Definition of not held

instruction (abbreviated NH) on a market order to buy or sell securities, indicating that the customer has given the floor broker time and price discretion in executing the best possible trade but will not hold the broker responsible if the best deal is not obtained. Such orders, which are usually for large blocks of securities, were originally designed for placement with specialists, who could hold an order back if they felt prices were going to rise. The Securities and Exchange Commission no longer allows specialists to handle NH orders, leaving floor brokers without any clear alternative except to persuade the customer to change the order to a limit order. The broker can then turn the order over to a specialist, who could sell pieces of the block to floor traders or buy it for his own account. See also specialist block purchase and sale. An older variation of NH is DRT, meaning disregard tape.