Five pillars of execution quality
Each metric is independently measured using standardized test protocols, statistically validated against large sample sizes, and published with full methodology transparency. Together they form a comprehensive framework for evaluating whether a broker delivers genuine NDD/STP execution.
The percentage of orders filled at the requested price without requotes or partial fills. The single most telling metric of genuine NDD/STP execution.
Round-trip time from order submission to broker server acknowledgment. Measures the speed and efficiency of order processing infrastructure.
The deviation between your requested price and the actual fill price. Positive slippage benefits the trader; negative slippage benefits the broker.
Percentage of orders rejected or requoted by the server. High reject rates may indicate last-look practices or artificial liquidity constraints.
Total trading cost combining spread markup and per-lot commission. The only apples-to-apples comparison between spread-only and commission-based accounts.