enter orders for the account at the representative's discretion. A limited trading authorization only allows for entering of orders. A full trading authorization would also permit withdrawals from the account.

certificates of deposit. CDs trade with "accrued interest" as part of the price.

a closed-end investment company. An open-end investment company may have a sales charge but not a commission.

a shareholder may not redeem any shares for 13 months. Redemptions are permissible at any time. However, since escrowed shares are set aside to cover the difference in sales loads based on terms of the letter, redemptions prior to 13 months may liquidate the escrow account and thus return to the investor 100% of net asset value.

the certificate is validated by the transfer agent. A mutilated bond must be validated before it can be a good delivery. The validation can be made by the issuer or the transfer agent.