Aggregated Order

An aggregated order consists of bunched purchase or sell orders emanating from an asset manager or portfolio manager at a participant firm who is empowered to make buy and sell decisions on the basis of discretionary management agreements (powers of attorney) executed with his or her clients.

A given aggregated order may bunch together only purchase or sell orders, and may pertain to only a single security; so-called portfolio or basket orders do not constitute aggregated orders.