Refers to a bid or offer that cannot be executed without confirmation from the customer. In other words, not firm, but a bid/offer that needs additional information/confirmation before becoming firm and is therefore still negotiable.
Describing a bid or offer for a security that is still negotiable. That is, a subject bid/offer is not firm and requires confirmation before a transaction involving it can be executed.
So keep releasing those numbers showing how much money we've cut off for Al Qaeda, then change the subject when those pesky reporters ask whether the Saudis or the Pakistanis are actually helping us track down the sources of funding.