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.