Limited Trading Authorization

See: Power of Attorney.

Okay, so you can trade on behalf of your client. But not...freely.

You have authorization to trade, say, $1 million worth of total trades in a month. Or you have the right to trade all day long in your client's 80,000 shares of MSFT. Or you have the right to buy, but not to sell. Your trading authority is...limited.

The limits have to be written down, recorded, set for all posterity...because if they are violated and a lawsuit...happens, then the judge has to be able to glean the clarity from the saved instructions to determine whether or not the broker violated them. And then figure out who owes what to whom.