What aspect of market operation does 'assured completion' refer to?

The concept of 'assured completion' primarily indicates a guarantee of transaction completion in a timely manner. This means that once an order is placed in the market, there is an assurance that it will be executed—the trade will go through as intended—not necessarily that it will occur at a specific price.

In practical terms, this assurance is crucial for investors because it mitigates uncertainties regarding whether their buy or sell orders will be fulfilled. Timely execution is particularly significant in fast-moving markets where the price can change rapidly. Therefore, 'assured completion' speaks to the reliability and efficiency of market mechanisms in facilitating the execution of trades.

This understanding emphasizes the importance of transaction completion for investors and traders, who can rely on markets to execute their orders as expected without undue delay. Other aspects, such as price certainty or cost efficiency, are not encompassed by the term 'assured completion'.