not held

not held

A customer instruction that permits an exchange member to use personal judgment in executing either a market or limit order with respect to the time and/or the price of execution. In theory, this instruction is designed to obtain a more favorable price since the floor broker may have a feel for whether prices are likely to rise or decline. Unlike a regular market order, however, a market not held order does not guarantee that the order will be filled. Also called market not held order.