Author: Livia Tay, MY
Last Updated: January 2, 2025
An AON Order is a type of order that ensures a trade will only be executed if all of the specified quantity can be filled at the desired price or better. If the entire order cannot be filled at once, it will not be executed at all.
What is an All-or-None (AON) Order?
An AON Order is a condition placed on a trade that ensures the order is either completely filled or not filled at all. This type of order is particularly useful when a trader wants to ensure they are not left with partial fills, which could affect the strategy or execution of their trade.
- Buy AON Order
The trader wants to buy a specific quantity of a security, but the order will only be filled if the entire quantity is available at the desired price or better. - Sell AON Order
The trader wants to sell a specific quantity of a security, but the order will only be filled if all of the shares can be sold at the specified price or better.
How AON Orders Work
- Placing the Order
The trader submits an AON order for a specific number of shares or contracts. - Execution Conditions
The order will only be executed if all of the shares or contracts can be filled at the specified price. - Unfilled Orders
If there is not enough quantity available at the desired price, the order will remain open and unfilled until the condition is met or until the order is canceled.
Frequest Asked Question on AON
Q1: Why hasn’t my AON order been filled?
A1: AON orders only get filled if the entire quantity can be matched at the specified price. If there’s insufficient liquidity, the order may not be filled.
Q2: Can I cancel or modify my AON order?
A2: Yes, AON orders can be canceled or modified before execution. However, once filled, they are final.