Discretionary account

An arrangement by which the holder of an account gives written power of attorney to someone else, to buy and sell without prior approval of the holder; often referred to as a "managed account" or controlled account.

Transactions by exchange members for discretionary accounts : report (to accompany H.R. 3047) (including cost estimate of the Congressional Budget Office) (SuDoc Y 1.1/8:102-858)

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Controlled account

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