A market or limit order that gives the broker or floor trader both time and price discretion to attempt to get the best possible price.

A person placing a not-held order exhibits great faith that the floor trader will be able to attain a better price than the current one. Although the floor trader has price and time discretion, he or she cannot be responsible for any losses that the shareholder may suffer as a result of this type of order. Often this type of order is applied to international equities to the fact that shareholders trust the trader's judgment more than they trust their own.