Criterion · method version 1.2.0
Liquidity and execution
What this criterion measures in each category, from method version 1.2.0.
Criterion id: liquidity-execution · from release method-v1.2.0
What it measures
In Exchanges and brokers
Whether orders are filled close to the market price, also for larger amounts. Evidence: order book depth and slippage for standard order sizes in the main markets, the order types offered, and how orders are executed (own order book, routing to other venues or the platform as counterparty), from published data and WhatTheChain's own test orders.
In On-ramps
Whether the quoted price holds and larger purchases are filled. Evidence: how long a quote is valid, how often the delivered amount differs from the quote, and the largest amount that can be bought in one order, from published terms and WhatTheChain's own test purchases.
How the score is built
The sub-criteria an assessor notes on the way to the score. They are not published as scores of their own.
In Exchanges and brokers
Assessors note sub-scores as whole numbers from 0 to 100.
- Depth and slippage
- Measured slippage for standard order sizes in the main markets.
- Execution model
- Own order book, routing to other venues, or the platform as counterparty, and whether this is disclosed.
In On-ramps
Assessors note sub-scores as whole numbers from 0 to 100.
- Quote reliability
- Quote validity and the measured difference between quote and delivery.
- Order size
- The largest amount that can be bought or sold in one order.
Evidence and confidence
Every score of this criterion cites evidence items with their sources, and carries one of four confidence labels.
- high
- Primary sources checked at the assessment date, confirmed by a WhatTheChain test or a second independent source.
- medium
- Primary sources that could not be confirmed independently, or some older than the last scheduled review.
- low
- Only secondary sources, or sources that conflict; the rationale explains which one the value follows.
- estimate
- No direct source: derived from documented properties and comparable designs, and the rationale says how.