Not-held Order Definition

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Definition Of Not-held Order:

A market or limit order that gives thebroker or floor trader both time and price discretionto attempt to get the best possible price.
A personplacinga not-held order exhibits great faith that the floor trader will be able to attain a better price than the current one. Although the floor trader has price and time discretion,he or shecannot be responsible for any losses that the shareholder may suffer as a result of this type of order. Often this type of order is applied to international equitiesto the fact thatshareholders trust the trader's judgment more than they trust their own.

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