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This type of order is relevant for trades placed on certain exchanges (regulated trading venues) where an order may be handled by an agent of the trader in executing trades (a broker). This variation of the market order is designed to give the agent greater discretion than a simple market order would allow.
(Level III Volume 6 Portfolio: Execution, Evaluation and Attribution, and Global Investment Performance Standards , 4th Edition. Pearson Learning Solutions 8).
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