Which of the following qualifies as discretionary trading under the Securities Exchange Act of 1934?
A) Determining which securities to buy for a client.
B) Purchasing securities at the discretion of a client.
C) Obtaining authorization from a client to purchase a particular security if the price hits a specific level.
D) Receiving oral authority from a client to make a specific purchase at a price to be decided by the broker/dealer.
Answer: A) Determining which securities to buy for a client.