence and client impact together.
  • Identify whether the issue is isolated or broader.
  • Know when to escalate order or quote-related issues.

Execution Quality Dimensions

Metric What the Dealer Checks
Execution time Time from order receipt to execution result
Slippage Difference between expected and executed price
Bridge queue Whether queue rises during the same window
Reject / timeout Whether similar errors appear
Chart / quote evidence Spike, stale quote, wide spread or unusual tick
Client impact Complaint, repeated inquiry or affected group

Monitoring Model

Order Evidence→Execution Time / Slippage
Execution Evidence→Bridge Queue / Quote Status
System Context→Scope and Impact
Scope→Record / Escalate

Scope Review Required

Check whether the issue affects:

  • One order only.
  • One client or UID group.
  • One symbol such as XAUUSD.
  • One session or event window.
  • A broader platform or quote condition.

Case Study

XAUUSD Order Review After London Open

A large XAUUSD order is filled, but slippage is higher than usual. The Dealer checks order timestamp, spread, quote movement, Bridge queue, chart screenshot and similar orders in the same minute.

Escalation Rule

Escalate when evidence shows repeated abnormality, material client impact, unclear system condition or risk exposure change.

Practical Training

Wrong handling:

"The order filled, so there is nothing to review."

Correct handling:

"Filled orders can still require review. Check execution time, slippage, queue, chart evidence and scope before closing the case."

Summary

Execution quality monitoring combines fill status, timing, price, Bridge evidence, chart behavior and client impact. Professional Dealers monitor trends and scope, not isolated labels.

Completion Criteria

  • Can explain the key risk or operational objective of this lesson
  • Can identify the required systems, data, or evidence to review
  • Can describe the correct escalation or handling process
  • Has completed Shift Leader / follow-up review or practical confirmation