Venue Selection and Fill Quality

1.A venue fills 36,000 of 60,000 shares sent. What is its share fill rate?

2.A venue receives 80 child orders. Thirty get a partial fill and ten fill in full. What fraction receives any fill?

3.Venue A fills 8 of 10 child orders, each for 100 shares. Venue B fills 3 of 5 child orders, each for 1,000 shares. All fills are full. Which has the higher order fill rate?

4.A venue fills 24 of 30 small children for a total of 2,400 shares. It fills none of two 5,000-share children. Each small child was for 100 shares. What is the share fill rate?

5.A parent order is for 10,000 shares. The desk sends 10,000 to A, gets 4,000, then sends the remaining 6,000 to B and gets 5,000. What is parent completion?

6.A venue is credited with 1,200 shares in an initial report and 200 of those shares are subsequently busted. The desk sent 2,000 shares. What final share fill rate should it report?

7.A dashboard excludes all orders rejected before resting. What additional metric is needed to judge the entire routing attempt?

8.Venue A normally rests orders for two seconds and venue B for 30 seconds. A client needs fills within five seconds. Which comparison evaluates the two routing policies for that deadline?

9.A comparison assigns all easy orders to A and harder orders to B. A leads on raw fill rate. What is the main concern?

10.Venue A handles mostly marketable orders. Venue B handles mostly passive orders. What should the first breakdown use?

11.A venue's average fill rate rose after the desk switched to smaller children. What helps isolate venue improvement?

12.A venue receives 50 orders at the touch and fills 20. It receives 50 orders one tick away and fills 5. What is its touch fill rate?

13.A router reports a 90% fill rate on ten children and 85% on 2,000 elsewhere. What should the trader check before treating the five-point lead as repeatable?

14.A route fills 90% in quiet markets and 30% in volatile markets. What result matters most for an order expected during a news release?

15.A venue shows many partials but few completions. Which two measures reveal the distinction?

16.A venue accepts a child but its confirmation arrives after the router's timeout. What should the analysis distinguish?

17.A router sends two eligible children at once. One fills, so it immediately cancels the other. Why should the canceled child's short exposure time be recorded?

18.A venue's fill rate falls only after the router increases minimum execution size. What should the trader test?

19.Venue A fills 10,000 of 20,000 sent in the first window and 6,000 of 10,000 in the second. What is the combined share fill rate?

20.A dashboard treats 1,000 shares amended from $20.10 to $20.11 as 2,000 unique shares. What should the analyst do for parent completion?

21.A venue's fast-fill figure includes the time after a child became eligible. Another starts the clock at route submission. What should the comparison do?

22.A venue's cancel rate increases, but its fill rate is steady. What extra evidence helps distinguish defensive rerouting from poor venue behavior?

23.A venue fills larger clips but does so less often. What pair of measures helps judge a large urgent order?

24.A sell child is live for three seconds. The best bid reaches its limit for only half a second. What exposure measure can complement wall-clock time?

25.A sample reports 60 fills from 100 submissions. Twenty submissions were rejected. If all fills occurred on distinct accepted orders, what is the any-fill rate conditional on acceptance?

26.A venue shows 95% fill rates for liquid names and 40% for thin names. The next basket is mostly thin names. What is a better estimate than the overall venue rate?

27.A fill arrives during a cancel race. Which record determines whether the shares count?

28.A venue's median fill time falls from four seconds to one second. Its p95 rises from eight to 20 seconds. What happened?

29.Venue A receives 10,000 shares but market access is down for half the observation window. What helps interpret its fill rate?

30.One child is sent for 5,000 shares and gets fills of 700, 900, and 400. What fraction remains unfilled?

31.A venue fills 30 of 100 children before two seconds and another 20 after. What is the two-second any-fill rate, assuming each fill refers to a different child?

32.A router sends bigger orders to a venue only when displayed depth is high. Which comparison better tests whether its high fill rate generalizes?

33.A venue appears to lead by order count but often fills less than the client considers useful. What should the scorecard include?

34.Two venues use different definitions of an eligible order. What is the best first step for an internal comparison?

35.A venue's fill rate improves after a router starts leaving orders live longer. What should the trader weigh alongside the extra fills?

36.A buyer fills at $30.04. The midpoint one second later is $30.01. Using later midpoint minus fill for buys, what is the markout?

37.A seller fills at $22.08. The midpoint five seconds later is $22.03. Using fill minus later midpoint for sells, what is the markout?

38.A 20,000-share fill incurs a fee of $0.0025 per share. What is the fee in dollars?

39.A passive buy receives a rebate of 0.2 cents per share and has a gross markout of −0.7 cents. What is the net markout using that rebate?

40.A buyer can execute at $19.990 on A with a $0.003 fee or $19.992 on B with a $0.001 fee. What are the all-in prices?

41.A seller can execute at $40.100 on A with a $0.004 fee or $40.098 on B with no fee. Which yields higher net proceeds?

42.A venue fills 100 shares with a markout of +3 cents and 900 with −1 cent. What is the share-weighted markout?

43.A venue offers a 0.3-cent rebate, but its comparable fills have markouts 0.5 cents worse than a no-rebate venue. What is its net disadvantage per filled share on these two metrics?

44.A buy fills at $10.02. Its midpoint at arrival was $10.00, and five seconds after the fill it was $10.05. What are the arrival slippage and five-second markout, using later midpoint minus fill for markout?

45.A venue's markout is favorable at one second and adverse at 30 seconds. What is the sound reading?

46.A buy fill has a negative markout across venues during a broad selloff. What additional analysis helps assess venue-specific selection?

47.A markout series uses the last trade instead of the midpoint. In a thin stock, trades alternate between bid and offer with a stable midpoint. What can the series pick up?

48.A venue's five-second markouts look unusually favorable. The later quote sometimes predates the fill due to a timestamp join error. What should be done first?

49.A buy fills 2 cents below the prevailing offer but at the midpoint. Its later midpoint falls 4 cents. Which statement is correct under a buy-signed markout?

50.A desk pays a fixed $4 ticket charge and $0.001 per filled share. What is total cost for a 2,000-share fill on one ticket?

51.A venue charges 0.3 cents per share for taking and rebates 0.2 cents per share for adding. Of 10,000 fills, 6,000 take and 4,000 add. What is the net venue fee?

52.A route shows low explicit fees but a buy averages four cents above comparable fills elsewhere. What is the first economic check?

53.A high-rebate tier requires extra routed volume. The marginal orders have worse fill quality. Which analysis is most relevant?

54.A trader compares markouts in cents across a $10 stock and a $100 stock. What normalization helps compare proportional effects?

55.A buy fills at $100 and its later midpoint is $99.90. What is the markout in basis points relative to the fill price?

56.A markout average is near zero. Most fills cluster near zero but a few are very adverse in volatile names. What should the trader add?

57.A desk wants to compare markouts on passive and aggressive fills. What measurement details should the scorecard document?

58.A venue has a favorable markout among completed fills but very low completion. What else is needed for an urgent parent?

59.A report omits markouts when a midpoint is unavailable after a halt. What should the analyst disclose?

60.A buyer pays $24.99 on A with 0.4 cents of fee. On B it pays $25.00 and earns a 0.1-cent rebate. Which is cheaper and by how much?

61.A venue's fee changes at noon. How should an all-in report handle the day?

62.A price-improvement comparison uses the offer at receipt for buys and the offer at receipt for sells. What should be corrected?

63.A buyer crosses a $10.00/$10.04 quote and fills at $10.04. If one-way cost is fill minus midpoint, what is it?

64.A trader compares maker markouts between venues. One venue sees many small caps and the other sees primarily large caps. Which breakdown helps?

65.A desk routes 8,000 shares and fills 2,000. Those fills produce $14 of favorable markout value after fees. What is the markout contribution per routed share before accounting for misses?

66.A venue ranks well at 100 milliseconds but poorly at five seconds. The strategy will usually hedge after two to five seconds. Which should drive the review?

67.A fill comes from a midpoint venue while the consolidated quote is locked. What should the analyst check before interpreting its price improvement?

68.A report uses scheduled fees, but broker invoices show extra charges for some routes. Which measure is appropriate for realized all-in costs?

69.A venue shows negative buy markouts following news. A trader claims the venue leaked every order. What is supported by the evidence?

70.A passive venue delivers midpoint fills with little gross slippage but long waits and many misses. What does an all-in comparison need?

71.A venue ranks first by fills but consistently misses an urgent order's two-second deadline. What change fits this order type?

72.A passive route fills 60% of routed shares at a net saving of 2 cents per filled share. The unfilled balance costs 4 cents per share to complete elsewhere. What is the expected cost per routed share relative to the common benchmark?

73.A desk can pay 1.5 cents per share to take immediately or try a passive venue. Passive fills cost 0.5 cents, and misses cost 3 cents after rerouting. At a 70% fill probability for identical-sized attempts, which has lower expected cost?

74.On a proposed route, a filled share saves 1 cent and an unfilled share costs 3 cents to complete elsewhere relative to the alternative. What fill rate breaks even?

75.A venue improved over a month, but the shift coincided with a different universe of symbols. What should happen before raising its weight broadly?

76.A pilot will split similar child orders between A and B. What allocation method reduces selection bias within the eligible cohort?

77.A venue trial lasts only one morning and spans an unusual news event. What should the trader do before making it permanent?

78.A new venue improves expected costs by 0.1 cents per share in a pilot, with uncertainty larger than the estimate. Which next step fits?

79.A routing change improves maker rebates but worsens net parent cost. Which metric should govern a client order if the objective is lower total cost?

80.A preferred venue's rejection rate spikes after a configuration change. Which immediate response fits if a verified alternative is available?

81.A venue's fill performance is poor only in thin names. It remains competitive for liquid names. What mix change fits the evidence?

82.A client prohibits one venue that would otherwise lead on expected price and fill rate. What should the router do?

83.A venue offers the best fill rate for the first 5,000 shares, but depth drops sharply beyond that. What allocation is reasonable to test?

84.The desk increases venue A's allocation. A's fill rate falls and its markouts worsen while comparable control routes are stable. What hypothesis deserves testing?

85.A trader wants to change routing every time a venue loses the lead on its daily dashboard. What safeguard helps avoid unnecessary churn?

86.A pilot sends 10,000 comparable shares to each of two venues. A's full-plan cost is $70 and B's is $50, both including misses. What is B's observed advantage per routed share?

87.A route improves fills but adds latency to downstream hedges. Which outcome should the trader compare before moving more volume there?

88.A venue trial has a fixed sample target, but operational errors exceed the pre-agreed stop rule early. What should happen?

89.A router uses a favorable score from quiet hours to send more orders to a venue at the open. Which check should precede the shift?

90.A desk can allocate to two venues that share a single downstream connection. Why might it still need an independent route?

91.A venue's markouts worsen after an increase in the trader's own participation. What should the review consider?

92.A client has a hard minimum execution size. One venue has a high any-fill rate but its typical fill is below that minimum without a supported size control. What routing decision fits?

93.A desk will increase a venue's weight from 10% to 30%. What plan makes the change easier to evaluate and reverse?

94.A routing mix was changed, and the desk observed fewer rejects. Which comparison supports attributing the change to routing?

95.A venue sends firm executable size at a slightly worse price than another venue's small indicative quote. Which input should drive a large urgent child?

96.A new routing policy improves average costs but leaves rare, very large misses on time-sensitive orders. What evidence should the decision include?

97.A venue outage has ended and its connection is healthy. What should happen before restoring its old weight?

98.A desk estimates a new mix saves $5,000 a day in fees but increases expected missed-fill cost by $6,000. Other effects are unchanged. What is its net daily effect?

99.A test changes both a venue's weight and the router's timeout. Results improve. How can the desk identify which change mattered?

100.A market regime shifts and an old venue score now overpredicts fills. What should the routing model use?

101.A desk increases a venue's allocation on the strength of good fills. It later finds many failed attempts were missing from logs. What should it do?

102.A buy order's best feasible plan uses a passive first attempt and an aggressive fallback. What determines when to switch?

103.A venue is slightly cheaper for passive clips but has a slower cancel path. When is that delay most relevant?

104.A trader raises venue B's weight on small orders after a successful pilot. Which follow-up best verifies the decision?

105.A desk proposes a single ranking for all orders. One venue offers good passive economics, another reliable urgent completion. What routing policy fits?