The execution phase has two main components, the deployment of the smart contract and the interface code, and the execution of all the steps that are legally necessary as a pre-requisite to the token issuance, in particular publication / lodging of legal documents.
In principle this phase is relatively short as everything at this stage should be ready and require only a few mouse clicks. This reading however does not do justice to the importance of this point in the token issuance stage: once the contract has been published and the documents are lodged that is a point of no return -- or at least a point of very hard return. It is therefore paramount that a very strict execution check list is followed, including a number of final tests before going live.
At this stage we also put the placement support infrastructure in place, for example an investor registration system that allows executing the required KYC checks.