Friday, September 22, 2017 6:45:25 PM
from a FINRA explanation of “Trade Reporting Frequently Asked Questions"
Q100.8: What is the “time of execution” for purposes of the trade reporting rules?
A100.8: The time of execution is the time when the parties to a transaction have agreed to all of the essential terms of the transaction, including the actual price (e.g., the published closing price or end-of-day volume weighted average price (VWAP)) and number of shares to be traded. For example, at 10:00 a.m., member BD1 receives an order to purchase 100 shares that is to be priced at the end-of-day VWAP, and at 4:30 p.m., the VWAP is published. In this instance, the time of execution is 4:30 p.m., not 10:00 a.m.
http://www.finra.org/industry/trade-reporting-faq#312
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From Interactive Brokers web page on “Guaranteed VWAP (Volume Weighted Average Price) Orders"
You want to buy 50,000 shares of large cap stock XYZ. At 9:00 a.m. You enter the order in TWS, selecting VWAP as the order type and entering 50,000 in the Quantity field. The order destination is automatically changed to VWAP and prices are no longer displayed. Submit the order. After the market closes, the VWAP order with the executing price is available via the Trades window.
https://www.interactivebrokers.com/en/index.php?f=603
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