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Below is the limit order book of Facebook in BATS network as of May16, 2016: If you submit a market sell order of 1000 shares,

Below is the limit order book of Facebook in BATS network as of May16, 2016:

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If you submit a market sell order of 1000 shares, the volume-weighted average price of your trade will be:

A.

118.36

B.

118.34

C.

Between 118.33 and 118.34

D.

Between 118.32 and 118.33

Facebook, Inc. (FB) - NasdaqGS Watchlist 118.34 +1.47 (1.23%) 1:13PM EDT - Nasdaq Real Time Price Order Book Top of Book Bid Price Size Ask Price 118.36 Size 118.34 200 300 118.33 700 118.37 300 118.32 900 118.38 300 118.31 400 118.39 500 118.30 400 118.40 500 Figure 3.4 A portion of the limit order book for Facebook on the BATS Market, May 16, 2016 Source: BATS Market, May 16, 2016

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