Refers to the way the broker fills client’s order. An order is deemed to be executed as soon as it is accepted by the broker and filled. Depending on its type, a brokerage can apply market execution or instant execution. With instant execution a broker undertakes to fill the order at the price requested by the client. If the requested price is not available anymore, the broker will return request with a requote. Brokers that operate under market execution offset all clients’ order with the liquidity providers to be executed at their end. Orders are always executed at the best available price at the market.