Used in the context of general equities. Trade whose size is only part of the total customer indication/order, usually made to avoid a compromise in price and also to get some business instead of losing the customers inquiry/order to a competitor.
Informal; a trade in which a broker only executes part of a client's order. The broker makes a partial execution based on the counter-orders currently available. Some client orders, such as all-or-none orders, preclude partial execution.