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Non-Directed Order


An order that is placed by a client with a broker or dealer without specifying the market center (venue or exchange) for execution. The client does not give any specific instruction on the routing to a specific center. A market center could be an OTC market maker, an alternative trading system (ATS), national securities association/ exchange, or a market maker that internalizes orders.



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This section covers a wide-ranging array of terms and concepts, among others, in the area of exchanges and financial marekts at large ...
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