When are client orders typically approved by a supervisor?

The correct answer to the question regarding when client orders are typically approved by a supervisor is before execution. In the securities industry, the approval process for client orders is designed to ensure that trades are executed with proper oversight and in accordance with regulatory requirements and the firm's policies. This means that supervisors must review and approve orders prior to them being executed to confirm that they are suitable for the client's investment profile, to prevent any potential conflicts of interest, and to ensure compliance with trading rules and regulations.

While it might be feasible for supervisors to review certain aspects of a transaction upon receipt or immediately after execution, such practices could lead to compliance risks and issues that might affect both the firm and the clients negatively. Therefore, the approval of client orders before execution is a crucial control measure in the investment process.