Delay Costs

Just looking at implementation shortfall strategies at the moment and it seems to be the case that delay costs are incurred when a trade is delayed. Am I right in assuming that this only happens when a limit order is placed (as there would be no delay in a market order)?

Thanks,

yes! it will always be a limit order.

WHAT YOU NEED TO KNOW IS THIS:

The delay price or the benchmark price will be the opening price or previous day close. Once I figured that out, the rest was ancient history.