Investors generally understand that the more patient you are prepared to be, the cheaper you can trade on average. But in return, you have to take some market risk—the risk that the market may move further if it takes you an hour to patiently process an order than if you execute the same order in ten minutes.

Execution specialists aiming to reduce costs across a large portfolio of algo orders—taking market risk on individual orders—often choose to trade patiently. And this is it