Score family · Execution Quality
One of the six weighted families of the Trader Score.
It measures how cleanly an operator turns intent into a filled order — the discipline your field describes, made into a graded behavior rather than a footnote.
Market Microstructure
You study how a price is actually made.
If your work concerns order books, queue priority, market impact, and effective spread, it stands beneath the part of this curriculum most retail education never even attempts — teaching an operator how markets truly clear.
The bridge
Where your field meets what we teach.
Most people who lose in markets never learn the room they were trading in: who sits across the trade, how the queue is ordered, what the spread quietly takes. That room is your subject, and it is where operators here begin. Two parts of the program depend directly on the scholarship of microstructure:
Curriculum · the room behind the chart
Where operators meet the order book before they ever wire a dollar.
Price-time priority, order types, effective spread, and market impact — taught as the mechanics of clearing, not the demo's simplified fiction.
What we are asking your domain to anchor
Fidelity we will not fake.
We need the factual accuracy of how markets clear: where the demo's tidy book misleads, what the true cost structure is that a retail operator never sees, and how far a simulated order book can be trusted before it teaches something false. Exchange-rule and market-code fidelity sits here too — the difference between a plausible story and a correct one.
What the work offers
What a home appointment does not give you.
You already have standing, students, and venues. Here is what this offers that they do not.
A surface where microstructure is experienced, not only modeled.
Operators interact with a simulated order book while every execution decision is recorded. That is a standing observation of how non-specialists behave against market structure.
The chance to shape how a generation of operators understands execution.
Most retail traders never learn microstructure at all. Here your field becomes the thing they are taught first.
Founding authorship of an independent credential's execution standard.
What counts as clean execution here is being defined now. A scholar who sets it at the outset sets it for everyone who follows.
An adult, professional audience.
Motivated adults becoming operators — a population ready to learn the mechanics most courses skip.
Why it is safe to be associated with this
The standard is owned by no venue.
The concern a microstructure economist brings is being made to endorse a place to trade — a broker, an exchange, a routing arrangement with an interest in where orders go. There is none here. The Score is independent, on a neutral backend, and no venue sits behind it.
You would be validating a measure of execution quality — not endorsing anyone's order flow.
Your endorsement stays yours, defensible on the mechanics, insulated from any routing interest.
The grounding you would recognize
The literature already beneath this work.
These are illustrative anchors. We cite them precisely and represent them as findings — never as endorsements we have not been given.
Harris (2003)
Trading and Exchanges: Market Microstructure for Practitioners.
Underpins · Order types, priority, the mechanics of clearing
O'Hara (1995)
Market Microstructure Theory.
Underpins · Price formation & the theory of the book
Hasbrouck (2007)
Empirical Market Microstructure.
Underpins · Measuring spread, impact, and information
Perold (1988)
The implementation shortfall: paper versus reality. The Journal of Portfolio Management 14(3):4–9.
Underpins · The true cost of turning intent into a fill
The roster is illustrative, not exhaustive, and citation is not endorsement. Where the evidence is contested or thin, we say so and build to the edge of what the research supports — no further.
The ask
Three ways to take part.
Involvement scales to your time. Any one of these is a complete contribution; none assumes the others.
Author
Anchor a course or module
Anchor a course or module on market microstructure and execution.
Advise
Hold a named seat
Hold a named Academic Advisory Board seat overseeing factual fidelity.
Engage
Meet a cohort
Periodic sessions with operators working through the material, at a cadence you set.
Contributions are recognized and compensated; specific terms are set individually and privately, and structured to preserve the independence described above.
Contact
If this reads like your kind of institution, we would like to talk.
No application to rush — a request to open a conversation about where your work might sit, on your terms and at your pace.
Begin a conversation