Slippage
Slippage, from a trading perspective, is best described as the filling of an order at a price different from the price originally indicated in the trading platform. Nevertheless, slippage should be seen as a positive indication that the trader is operating in the real market.
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What are slips? What causes them to happen?
Slippage is a deviation of the price of execution of the order due to changes in the market price during execution. Simply put, it is the difference in price between the quoted price in the order and the actual price at which the position was opened/closed.
Slippage can be both positive and negative.
Factors affecting slippage
- The volatility of the asset – i.e. the tendency of a financial instrument price to change significantly. In this case the volatility of the last minutes before opening/closing a position is the most important. The higher the volatility, the higher the probability of slippage.
- Type of trading account – trading conditions on the selected type of account can also affect the slippage. DMA and Fix Api accounts are currently quite popular – they have minimal spreads and very fast execution.
- Latency – the delay between the order receipt and its execution, or
- Liquidity – a high percentage of rejections from liquidity providers, due to which the order is overwritten in the order book.
- The release of important news is the main factor that can lead to slippages. During release of important news (economic indicators, political events, top level speeches, force majeure) quotations move so quickly that the price can change significantly during the processing of an order. Slippages when trading on the news can be quite significant.
Slippage is the difference between your ‘requested price and the executed price’ or the ‘market price vs your executed price’.
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We select the technology providers that give us the lowest latency for reduced slippage on your trades. NDDFX hosts all trading infrastructure within Equinix LD4 data centre, and utilises cross connects to all trading counterparties for the lowest possible latency.
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We have access to the best tier-1 banks, nonbanks and ECN liquidity providers in all markets through our prime broker relationships.
We can recommend the most suitable trading partner for your trades through direct liquidity provider relationships based on their price and depth.
We can improve execution and decrease slippage by maintaining fill ratios greater than 90% with our LPs and using ‘no final look’ when possible.
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Our model of work is 100% consistent with the A book broker. Therefore, we do not use artificial delays.
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Your questions, answered.
Slippage can be defined as the difference in price between where the order was placed and the place it was fulfilled. By querying the trade receipt within your client portal, you can see if slippage occurred on trades.
Slippage is primarily caused by a market movement in between the time it takes for the order to be executed and the order reaching the liquidity provider.
This is due to the time it takes for an order to reach liquidity providers and the time it takes to fulfill the order.
Market open and rollover are instances when slippage can occur because there is usually limited liquidity in the market.
Market movements can be significant and volatility can rise, which can increase the risk for slippage.
The volume weighted average price (VWAP), is the average price for an order filled at multiple liquidity tiers. Fills can be made at multiple liquidity tiers for larger orders.
Depending on market conditions and quotes coming into the system from our LPs, large orders may be VWAP’ed if there is not enough Tier 1 liquidity to execute the entire trade.
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Access to market depth on all account types
Depth of Market (or DoM), is a popular one that allows traders to see market liquidity. This refers to the number of trades on the market at what price.
Market liquidity is an important aspect for traders. If there isn’t enough liquidity in a market to match your orders your orders will be slipped or filled at higher or lower prices than you intended.