Formula for MTOC :
(CP - BP)/ BP X shares not purchased/ shares ordered.
On Page 59 Solution to Question 5 ( Volume 6) of CFAI uses Shares not purchased only as opposed to shares not purchased/ shared orderd.
Doest that mean we can use either or ?
In q 5 they are asking for an estimate of the missed trade opportunity cost.
when it comes to the “implementation shortfall” - the above is expressed as a % (in bps) - then the need to divide by (# of shares purchased * Benchmark price).
Got it ( and it makes complete sense) !