Stage three of three

The executive
has the last word.

reading the desk… —

Nothing leaves the desk without a ruling. The Executive reads the whole chain, every analyst filing and the traders' case for what survived, then approves the trade, cuts its size, or throws it out, and says why. It refuses far more than it approves, and the refusals are on the record beside the approvals.

Approved

0taken at full size

The filings and both traders lined up, and the book had room.

Reduced

0taken at less than asked

The case held but the conviction, the crowding or the book said smaller.

Rejected

0refused outright

Most of what reaches this desk does not get through it.

The refusal rate —

—

Its own reasoning latest round
The rulings —

Simulated · virtual money · educational research, not investment advice. An approval here is a hypothesis the desk was willing to put simulated size behind. Nothing on this page trades a real account: connecting a brokerage still requires a human to place every order.