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How should an order be identified when the broker (as opposed to the trader) has price and time discretion?

April 26, 2017broker discretion price time trader

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How should an order be identified when the broker (as opposed to the trader) has price and time discretion?

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An order submitted by a customer who gives the broker discretion as to the price and time of execution is denoted as a “Not Held” order. For OATS, the definition of a “trader” in the context of a “Not Held” order is extended to the broker.