Parent order to venue scoring, child routing, fill aggregation, and TCA evidence
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One Happy Path
• Every venue is scored on price, liquidity, fee, latency, and fill probability
• The parent is sliced into scheduled child orders before anything is sent
• A fill is complete only once aggregated into one average price
Recovery Paths
• Partial fills return a residual to be re-sliced and re-routed
• A venue reject or timeout retries without losing the order
• No child order silently disappears
Best-Ex Evidence
• TCA benchmarks fills against arrival price, VWAP, and shortfall
• Routing decisions are retained per child order
• Best execution is proven, not assumed
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