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The trade for stock WXYZ is large relative to average daily trading volume (75,000/150,000 = 50%) and has a large spread. Because of these characteristics, it should be traded through a skilled broker or through a crossing system to minimize the spread. The trade for stock ABCD is relatively small (20,000/400,000 = 5%) and the spread is low. The ABCD trade is of low urgency and can be traded over time. It is thus suitable for a simple participation strategy based on VWAP or other benchmark. The LMNO trade is of small relative size (60,000/1,000,000 = 6%), has small spreads, and high urgency. It should be traded more quickly using an implementation shortfall strategy.