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The following table gives the daily volume profile for XYZ. A fund manager wants to sell 20,000 shares between 9:30 and noon, and seeks to

The following table gives the daily volume profile for XYZ. A fund manager wants to sell 20,000 shares between 9:30 and noon, and seeks to sell at VWAP over that period. How many shares should she aim to sell in each of the five 30-minute intervals that span 9:30 to 12:00?

Interval

Avg.

Volume

9:30

26,000

13%

10:00

20,000

10%

10:30

18,000

9%

11:00

12,000

6%

11:30

12,000

6%

12:00

12,000

6%

12:30

12,000

6%

13:00

12,000

6%

13:30

12,000

6%

14:00

12,000

6%

14:30

12,000

6%

15:00

16,000

8%

15:30

24,000

12%

200,000 100%

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