sellside trader etiquette/convention on working multiple orders

Let's say you're a sellside trader. Imagine the following scenario:
Client A asks you to work an order where Client A buys $5mm of Security X at $100. Shortly after, Client B asks you to work the same order (i.e. Client B buys $5mm of Security X at $100).

When Client B comes in to work the same order, is the sellside trader supposed to tell Client B that he's already working another order? Does/should the trader tell Client A that another client came in with the same order?

Let's say the trader is working both clients' orders and is at some point able to fill them, but only $7.5mm of the $10mm total ($5mm from Client A, $5mm from Client B). Does/should he have to fill Client A's $5mm order entirely first before starting to (partially) fill Client B's $5mm order? Can the trader split the trade up between Client A & B totally at his own discretion? Regardless of what he ends up doing, does he have to tell the truth if Client A or B asks him exactly what happened? 

I realize the answers may vary depending on specific product & market, whether the product is super liquid or illiquid, and so forth. But even if they do, I'd be curious in what ways.

4 Comments
 
Most Helpful

Provident libero aspernatur cumque veniam non. In qui sit aut enim consequatur accusamus. Aperiam odio voluptatibus consequatur quod non reiciendis.

Et ea deserunt enim quia. Eos dolorem blanditiis corporis dicta aut aspernatur fugit. Aut suscipit velit incidunt quo sequi aut. Quam autem debitis earum dolorem sed ut.

Career Advancement Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.4%
  • Goldman Sachs 01 97.8%
  • Morgan Stanley 07 97.3%

Overall Employee Satisfaction

September 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 98.9%
  • Evercore 01 98.4%
  • Banco Santander 02 97.8%
  • BMO Capital Markets 12 97.3%

Professional Growth Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 07 98.4%
  • Goldman Sachs 01 97.8%
  • JPMorgan No 97.3%

Total Avg Compensation

September 2026 Investment Banking

  • Vice President (16) $429
  • Associates (51) $260
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (26) $182
  • Intern/Summer Associate (14) $159
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
kanon's picture
kanon
99.0
5
DrApeman's picture
DrApeman
98.9
6
GameTheory's picture
GameTheory
98.9
7
dosk17's picture
dosk17
98.9
8
CompBanker's picture
CompBanker
98.9
9
Betsy Massar's picture
Betsy Massar
98.9
10
Linda Abraham's picture
Linda Abraham
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”