Investment Company and Variable Contracts Products Representative (Series 6)Practice Exam

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For how long may a not held order be maintained?

Until canceled
For one day
For 30 days
For the duration of the transaction

The correct answer is: For one day

A not held order is a type of trading order where the broker is given discretion over the timing and price of the trade. The key aspect of not held orders is that they provide flexibility to the broker, allowing them to seek the best execution of the order without being bound by an immediate market price. Typically, a not held order is maintained for the duration of the trading day in which it was placed. This means that if the order is not executed by the end of the trading day, it expires. Therefore, the correct answer indicates that a not held order may be maintained for one day only, aligning with standard practices in securities trading. The other options suggest longer durations, which do not accurately reflect the nature of how not held orders function in relation to their validity or execution timeframe.