Definition
An All or None (AON) order specifies that the entire order must be filled, but unlike Fill or Kill orders, it doesn't require immediate execution. The order remains open until it can be completely filled or is canceled/expires. AON orders are useful for investors who need a specific number of shares and don't want the complications of managing a partial position. However, they may take longer to fill and might not execute at all.
Example
You want exactly 500 shares for options coverage. An AON order ensures you get all 500 or none, preventing a scenario where you receive 400 shares and can't execute your options strategy.
FAQ
What is All or None (AON)?
An order that must be filled completely or not at all, but without immediate execution requirement.
Why is All or None (AON) important?
All or None (AON) helps investors evaluate trading mechanics and make more informed decisions.
Related Terms
Fill or Kill (FOK)
An order that must be executed immediately and completely, or canceled entirely.
Immediate or Cancel (IOC)
An order requiring immediate execution with any unfilled portion canceled.
Good-Til-Canceled (GTC)
An order that remains active until executed, canceled, or a broker-specified time limit.