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How is an ECM-Ws average daily volume calculated if the ECM-W was approved midway through the quarter?

April 26, 2017Approved average calculated ecm-w midway quarter volume

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How is an ECM-Ws average daily volume calculated if the ECM-W was approved midway through the quarter?

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The average daily volume will be based on the sides traded while the firm was an ECM-W and the number of business days that the entity was an ECM-W during the quarter.