Category: Analytics

There is a metric that institutional market makers have used for decades to separate signal from noise, skill from luck, and predator from prey. It is the single most important measurement in execution analytics, and most retail brokers have never heard of it. It is called a markout. If you run a brokerage and you […]

The Great Bifurcation: Isolating the Signal from the Noise

We break slippage down into two measurable, forensic parts: