Ever wonder why Mo'hmar Qadaffi (Chief Disney character of Libya) ended up being so mean? We're guessing that he wasn't held as a child.
But on Wall Street, not held" means that the broker can choose when to submit a trade for execution if he thinks that he can get the customer a better price later than what's currently being shown. Not held orders only deal with timing. The broker takes no discretion on whether to buy or sell, nor as to how much.