Can someone explain to me what some of this lingo means in terms of trading? I have heard it related to equities:
"Working" a trade DWAP Leaves Cancel Leaves Giving someone an "out" GTC
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GTC: Good 'Til Cancelled
An order to buy or sell a security at a set price that is active until the investor decides to cancel it or the trade is executed.
VWAP is volume-weighted average price... but not sure what DWAP is.
Working a trade / order usually means you are currently trying to execute for the client in the market without putting it in your books (and charging a spread for the risk). For example: you sell it / buy it in the market in separate chunks and when done you give the client a volume weighted average price on the whole lot.
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