D11-F02-A03 · GUIDED PLAYGROUND

Realized Spread

How much of the execution concession remains after the midpoint moves over a declared horizon? Choose a scenario, step through 61 deterministic calculations, and audit why the state changes.

◆ Synthetic teaching data · not a live market measurement
Realized Spread scenario curveSixty-one deterministic calculations with the selected point marked.

Horizontal: controlled step. Vertical: Realized spread (bps).

Liquidity and Spreads · measurement context

How much signed execution concession remains after a declared midpoint horizon?

Nearest comparison

Effective Spread uses the initial midpoint; Hasbrouck Price Impact models a dynamic response path.

Do not substitute

It does not prove dealer profit, adverse-selection cause, or Rule 605 compliance.