For buy backs the appointed broker will have an algorithm which is designed to execute orders according to the strategy set by the company (client). In this case it is a VWAP target, so it'll generally just be the standard VWAP algorithm the broker uses to execute their customer orders (or their customers use for self directed trading). If the broker us guaranteeing VWAP then yes, they are on the hook for the mistracking vs VWAP, though they will keep any outperformance. My guess is it's a straight Agency VWAP order to the broker.
Every thing nowadays in insto land (and on the tools most people here use) is algorithmically driven. Each broker have provably 6-8 algos they would use or make available to customers, depending upon execution strategy...MOO, MOC, VWAP, TWAP, POV, Implementation Shortfall, Peg, Iceberg...there are heaps more but perhaps for another chat.
Hope this helped.
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$21.92 |
Change
0.350(1.62%) |
Mkt cap ! $67.49B |
Open | High | Low | Value | Volume |
$21.60 | $21.95 | $21.54 | $94.22M | 4.315M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1000 | $21.91 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$21.93 | 18370 | 7 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 2796 | 21.900 |
3 | 1560 | 21.890 |
4 | 21941 | 21.880 |
3 | 26259 | 21.870 |
4 | 26276 | 21.860 |
Price($) | Vol. | No. |
---|---|---|
21.930 | 11100 | 5 |
21.940 | 3030 | 3 |
21.950 | 7667 | 5 |
21.960 | 3333 | 1 |
21.970 | 6000 | 2 |
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