diff --git a/crates/fidc-core/src/broker.rs b/crates/fidc-core/src/broker.rs
index e5b4b57..6b1afc8 100644
--- a/crates/fidc-core/src/broker.rs
+++ b/crates/fidc-core/src/broker.rs
@@ -4632,6 +4632,7 @@ where
                     quotes,
                     start_cursor,
                     end_cursor,
+                    matching_type == MatchingType::NextTickLast && start_cursor.is_some(),
                 )),
             });
         }
@@ -4644,7 +4645,16 @@ where
         quotes: &[IntradayExecutionQuote],
         start_cursor: Option<NaiveDateTime>,
         end_cursor: Option<NaiveDateTime>,
+        use_decision_time_quote: bool,
     ) -> &'static str {
+        if use_decision_time_quote {
+            let saw_quote_at_or_before_start = start_cursor
+                .is_some_and(|cursor| quotes.iter().any(|quote| quote.timestamp <= cursor));
+            if saw_quote_at_or_before_start {
+                return "intraday quote liquidity exhausted";
+            }
+            return "no execution quotes at or before start";
+        }
         let saw_quote_in_window = quotes.iter().any(|quote| {
             !start_cursor.is_some_and(|cursor| quote.timestamp < cursor)
                 && !end_cursor.is_some_and(|cursor| quote.timestamp > cursor)
@@ -4987,7 +4997,9 @@ fn sell_reason(decision: &StrategyDecision, symbol: &str) -> &'static str {
 
 #[cfg(test)]
 mod tests {
-    use super::{BrokerSimulator, MatchingType};
+    use std::collections::BTreeMap;
+
+    use super::{BrokerExecutionReport, BrokerSimulator, MatchingType, SlippageModel};
     use crate::cost::ChinaAShareCostModel;
     use crate::data::{
         BenchmarkSnapshot, CandidateEligibility, DailyMarketSnapshot, DataSet,
@@ -4995,6 +5007,7 @@ mod tests {
     };
     use crate::events::OrderSide;
     use crate::instrument::Instrument;
+    use crate::portfolio::PortfolioState;
     use crate::rules::ChinaEquityRuleHooks;
 
     fn limit_test_snapshot() -> DailyMarketSnapshot {
@@ -5186,6 +5199,73 @@ mod tests {
         );
     }
 
+    #[test]
+    fn value_buy_process_uses_latest_quote_before_decision_time() {
+        let date = chrono::NaiveDate::from_ymd_opt(2025, 1, 2).expect("valid date");
+        let broker = BrokerSimulator::new_with_execution_price(
+            ChinaAShareCostModel::default(),
+            ChinaEquityRuleHooks,
+            PriceField::Last,
+        )
+        .with_intraday_execution_start_time(date.and_hms_opt(9, 33, 0).unwrap().time())
+        .with_slippage_model(SlippageModel::PriceRatio(0.002))
+        .with_strict_value_budget(true)
+        .with_volume_limit(false)
+        .with_liquidity_limit(false)
+        .with_inactive_limit(false);
+        let mut snapshot = limit_test_snapshot();
+        snapshot.day_open = 8.70;
+        snapshot.open = 8.70;
+        snapshot.high = 8.95;
+        snapshot.low = 8.60;
+        snapshot.last_price = 8.94;
+        snapshot.bid1 = 8.93;
+        snapshot.ask1 = 8.94;
+        snapshot.close = 8.94;
+        snapshot.upper_limit = 9.72;
+        snapshot.lower_limit = 7.96;
+        let mut quote = limit_test_quote(8.69, 8.69, 8.70);
+        quote.timestamp = date.and_hms_opt(9, 32, 55).expect("valid timestamp");
+        let data = DataSet::from_components_with_actions_and_quotes(
+            vec![limit_test_instrument()],
+            vec![snapshot],
+            Vec::new(),
+            vec![limit_test_candidate(true, true)],
+            vec![limit_test_benchmark()],
+            Vec::new(),
+            vec![quote],
+        )
+        .expect("valid dataset");
+        let mut portfolio = PortfolioState::new(10_000_000.0);
+        let mut report = BrokerExecutionReport::default();
+
+        broker
+            .process_value(
+                date,
+                &mut portfolio,
+                &data,
+                "000001.SZ",
+                125_000.0,
+                "periodic_rebalance_buy",
+                &mut BTreeMap::new(),
+                &mut BTreeMap::new(),
+                &mut None,
+                &mut BTreeMap::new(),
+                &mut report,
+            )
+            .expect("value buy processed");
+
+        let position = portfolio.position("000001.SZ").unwrap_or_else(|| {
+            panic!(
+                "position created from latest known quote; events={:?}",
+                report.order_events
+            )
+        });
+        assert_eq!(position.quantity, 14_300);
+        assert_eq!(report.order_events.len(), 1);
+        assert_eq!(report.order_events[0].filled_quantity, 14_300);
+    }
+
     #[test]
     fn instantaneous_twap_without_limits_does_not_cap_quote_quantity() {
         let broker = BrokerSimulator::new(ChinaAShareCostModel::default(), ChinaEquityRuleHooks)
diff --git a/crates/fidc-core/src/engine.rs b/crates/fidc-core/src/engine.rs
index a19d5b6..937c7be 100644
--- a/crates/fidc-core/src/engine.rs
+++ b/crates/fidc-core/src/engine.rs
@@ -3197,6 +3197,14 @@ fn has_execution_quote_in_window(
 ) -> bool {
     let start_cursor = start_time.map(|time| date.and_time(time));
     let end_cursor = end_time.map(|time| date.and_time(time));
+    if let Some(cursor) = start_cursor
+        && end_cursor.is_none()
+    {
+        return data
+            .execution_quotes_on(date, symbol)
+            .iter()
+            .any(|quote| quote.timestamp <= cursor);
+    }
     data.execution_quotes_on(date, symbol).iter().any(|quote| {
         !start_cursor.is_some_and(|cursor| quote.timestamp < cursor)
             && !end_cursor.is_some_and(|cursor| quote.timestamp > cursor)