Your goal is to buy 20,000 shares of an ASX-listed company XYZ using the information provided in the spreadsheet.

a. Suppose you want to use the following algos,

• i. a 3-hour uniform TWAP;
• ii. a 5-hour randomised TWAP;
• iii. a VWAP that is based on the provided historical volume profile; and iv. a POV with 20% participation rate. Fill in the volume information in the corresponding cells. Please note that, "10:00" represents a 15-minute window from 10:00:00 to 10:14:59.

b. This is an extension to the POV algo given in part a. Based on a breakdown of the market trades from 14:00 to 14:30, what should be the size of your trades in those three orange boxes?

c. Based on your inputs in part a, calculate the following, 1) market VWAP; and 2) your VWAPs from the four algos. Assume prices are the same for all transactions within each 15-minute window.

d. Do you expect to see your VWAP form the VWAP algo and your VWAP from POV algo more similar than, say comparing to the VWAP from 3-hour uniform TWAP algo? Explain.