Execution Quality

Demonstrate Best Execution principles in digital asset markets through cross-venue benchmarking, contextual liquidity analysis, and defensible execution oversight

$16T
Daily volume monitored
400+
Model customizations
20X
Faster investigation

Why Solidus for Execution Quality?

Execution Quality in digital asset markets cannot rely on frameworks designed for centralized markets. As the gold standard in crypto-native market integrity, Solidus delivers the industry’s first Execution Quality framework purpose-built for modern financial markets and evolving supervisory expectations.

Advanced Capabilities

Multi-Venue Price Benchmarking

Evaluate execution prices against reconstructed reference midpoints across selected crypto exchanges to establish contextual execution benchmarks in markets without a consolidated tape or regulatory NBBO.

Execution Quality Deviation Monitoring

Continuously compare executed trades against reconstructed cross-venue benchmarks to identify abnormal price deviations and slippage that exceed configurable policy thresholds, dynamically calibrated for token liquidity tiers, trade size, volatility regime, and client segmentation.

Defensible Execution Audit Trail

Maintain documented evidence that fiduciary obligations were evaluated and satisfied in digital asset markets through a defensible audit trail with easy-to-use reporting, including exportable alerts and execution data (CSV/Excel) designed to support internal committees, board-level review, and regulatory inquiries.

Built for Institutions That Must Defend Execution Outcomes

Broker-Dealers Expanding into Digital Assets

Broker-dealers entering digital asset markets must maintain Best Execution oversight even though the infrastructure that supports BestEx in equities does not exist.

Execution Quality provides the analytical framework required to demonstrate that execution outcomes were fair, explainable, and aligned with internal execution policy.

Regulators and Market Supervisors

Supervisory authorities require tools capable of evaluating execution fairness across markets without consolidated pricing infrastructure.

Execution Quality reconstructs market conditions across venues to support regulatory oversight.

Institutional Asset Managers

Institutional trading desks must evaluate execution outcomes across fragmented markets while maintaining fiduciary obligations to clients.

Execution Quality allows trading oversight committees to analyze execution performance across thousands of trades and identify venue performance trends.

Crypto Exchanges

Crypto trading venues increasingly face expectations around market fairness and execution transparency.

Execution Quality provides analytics that identify price dispersion and execution outcomes relative to broader market conditions.

One Surveillance Platform For All Assets

Coverage across every market you clear and broker—cash equities, listed options, U.S. Treasury RFQ and IDB prints, cleared futures and swaps, FX, and crypto spot and derivatives.

Visibility Into Market’s Blind Spots

Fully operational in opaque venues such as OTC markets and DEXs—detecting abusive patterns even in thin or fragmented books, with context-rich alerts that distinguish manipulative activity from natural volatility.

Cross-Product & Cross-Venue Abuse Detection

Uncover correlated manipulation across spot, derivatives, on-chain and off-chain markets —like cross-product spoofing and layering—that legacy surveillance systems miss by monitoring venues in silos.

Real-Time Detection of Market Abuse & Signal Distortions

Real-time detection fuses order book and behavioral analytics with external signals to flag spoofing, layering/quote stuffing, and socially amplified coordination—before it undermines best-execution evidence.

FAQ

What is execution quality in digital asset markets?

Execution quality in digital asset markets refers to evaluating whether trade outcomes were fair and aligned with client interests based on the market conditions available at the time of execution. Because digital asset markets lack a consolidated tape or NBBO benchmark, execution quality must be assessed through cross-venue benchmarking, liquidity analysis, and contextual evaluation of execution outcomes.

Solidus Labs addresses this challenge through its Execution Quality framework, enabling firms to evaluate execution outcomes using normalized market data and configurable execution benchmarks.

Why can’t traditional Best Execution frameworks be applied directly to crypto markets?

Traditional Best Execution frameworks rely on centralized infrastructure such as consolidated price feeds, protected quotations, and standardized market data. Digital asset markets operate differently: liquidity is fragmented across venues, assets trade across multiple quote pairs, and decentralized venues often use automated market maker (AMM) pricing models. As a result, execution fairness must be demonstrated through contextual analysis rather than a single benchmark price.

Solidus Labs developed its Execution Quality framework to address these structural differences by reconstructing cross-venue market conditions.

How can firms benchmark execution quality without an NBBO?

In markets without a consolidated tape or NBBO, firms can benchmark execution outcomes by reconstructing reference prices across multiple trading venues. This involves aggregating order book and trade data from several exchanges to create contextual execution benchmarks that reflect the liquidity realistically accessible at the time of trade. Solidus Execution Quality performs this reconstruction automatically, allowing firms to evaluate execution outcomes relative to real market conditions.