fractional discretion order


Purchase or sell orders made on securities that allow a broker dealer's discretion to be factored in by a fraction of a point. The broker dealer can alter the price in either direction as long as he or she stays within that fraction of a point. For example a price for a share may be issued at $100 with a 75 cent discretion, which gives the broker dealer the ability to accept $99.25 a share.
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fourth quarter fractional interest