# Execution Reports and Trade Confirmations > After you trade, you receive order acknowledgments, execution reports and a trade confirmation. Learn what each one shows and how to use them to check your fills. Source: https://learn.tradelabsai.com/orders/trade-confirmations/ Track: Orders and Execution · Level: Intermediate · Updated: 2026-10-03 Publisher: TradeLabs AI (https://tradelabsai.com). Education, not financial advice. Cite as: TradeLabs Learn, "Execution Reports and Trade Confirmations", https://learn.tradelabsai.com/orders/trade-confirmations/ Between clicking buy and seeing a position in your account, several messages pass between your platform, your broker and the trading venue. Each one tells you something about your order: that it was received, whether it was filled and at what price, and finally the official record of the trade. Knowing what these messages mean helps you catch errors, check execution quality and keep proper records. ## The messages in an order's life | Message | When it arrives | What it tells you | |---|---|---| | Order acknowledgment | Milliseconds after sending | The broker or venue accepted the order (or rejected it, with a reason) | | Execution report: partial fill | When part of the order trades | Quantity and price filled so far, quantity remaining | | Execution report: filled | When the order completes | Final quantity and average price | | Cancel confirmation | After you cancel | Whether the cancel succeeded, and any fills before it | | Trade confirmation | Same day or next day | The official record with fees and settlement date | Professional systems exchange these messages using standard formats such as the FIX protocol. See [FIX Protocol](https://learn.tradelabsai.com/programming/fix-protocol/). ## Order acknowledgments and rejections An acknowledgment confirms your order is live. A rejection tells you it never reached the market. Common rejection reasons include insufficient buying power, a price too far from the market, a closed or halted symbol, an unsupported order type for the session, and size above a limit. If you do not see an acknowledgment, do not assume the order is working. ## Execution reports and partial fills Each fill produces an execution report with the quantity, price, time and often the venue. **Example: Reading partial fills** You send a buy limit for 1,000 shares at $25.10. Reports arrive: - 10:31:05 filled 300 at $25.08, remaining 700 - 10:31:05 filled 200 at $25.10, remaining 500 - 10:34:47 filled 500 at $25.10, remaining 0 Your average price is (300 × 25.08 + 700 × 25.10) ÷ 1,000 = $25.094. If you had cancelled at 10:33, you would own 500 shares, and your stop and target sizes would need to match 500, not 1,000. ## The trade confirmation The trade confirmation is the formal record your broker must send after a trade. In the United States, broker-dealers are required to provide one at or before completion of the transaction. It typically includes: - trade date and settlement date, - security, quantity and price, - whether the broker acted as agent or principal, - commissions and fees, - total amount due or received. Many brokers deliver confirmations electronically. Keep them; they are part of your tax and trading records. See [Record Keeping for Traders](https://learn.tradelabsai.com/industry/record-keeping-for-traders/). ## Using these records to check execution Execution reports let you measure how well your orders are filled: 1. Compare your fill prices with the quote at the time you sent the order to estimate [Slippage](https://learn.tradelabsai.com/markets/slippage/). 2. Note the venue and any price improvement. 3. Check fees on confirmations against your broker's schedule. 4. Track fills in your [Trading Journal](https://learn.tradelabsai.com/start-here/trading-journal/) so your recorded entries match reality. ## When something looks wrong - **Unexpected fill price:** check the time and the market's prices at that moment. Fast markets and gaps explain most surprises. - **Missing fill:** check whether the order was acknowledged, rejected or cancelled. - **Duplicate fill:** contact your broker immediately; erroneous trades are easier to correct quickly. - **Clearly erroneous trades:** exchanges have rules to cancel or adjust trades at obviously wrong prices, usually only if reported promptly. ## Frequently asked questions ### What is an execution report? A message from your broker or the trading venue confirming that all or part of your order has been filled, with quantity and price. ### What is the difference between an execution report and a trade confirmation? Execution reports arrive in real time as orders fill. The trade confirmation is the formal record of the completed trade, including fees and settlement details. ### How long should I keep trade confirmations? Keep them with your tax records for as long as your local tax rules require, often several years. ## Sources - U.S. Securities and Exchange Commission, [Trade confirmations](https://www.investor.gov/introduction-investing/investing-basics/glossary/trade-confirmations) ## Continue learning - Next lesson: [Best Execution and Execution Quality](https://learn.tradelabsai.com/orders/best-execution/) - Previous lesson: [Latency in Trading](https://learn.tradelabsai.com/orders/latency-in-trading/) - Related: [Latency in Trading](https://learn.tradelabsai.com/orders/latency-in-trading/): Latency is the delay between a market event and your reaction to it. Learn the sources of trading latency, how it is measured and when it matters for your trades. - Related: [Order Routing and Smart Order Routing](https://learn.tradelabsai.com/orders/order-routing/): Order routing decides which venue your order is sent to. Learn how brokers route orders, smart order routers, payment for order flow and how routing affects fills. - Related: [Best Execution and Execution Quality](https://learn.tradelabsai.com/orders/best-execution/): Best execution is a broker's duty to get you the most favourable terms on orders. Learn what it covers, price improvement, routing reports and how to judge fills. - Related: [FIX Protocol](https://learn.tradelabsai.com/programming/fix-protocol/): FIX is the standard messaging protocol for institutional trading. Learn how FIX sessions, messages and tags work, a sample order message and when traders use FIX. - Related: [Trading Journal](https://learn.tradelabsai.com/start-here/trading-journal/): A trading journal records every trade so you can find what works and what keeps costing you. Learn what to log, a template and how to review it. - Related: [Record Keeping for Traders](https://learn.tradelabsai.com/industry/record-keeping-for-traders/): Good records protect traders at tax time, in disputes and in self review. Learn what to record for every trade, how long to keep records and simple systems.