An order that does not hold the executing member financially responsible for using his personal judgment in the execution price or time of a transaction.

Applies mainly to international equities. Market or limit order in which the customer does not desire to transact automatically at the inside market (market held) but instead has given the trader or floor broker (listed stock) time and price discretion in transacting on a best-efforts basis. This will not hold the broker responsible for missing the price within the limits (limit not held) or obtaining a worse price (market not held). The order is marked "not held, disregard tape/DRT, take time" or bears any such qualifying notation, excluding "or better." See: Held order.

a type of discretionary order, where the broker is given a discretion to wait to buy if he feels that the prices will go further down or wait to sell if he feels that the prices may go further up