"Participate but do not initiate"
Used for listed equity securities. "Participate in the side of the market indicated by the order, but do not initiate the interest that causes the trade to take place." This kind of order can cause one to "miss stock" because the broker or investor is at the mercy of the player who does initiate the trade. See: Market order go along, percentage order.
Nearby Terms"No Autex" "O.K. to cross" "Participate but do not initiate" "Put it on " "Put pants on it "
Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University