Basket and Auction Execution

1.A buy basket includes a thin stock that needs 70 minutes at its participation cap. The other names need 15 minutes each. All orders are due in 80 minutes. What should drive the launch?

2.A desk can buy four stocks at up to 10% of expected remaining volume. Which order has the smallest projected capacity buffer?

3.A paired rebalance sells one bank and buys another. The client cares about keeping sector exposure steady throughout the trade. Which schedule fits?

4.A fund has no spare cash or overdraft and must fund its basket buys with same-settlement-date sells. What belongs in the schedule?

5.A name has a hard 12% participation cap and 50,000 shares left. Its expected remaining continuous volume falls from 500,000 to 350,000. What is the new projected shortfall if the cap binds?

6.Two buys have comparable spreads and liquidity. The portfolio manager says the rationale for one is expected to decay within minutes; the other is a routine rebalance. What should the desk do within its limits?

7.A basket must be 90% complete by noon by target notional. At 11:30 it is 87% complete by shares and 76% complete by notional. Which measure should drive the decision?

8.An order to buy an illiquid stock has a hard price cap. For now its offer is above that cap, but the other basket legs can trade. What is a sensible next step?

9.A basket order to sell 120,000 shares has filled 30,000. Another 15,000 shares are resting at a venue. How much can be routed elsewhere without exceeding the parent quantity if the resting order fills?

10.A trader wants to move a resting order from one venue to another. The first venue has received a cancel request but has not acknowledged it. How should the trader treat that quantity?

11.A stock in a basket represents 30% of total shares but only 4% of target dollars. The mandate reports dollar-weighted completion. How should a full fill affect progress from a standing start?

12.A buy basket's thinnest name just had an unusually large off-exchange print that is unlikely to recur. How should that affect the plan for the rest of the day?

13.A sell basket has one name scheduled to release earnings during the session. The client wants that exposure reduced before the release. What should the desk do?

14.Two legs must finish together within 10 percentage points of target completion. X is 70% complete and Y is 52% complete. Which isolated next fill moves the basket into tolerance?

15.A stock with a wide spread often trades meaningful size at the midpoint. The order has schedule slack and the client allows midpoint routing. What approach fits?

16.A basket spans two markets. One will close an hour before the other, and the fund needs both groups executed today. What goes into the schedule first?

17.Two names compete for a desk's limited capacity. A can wait 25 minutes before it must start to finish on time. B can wait only five minutes. Which deserves the earlier slot if other costs are equal?

18.An index rebalance adds several small names, but the client says two trades are optional if liquidity is poor. How should the trader sequence the basket?

19.A desk has 80,000 shares left and 40 minutes to trade. At the planned participation rate, current volume supports 1,500 shares a minute. What must the desk flag if those assumptions persist?

20.A broker locates shares for two proposed shorts but reports that the third locate is still pending. What is the sequencing implication?

21.A benchmark basket is designed to be dollar neutral and uses buys and sells in different currencies. What should the trader use to compare progress across legs?

22.A buy order that normally trades slowly gets an opportunity to fill its whole remaining size within the price cap. The fill would push the basket over its sector limit until later sells execute. What is appropriate?

23.A sell in a basket is halted shortly before its planned start. The other legs remain open. What should the desk check before releasing more orders?

24.A schedule calls for 40% completion by 1 p.m. A large opening print let the desk reach 55% in one buy, while its paired sell is at 25%. Which adjustment addresses the largest immediate issue?

25.An order requires a 20,000-share minimum at a venue. Only 17,000 unallocated shares remain in the parent, and no live orders can be canceled to free more. What should the trader do?

26.Two names have equally urgent deadlines. One can take a large clip at the current spread; the other has shallow quotes with a widening spread. What should the sequencing review compare?

27.A client wants 75% of each leg complete at 2 p.m. Two equal-notional legs are at 90% and 60%. What should the trader report?

28.A strategy sells an old holding and uses the proceeds to buy two replacements. One replacement is required and the other is optional. Proceeds cover the required buy only. What should the trader prioritize?

29.A client requests that the basket be executed pro rata by target shares within each name. Targets are 100,000 and 40,000 shares. The first has filled 25,000. What fill in the second would align progress?

30.A desk faces two overlapping auction cutoffs and must verify each order manually. What is the most useful operating change?

31.A client's all-or-none instruction applies to the whole basket. The desk can route each constituent independently, but has no mechanism to guarantee a basket-level fill. What should it do?

32.A trade list contains a target of 40,000 shares in a name that just had a two-for-one split. The portfolio manager says the list was built on pre-split share counts. What should the desk do before routing?

33.A day's basket includes two sells in stocks that are hard to trade at the planned size. What is the value of a pretrade liquidity check?

34.A sell fills early at a favorable price, but the basket's linked buy is still waiting. How should the desk decide whether to chase the buy?

35.A broker offers a firm price to take an entire basket as principal. Which comparison is most useful before accepting?

36.A portfolio manager raises the priority of three names while the basket is live. What should the trader establish before reprioritizing?

37.A dollar-neutral rebalance has executed $7 million of buys and $4 million of sells. What signed net exposure have the fills added?

38.A buy with beta 1.4 fills for $5 million, and a sell with beta 0.8 fills for $6 million. What is the signed market beta exposure added by those fills?

39.A dollar-neutral basket is temporarily $2.5 million net long. The permitted long limit is $3 million. A live $700,000 buy could fill before any sells. How much would that breach the limit by?

40.A basket is $1.6 million net long against a $2 million long limit. The desk wants to send another buy. What is the largest buy clip if no other live order can fill?

41.A $4 million long market exposure can be hedged with index futures providing $200,000 of beta exposure per contract. What hedge neutralizes it under those assumptions?

42.An index hedge takes the basket's estimated market beta close to zero. The unmatched cash fills are all semiconductor stocks. What risk remains especially relevant?

43.A basket is $1 million long. Live buys total $600,000 and live sells total $900,000. What is the highest long exposure if any subset of the live orders can fill?

44.A basket sits $350,000 net short with $500,000 of live sells and $300,000 of live buys. What is the largest short exposure before more orders are released?

45.A basket has temporarily bought $3 million of utilities and sold $3 million of technology shares. What did netting hide?

46.A trade has bought €2 million and sold $1.5 million of stocks. At $1.10 per euro, what is its net executed notional in dollars?

47.A desk used a short index hedge against $5 million of temporary long beta exposure. The lagging cash sells now remove $2 million of that beta exposure. What should it do if it still targets zero beta?

48.A portfolio hedge is estimated using normal correlations. As the close nears, the unmatched stocks move against the hedge even while the index barely changes. What is the best response?

49.A desk is temporarily $6 million long in a stock. Its daily risk check assumes a 3% adverse move with no offset. What is the loss in that scenario?

50.A short leg is waiting at a limit. The client prohibits proxy hedges. Its paired buy is nearing the maximum permitted long exposure. What should the trader do?

51.A paired trade uses the ratio of filled notional to target notional for each leg. The buy is $9 million of $12 million, and the sell is $4 million of $8 million. What is the completion gap?

52.A $4 million buy in a paired trade has filled $2.8 million. The $10 million sell has filled $4 million. How much more of the sell must execute to match the buy's percentage completion?

53.Two names start with the same beta-adjusted dollar exposure on opposite sides. The buy leg is 80% done and the sell leg is 20% done. Each has $10 million of target beta exposure. What exposure have the fills created?

54.A client buys $6 million of one stock and sells $4 million of another. Both orders are 50% complete. The intended end-state change is $2 million net long. Compared with a halfway benchmark, what is the deviation caused by uneven progress?

55.A basket report shows 98% completion. The unfilled 2% consists entirely of one high-beta stock that offsets completed sells. Which follow-up matters most?

56.A fill feed briefly drops. An order gateway shows a buy as live, but the desk cannot tell if it has partially executed. What is the prudent treatment until reconciliation?

57.A live basket is tilted because several sells are behind schedule. The trader wants to speed them up by crossing wider spreads. What should the trader compare?

58.A desk sells $2 million of a sector ETF to hedge unmatched buys. Near the close, the client cuts the remaining cash sells in half. What does the desk need to do?

59.An authorized hedge works well but incurs fees and slippage on entry and exit. How should a desk assess it after trading?

60.A client measures exposure using live marked prices. A net long tilt grows above the threshold without any new fills. What is the likely mechanism?

61.A client allows the trader to move ahead in buys as long as the exposure from those fills stays within a named sector cap. Which trade would directly reduce a utilities-specific long tilt?

62.A trader expects two separate closing auctions to offset one another, but only one has published a credible indication of executable volume. What should the risk check assume?

63.A desk can carry at most $1 million of incremental sector exposure. It is $800,000 long, with a live $100,000 buy and no reliable offset. What extra buy can it expose to the market?

64.A portfolio manager asks why a hedge lost money even though the desk followed its plan. The unmatched cash positions gained more than the hedge lost. What explanation is clearest?

65.Two foreign stocks have matching dollar notionals and opposite equity exposures, but they settle in different currencies. Which separate risk should the desk monitor?

66.A long tilt must be reduced by at least $750,000. A lagging sell can execute at $25 per share within the client's limit. How many shares must fill if nothing else changes?

67.A market sell was planned to offset buys, but its execution price is lower than assumed. For the same share fill, how does this affect a live control based on signed executed notionals?

68.A desk has reached its long exposure limit and can use either an authorized fast hedge or a slower cash sell. The cash sell has a hard limit price that is currently unavailable. Which is the available immediate action?

69.A desk bought $4 million and sold $3 million. It later cancels $2 million of unfilled buys. What happens to the exposure from confirmed cash fills at the moment of cancellation?

70.A trading dashboard reports both $600,000 of confirmed net long exposure and $1.4 million of potential net long exposure. Which statement fits a client update?

71.A desk has repeatedly hit its temporary long exposure cap in the first hour because buys fill faster than sells. What change addresses the recurring cause?

72.A trader wants to explain why a seemingly equal dollar hedge missed the basket's movement. What should the explanation distinguish?

73.A client benchmarks the trade to the official closing price. A name has deep historical closing liquidity, but this day's auction volume is uncertain. What allocation is most defensible?

74.A client says the arrival price is the benchmark and completion is mandatory. A name has reliable continuous liquidity now but an uncertain closing auction. Which approach best fits?

75.A stock has 90,000 shares left. The trader forecasts 400,000 shares in its closing auction and may allocate at most 15% of forecast auction volume. How many shares must the plan seek before the auction?

76.A closing auction is forecast at 800,000 shares, but a conservative scenario uses 500,000. The desk reserves no more than 8% of conservative volume. What is the maximum reservation?

77.An order has 50,000 shares remaining. At most 22,000 can be reserved for the close, and the desk expects to trade 20,000 before then under the cap. What should it communicate now?

78.A venue shows an indicative buy imbalance. A client has a sell order eligible to participate at the indicated price. How should the desk read the imbalance?

79.An auction feed shows 250,000 shares paired and a 90,000-share sell imbalance. What is the paired quantity's meaning at that instant?

80.The auction's indicative clearing price rises above a client's hard buy limit. What should the desk conclude about that limit order?

81.A client imposes a hard buy price cap on a closing order. The venue accepts both unrestricted market-on-close and limit-on-close orders. Which order fits?

82.A venue says its ordinary auction entry cutoff is 3:50 p.m., with limited exceptions that do not apply to this order. At 3:51 a client asks to add shares to the auction. What should the desk say?

83.A venue locks ordinary cancels after its cutoff. A trader considers reserving a large auction order while continuing to trade the same parent in the continuous market. What control is needed?

84.A trader allocates 35,000 of 80,000 remaining shares to the close. Before cutoff, 30,000 shares fill continuously and another 8,000 are still working there. How much unallocated quantity remains?

85.A buy order has an auction reservation of 25,000 shares and the venue confirms 18,000 filled. No other orders are open. How should the desk record the close?

86.A basket reserves equal percentages for the close across all names. One name's auction is typically much smaller relative to its order. What is the better basis for revising that name's allocation?

87.A broker estimates that a 40,000-share buy would be 20% of a name's expected auction volume. What volume is the broker assuming?

88.One stock can be finished continuously at an expected 5 basis points of impact. The auction estimate is lower on average, but there is a meaningful chance of a missed fill and the client requires completion today. How should the trader frame the choice?

89.Two names share an auction benchmark, but one has a binding limit far from the indicative cross. What should the desk consider before allocating both remaining orders to the auction?

90.A routine closing-volume model misses badly on a known index reconstitution day. What model change is most useful for future estimates?

91.A client insists that an order trade only in the closing auction and permits no chase afterward. The order is large relative to expected paired volume. What should the desk agree in advance?

92.A desk wants to know whether to increase a closing reservation as the indicative paired volume rises. What should it check first?

93.A stock's indicated auction price jumps while matched volume falls. What should a trader infer from this update?

94.A buy fills at the official closing price but only for half its quantity. Which assessment is accurate for a client with a close benchmark and a completion objective?

95.An auction allocation can absorb 12,000 shares under the client's cap. The desk has 30,000 left and 60 minutes until its internal cutoff. What average continuous fill rate is needed before cutoff to fit the rest in the auction?

96.The order system shows an auction child as sent, but the venue has returned a rejection before cutoff. What should the desk do next?

97.A client wants to compare the auction plan with the day's actual execution. Which set of figures best supports that discussion?

98.One basket leg has 25,000 shares reserved for a primary closing auction. A broker offers a continuous fill for 15,000 of those same shares shortly before the venue's cancellation deadline. When can the desk safely take the offer?

99.A sell fills 60,000 shares continuously at $24.95 and 40,000 at the official close of $25.10. What is the average execution price?

100.A closing auction in one market is delayed. The basket's other market has already closed and one leg filled there. What should the desk reassess?

101.A basket includes a buy due at the closing benchmark and a linked sell that is tracking an intraday benchmark. What should govern the plan?

102.A desk is limited to 10% of forecast auction volume per name. A buy has 12,000 shares left, and its projected close volume falls from 150,000 to 90,000 before cutoff. What change keeps the plan within the cap?

103.A stock's projected auction capacity rises after the order is locked, but venue rules prohibit adding ordinary orders after cutoff. How should the trader respond?

104.A client asks whether selling into a published buy imbalance ensures a better price than trading just before the close. What is the best answer?

105.A desk fills 80,000 of a 100,000-share closing order. The client wants a 95% completion rate. How many additional shares would have been needed to meet it?

106.A sell order must meet a minimum price. It has already traded most shares in the continuous market, and a small balance is allocated to the auction. The indicative price is below the minimum, with little time left. What should the desk communicate?

107.A basket's auction fills are complete, but the desk still has an authorized short index hedge that was opened for uneven fills. What is the post-close priority?

108.A desk consistently reserves too many shares for closing auctions in the least liquid names. Which evidence should inform a better policy?