VWAP TWAP and IS - when to use what

high urgency, low volumes, need to keep secret, large bid/ask spread

VWAP lookout for low urgency.

IS lookout for high urgency.

Crossing Network: lookout for large trade vs small volume or secrecy needed.

All trades prefer low spreads.

TWAP - For a thinly traded sec. Which needs comparison with the bençhmark that is illiquid as well. The same % vol of sec. Traded. The respective time are compared