Reference no: EM133115073
You have started your first day at Goldman Sachs trading desk as an execution broker. Thirty minutes before open you get a call from a client to purchase 400,00 shares of Celgene over the course of the day at your discretion. At the end of the day you submit the following blotter to the client on your executions:
Time Bid Ask Execution Shares
9:30 55.35 57.02 56.71 100,000
11:15 57.12 57.61 57.49 75,000
13:25 52.17 54.32 53.55 55,000
15:12 51.95 52.17 52.05 70,000
15:59 57.05 57.95 57.45 100,000
1) What is the average effective spread. Show all work.
2) Assuming that the above trades are the only ones executed in Celgene, what is the VWAP. Show all work.