Two order types â All-or-None (AON) and Immediate-or-Cancel (IOC) â are unique to single-stock and narrow-based index futures. However, exchanges offering security futures also accept other orders, such as market, limit, stop, stop limit and stop with limit.
All-or-None (AON)
This order type specifies both a quantity and price. The order will be filled only if the entire quantity can be filled at the specified price. Thus, no partial quantities will be filled.
Immediate-or-Cancel (IOC)
An IOC order will be presented to the market, filled to the extent possible, and then immediately cancelled. Thus, you may receive partial fills on an IOC.
All-or-None (AON)
This order type specifies both a quantity and price. The order will be filled only if the entire quantity can be filled at the specified price. Thus, no partial quantities will be filled.
Immediate-or-Cancel (IOC)
An IOC order will be presented to the market, filled to the extent possible, and then immediately cancelled. Thus, you may receive partial fills on an IOC.