Post-Trade Client Reviews

1.A client buy averaged $50.12 against a $50.00 arrival benchmark. What is the price shortfall per share before fees?

2.A sell averaged $39.90 against a $40.00 arrival price. What was the shortfall in basis points before fees?

3.A client asked to track full-day VWAP. The buy beat full-day VWAP but missed arrival. What should the opening explanation emphasize?

4.A buy filled 80,000 shares of a 100,000-share order. Arrival was $20.00, the average fill was $20.05, and the unfilled shares are marked at $20.30. What is total shortfall before fees on that basis?

5.A client gives the decision at $30.00. The desk gets the buy at $30.10 and fills it at $30.18. Which split is correct before fees?

6.A buy missed arrival by 40 basis points, and a peer basket rose 35 basis points during the same interval. What can you say?

7.A buy filled at $72.10 for 3,000 shares and $72.30 for 1,000. What average fill should the client see?

8.A client asks why a passive buy filled just before the price fell. Which metric directly describes the move after the fill?

9.A client bought 50,000 shares at $25.04 against $25.00 arrival. Commissions totaled $500. What is dollar shortfall including commissions?

10.A buy has favorable slippage on filled shares, but only 30% of the order filled and the market rallied. What belongs in the review?

11.A buy limit was $18.50. The stock offered above that level for most of the session, with little volume available at or below the cap. What explains the residual most directly?

12.A client asks why a sell had high shortfall despite low commissions. What distinction helps?

13.A client order ran only from 10 to 11. Your report shows full-day VWAP and the VWAP over that hour. How should they be presented?

14.A buy was sent to an auction to target the close. It filled at the official close for half its size. What is the accurate summary?

15.A client order reached the desk during a public announcement, and the first fill came four minutes later. What helps explain the delay?

16.A broker says it traded at 12% participation because it filled 12,000 shares. What other input is needed?

17.A 40,000-share sell was 70% complete when the client canceled the balance. How many shares were canceled assuming no later fills?

18.A client says the order lagged while the desk was trading at its participation cap. What evidence makes the explanation concrete?

19.A buy missed the close but the client requested fast completion before a morning risk deadline. What belongs in the review?

20.A fill report says a sell averaged $19.98 while a public chart shows the midpoint at $20.01. What should you check?

21.A client asks whether a wide spread or market impact drove the miss. What evidence helps distinguish them?

22.A sell order is benchmarked to $15.00. It fills 40,000 shares at $14.94 and 10,000 at $15.04. What is the net price shortfall before fees?

23.A price report says a buy was 5 basis points better than arrival. The commission was 7 basis points on the same basis. What is all-in shortfall?

24.A client buys an instrument quoted in euros and reviews cost in dollars. What can prevent confusion?

25.A fill file contains both preliminary and corrected records for the same execution. Which should drive the final review?

26.A client changed a sell from passive to urgent at noon. Which review shows how the change affected execution?

27.A report quotes 40 basis points of shortfall, but the client spreadsheet says 30. Which initial check is most useful?

28.A desk filled 18,000 shares during an interval with 150,000 shares of eligible market volume. What participation rate should the review show?

29.A client asks why the desk did not sell the entire order at the day's high. What is a useful response?

30.A buy was released at $12.00, averaged $12.03, and closed at $12.20. What does the release comparison show?

31.A client asks if poor execution was due to a venue outage. The desk has a route alert but no confirmed effect on this order. What should it say?

32.A client sell ran for 30 minutes and the market fell before it began. What comparison isolates the move before release?

33.A comparison says the desk paid 20 cents more on a buy because displayed prices rose by 20 cents over the order window. What detail could change that conclusion?

34.A client wants a review of its largest basket names. One security represents 10% of traded shares but 40% of notional. Which weighting matches a dollar-cost review?

35.A market benchmark includes the client's own large fills. What should the review disclose?

36.A client opens with, “You ignored my urgency.” What is the best first response?

37.A client says a competitor beat your average price on the same stock. What comparison is most useful?

38.A verified desk error delayed the first route by five minutes. Which update is appropriate?

39.A client asks, “How much of this was your fault?” You have reliable timestamps but no impact model for this stock. What is the best answer?

40.A client disputes the review's arrival time and produces a timestamp from its order management system. What should you do?

41.A client demands a fee credit while the issue is still being investigated. How should sales respond?

42.A client asks for details about other investors' orders to explain a thin book. What can sales share?

43.A client disputes the term “price improvement” because the order still missed arrival. What should sales clarify?

44.A client asks why the desk did not call when completion became unlikely. The records show a required update was missed. What should the response include?

45.A client says a late fill was unauthorized. You have conflicting notes on whether a cutoff changed. What should happen first?

46.A client insists on an exact counterfactual fill price for a faster strategy. What answer is defensible?

47.A client calls a 2-cent miss trivial. The order filled 3 million shares. What is the dollar price shortfall at 2 cents per share?

48.A trader says rising prices made the miss inevitable. The client points to a 10-minute delay before the first route. What should sales investigate?

49.A client complains that a limit change was ignored. You find the change arrived after the fill was confirmed. What is the clearest response?

50.A client says a high participation rate caused the price to move. What is a strong response?

51.A broker's review uses a 5-minute markout, but the client asks for a 30-second view. What is appropriate?

52.A client asks why a sell was marked 20 basis points adverse when the price was below the benchmark. What is the clearest explanation?

53.A client says its portfolio manager remembers authorizing urgency, but the recorded order says passive. What should the review do?

54.A client asks for an answer before the venue's detailed report arrives. What is the most useful interim update?

55.A client wants to know whether a desk error also affected other legs of its basket. What should sales do?

56.A client asks why 8,000 canceled shares show up in its cost report. What should sales explain?

57.A client says the order missed because the desk used the wrong venue. What evidence is best?

58.A client points to two expensive outlier fills in an otherwise normal report. What should the broker show?

59.A client says your written review conflicts with what a trader said on the call. What should sales do?

60.A client complains that fills were good but the updates were unreliable. What should the review cover?

61.A client asks, “Can you guarantee this won't happen again?” What is the most responsible reply?

62.A client points to a public print in a size much larger than its order. What should sales verify before treating it as available?

63.A client says high volatility is an excuse. What is a useful answer?

64.A discrepancy appears to affect the billed commission. What is the appropriate client response?

65.A client asks for the original order size, the amount filled, and the residual. The order was 75,000 shares with fills of 25,000 and 30,000. What should the review report?

66.A client objects that the report combines orders with different urgency instructions. What is the right fix?

67.A client wants the conclusion before the technical details. Which opening works best?

68.A client says an algorithm “sat idle” because it did not fill for 15 minutes. The logs show it maintained eligible resting orders. What should sales explain?

69.A client asks whether the order was mishandled. You identify a process violation with no established price effect. What should the reply distinguish?

70.A client disagrees with your interpretation after you show the evidence. What is the most constructive close to the discussion?

71.A client says it wants both a strict buy cap and guaranteed completion. The market may stay above that cap. What should you agree before accepting the order?

72.A client wants to finish by noon next time but prefers to avoid crossing wide spreads. What makes the instructions actionable?

73.A sell missed arrival after a gradual morning decline. The client says price protection matters less than exiting quickly. What change fits?

74.A client says the next order should minimize footprint and can remain unfinished. Which instruction fits?

75.A client wants an update if projected completion falls below 85%. At the checkpoint, projected completion is 82%. What should the desk do?

76.A client wants the next order to track full-day VWAP. It plans to send the order at 2 p.m. What should be clarified?

77.A desk proposes sending more of the next order to the closing auction. What client choice should be confirmed?

78.A client wants to change a hard limit if the order falls behind. Who should be able to authorize the change?

79.A client wants the next 100,000-share order to be 60% done by 11 a.m. At 10:45, 42,000 shares are filled. How many additional shares are needed by 11?

80.A participation cap is 10% of eligible market volume. There are 300,000 shares expected before the client's deadline and 40,000 still to fill. What should sales flag?

81.A client asks for a promise that the next buy will beat arrival. What can sales credibly offer?

82.A client wants three contact points for a large order. What should the recap specify?

83.A client rejects the proposed use of a particular venue. What should go into the next order instructions?

84.A client wants a more aggressive schedule but keeps a tight limit. What scenario should the broker show?

85.A client says it prefers quick completion during news, patient execution otherwise. What makes that instruction testable?

86.A $25 million buy needs a maximum single clip of $2 million. Why might the broker still recommend smaller clips early on?

87.A client wants the next order judged on both completion and price. Which recap is clearest?

88.A client asks to stage a basket without drifting far from a sector-neutral target. Which checkpoint belongs in the plan?

89.A client asks to compare the revised strategy with the old one. What is a fair design?

90.A client wants to approve changes by phone but requires written confirmation. What should sales record?

91.A previous order missed because the desk called a contact who was unavailable. What should the new plan add?

92.A client wants the next residual worked after the close. What needs explicit agreement?

93.A client decides to work the next order over two days instead of one. What should the broker explain?

94.A desk proposes a minimum fill size on a passive route. What should it discuss with the client?

95.A client says it wants to be told “early” if the order is off track. Which instruction improves that request?

96.A client accepts higher participation for a short period but wants a return to the normal cap afterward. What should the plan state?

97.A client asks the desk to seek a block before releasing the order to the market. What should be agreed?

98.A client wants the next review to show whether its communication problem was fixed. What metric fits?

99.A new order has a near deadline. Market depth is half what the earlier review assumed. What should sales do before carrying over the old plan?

100.A client wants a hard stop at 3 p.m. What operational detail matters?

101.A client asks to test a revised approach on the next order before adopting it more widely. What is a good design?

102.A client wants to cancel a residual if the remaining quote gets too expensive. What belongs in the instruction?

103.A client sends a follow-up note with a participation cap that differs from the recap you sent. What should happen before the next order is released?

104.A client ends the review saying, “Let's try the revised plan.” What should sales send afterward?

105.A client wants the next sale completed by noon and prefers no more than 15% participation, but allows a higher rate with approval. What does the desk do if it projects a shortfall at 10:45?