Client Coverage and Order Handling

1.A client says, “Buy 50,000 before the close if it looks reasonable.” What do you need before handing it to the trader?

2.A client says, “Add 30,000,” while a 100,000-share buy has filled 40,000. What should you read back?

3.A manager asks to “buy around 52.” Which follow-up makes the instruction actionable?

4.A client gives an order for “five million” in a bond trading at 97. What must you clarify?

5.A client asks for “the 2031s.” The issuer has two notes maturing in 2031 with different seniority. What is the next step?

6.A client asks you to “take a look” at an offer but gives no firm instruction. How should it be handled?

7.A firm quote is good for 20 seconds for $2 million face. The client replies a minute later that they accept. What can you say?

8.A client sends a buy order by chat and an identical order by email a minute later. What should coverage do before routing the second?

9.A PM says buy, while a trader at the same client messages “hold off.” Both refer to the same unfilled order. What should you do?

10.A client wants a trade “by lunch.” It is based in another time zone. What is the best readback?

11.A portfolio manager requests “VWAP” but the order starts two hours into the session. What matters to the instruction?

12.A fund asks you to “match the close” and says paying more than $42 is unacceptable. Which conflict should you explain?

13.A client says “keep it quiet” on a large order. What should the salesperson clarify?

14.A client specifies a 10% participation limit but the desk's default includes its own fills in market volume. What should the order ticket capture?

15.A client says “don't chase” and later asks for high completion confidence. What should the trader receive?

16.A fund requests the equivalent of $3 million of a stock listed in two currencies. What should you confirm?

17.A bond client asks for a “net” price. The desk can quote clean price, accrued interest, and fees separately. What should you do?

18.A client requests half an order for each of two accounts but their account identifiers look nearly identical. Which detail should be resolved first?

19.A request says “roll next month” for futures, but gives neither the existing expiry nor the target expiry. What is the minimum readback?

20.A client asks to switch $4 million out of Bond A into Bond B. Which ambiguity affects the trade amounts?

21.A client asks to work a paired trade “together.” What should the readback resolve?

22.A client says “trade only if the spread is at least 180.” What information avoids executing against the wrong spread?

23.A client authorizes the trader to use discretion but prohibits a named venue. What should the desk record?

24.A client requests “buy up to 200,000,” and asks for an indication on how much may be available. What is worth confirming?

25.A client says “all or nothing” for a block, while the trader has permission to find liquidity in several places. What do you need to confirm?

26.A manager requests an order for “one hundred contracts,” but one product has both standard and mini contracts. What must be clarified?

27.A client asks for a trade “for tomorrow” after today's market has closed. What should you confirm?

28.A portfolio manager mentions an earnings event in the order call but does not say whether exposure may carry through it. What is the best clarification?

29.A request arrives from a new contact using an unrecognized account name. They say the trade is urgent. What belongs in the immediate response?

30.A client asks “what would you do?” after discussing two possible hedges. What should sales confirm before creating a ticket?

31.A client gives a price limit and a condition to execute only if a related market crosses a level. What should you record for the condition?

32.A client wants to buy $10 million face only at a firm quote of 99. The dealer can sell $6 million at 99. What can the salesperson report?

33.A client requests an order at “mid” in a market with multiple quotes and a wide spread. What should you confirm?

34.A client wants a same-day fill update every 30 minutes and immediate notice of a suspected fill outside the limit or an order hold. What should the handoff state?

35.A client orders 60,000 shares and says “only work a third for now.” What is the correct initial handoff?

36.A coverage colleague will take over an active client order midway through the session. Which handoff makes the mandate clear?

37.A 75,000-share buy fills 24,000 at $19.80 with no other fills. What is the clearest update while the rest remains working?

38.A 50,000-share order fills 10,000 at $40.00 and 15,000 at $40.20. What is the cumulative average before charges?

39.A client receives a report of 6,000 newly filled shares. Prior cumulative fills were 18,000 of a 60,000-share order. What is the current cumulative status?

40.A client asks, “How much is done?” The record shows 30,000 filled, 20,000 live, and 10,000 held pending release. What should you say?

41.A client asks if the balance was canceled. The trader sent a cancel but has no confirmation. Which reply is accurate?

42.A 100,000-share sell has 35,000 filled. A cancel is requested, and 8,000 more fill before the remaining balance is confirmed canceled. What is the final recap?

43.A fill report is delivered twice through separate systems. What should sales verify before raising the cumulative fill figure?

44.A client saw an indicative offer of $20.10 and asks why the fill report says $20.14. What should the explanation start with?

45.A sell client asks whether its partial fills met a hard $30 floor. The average is $30.08. What must you check?

46.A client asks why its latest average changed after a new fill. It previously bought 20,000 at $25.00 and now bought 5,000 at $25.50. What should you report?

47.A dealer confirms $3 million face of a $7 million bond buy at 98.25 clean. How should you report the price and balance?

48.A client wants a rough cash figure on a $2 million face fill at 101.25 clean with accrued interest of 0.35 per 100 and no fees. What cash is due?

49.A partial sell earns a favorable price versus arrival, but the remaining shares have fallen sharply. What is a balanced update?

50.A buyer paid $50.08 on 20,000 shares against a $50.00 arrival benchmark. Before fees, what price cost should the recap show for those fills?

51.A buy of 40,000 shares was benchmarked at $32.00. It filled 30,000 at $32.02. The 10,000-share residual is marked at $32.15. What is total shortfall before fees under that convention?

52.A fund wants to know whether its average fill includes fees. The displayed average is based on prices only. Which reply is accurate?

53.A client asks for an interim update on a cross-currency fill, but FX has not been executed yet. What should you distinguish?

54.A client is expecting a 15-minute update. There have been no fills and the trader is still working at the approved limit. What is the right message?

55.The desk has worked a buy for one hour and filled 10% of the order. Volume is much lower than forecast. What helps the client decide whether to revise urgency?

56.A client says an updated average looks wrong. Sales has a preliminary screen and the trader has detailed executions. What should happen next?

57.A prior 5,000-share fill is busted, and an authorized report confirms it was reversed. What should the client receive?

58.A fill price is corrected from $21.06 to $21.02 for 10,000 shares, with no quantity change. How should the correction be communicated?

59.A client sees “done for day” on a partially filled order. What should sales confirm before saying the remaining quantity is permanently canceled?

60.A client asks whether the trader has completed both legs of a switch. The sell is fully executed but the buy is only half done. What should the update emphasize?

61.A three-account order has executed 12,000 shares, but the agreed allocation is not yet applied. How should the interim update label account-level quantities?

62.A client asks how much exposure is left after a partial fill in a futures order. What information helps answer beyond the contract count?

63.A 90,000-share order has 54,000 filled. What completion rate should a status note show?

64.A client asks why the fill is marked at 14:05 even though the sales update arrived at 14:08. What distinction answers the question?

65.A client receives two partial updates. The first says 20,000 cumulative and the second says 32,000 cumulative. How much newly filled between reports?

66.A 12,000-share fill at $30.20 follows 8,000 shares at $30.00. The client asks for the last fill and the running average. What should you send?

67.A client sees a high displayed market offer and asks if the desk paid it on the partial. What should coverage answer from the record?

68.A sell order was reduced after partial fills. What denominator should be made explicit when reporting the percentage complete?

69.A trader expects another fill soon but has no venue report. What can sales include in the client update?

70.A client asks for a benchmark comparison on a partial that was worked after an instruction change. What should the recap state?

71.A customer sends a note asking why the residual is zero when only part of the order filled. The order was canceled. How should you explain it?

72.At the close, a 100,000-share buy has 68,000 filled, 12,000 confirmed canceled, and 20,000 held for fresh instructions. Which recap is best?

73.A client changes a 100,000-share buy to 70,000 total after 45,000 fills. What remaining target should you read back?

74.A client wants 25,000 additional shares on top of an order with 40,000 filled and 20,000 currently authorized to work. What is the new total if the 25,000 is expressly incremental to the existing order?

75.A client reduces its order to 30,000 total, but 34,000 shares have already filled under the earlier authority. What is the first accurate readback?

76.A client raises a buy cap from $48 to $49, but its replace request is pending. How should coverage report the change?

77.A buyer tightens its cap to $28.00 while the old $28.50 limit is still live. A fill at $28.25 occurred before the amendment was accepted. What should sales communicate?

78.A client says “stop for now” after 20,000 shares fill, with 30,000 still active. What should the salesperson confirm after acting on the hold instruction?

79.A client increases urgency but leaves a hard buy cap unchanged. The market is above the cap. What should the salesperson say?

80.A client decides price protection matters more than completing by noon. What needs updating with the trader?

81.A client extends the deadline by an hour but says the participation limit stays unchanged. What should change in the plan?

82.A client asks to halve the remaining quantity. The parent was 80,000 shares and 32,000 have filled. What new total should you read back?

83.A client switches from a patient order to completion by close after a late inflow. The remaining size exceeds likely volume at the existing cap. What should coverage present?

84.A client asks to send the whole remaining balance to a block venue, but part is live elsewhere and its cancel has not been confirmed. What should the desk do first?

85.A client changes its benchmark from arrival price to close for the remaining shares only. How should the final recap be structured?

86.A client wants to resume an order paused during news. What should sales confirm before telling the trader to restart?

87.A client asks for the balance to be worked tomorrow instead of today. Its current day order is still live. What does the handoff need?

88.A client changes a two-leg trade so the sell must finish first. The buy leg already has partial fills. What should the readback include?

89.A manager wants to switch the remaining bond buy from Issue A to Issue B after a partial fill in A. What is the appropriate handling?

90.A client changes a marketable order to passive only while the trader has already sent an immediate-or-cancel slice. What should sales explain?

91.A trader proposes an alternative venue after liquidity disappears. The client previously restricted that venue. What must happen before using it?

92.A client requests a cancel, then immediately asks to reinstate at a new price. Both messages concern the same order. What should coverage ensure?

93.A client wants to reduce trade cost and asks to wait for a block until 14:30. What should the revised plan specify for that checkpoint?

94.A client adds a cash ceiling after partial fills. What information is needed to calculate available budget for the remainder?

95.A client revises the deadline after a trade has already fallen behind. What evidence should be used in the update?

96.A client asks to change allocation after partial fills, but the proposed account is not verified for the security. What is the right response?

97.A client wants to move a remaining sell order from an arrival-price objective to closing auction execution. What should sales confirm?

98.A client asks for the current balance during a change and says it may place the residual with another broker. What should your update highlight?

99.A manager lifts an urgency restriction on a buy but wants reporting every five minutes from now on. What should be passed to the desk?

100.A client raises the size of a bond buy, but the dealer only confirmed the old amount at the quoted price. What is the right update?

101.A client asks to take an urgent slice out of a passive parent while continuing to work the rest. What should the trader and coverage agree?

102.A client makes a change by phone during a fast market. What record is needed for the later recap?

103.A client asks why an amendment has not appeared in their order view. The desk sent it, and venue acknowledgement is outstanding. What should you say?

104.A client switches from a hard completion deadline to an instruction to cancel if spread widens beyond a threshold. What must be specified?

105.A client changes its mind after a confirmed fill and asks to erase it. There is no reported trade error. What is the accurate response?

106.A late order change cuts authorized sell size. Actual fills end below the original target but exactly match the revised total. How should a recap describe completion?

107.A salesperson receives notice that a client priority change could conflict with an existing desk restriction. What should happen before the trader changes tactics?

108.A 100,000-share buy has 55,000 filled. The client reduces total size to 75,000 and imposes a tighter price cap. What is the strongest confirmation to send?