In the first of a two-part series on equity algorithms, Episode 57 of Bid Out focuses on why VWAP, a much maligned trading benchmark representing "average" execution performance, still remains popular with buy side traders. Robert discusses proper benchmarking for VWAP strategies as well as the process for determining proper participation rates, while Jenny breaks down the importance of distilling traded volume down to the portion that represents tradeable activity to ensure that algo strategies are properly calibrated. We finish part one focused on the growing importance of on close activity, the period the trading day with the most natural liquidity, and the need to incorporate on close strategies into scheduled based algo logic. Part 2 will be release next Friday on February 2, 2024. Chapter Headings: 7:53 - Why does VWAP Remain so Popular? 13:44 - Comparing Broker VWAP Algos 17:08 - The Importance of Accurately Predicting Volume 23:45 - Incorporating On Close Strategies Into Scheduled Based Algos Guests: Jennifer Hadiaris, Global Head of Equity Market Structure, TD Cowen Robert Miller, Head of Global Equity Execution Consulting, The Vanguard Group Inc. Disclaimer: This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. The views and opinions expressed in this podcast are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.