Used in context of general equities. A
limited price order that is to be
executed in its entirety or not at all (no partial transaction), and thus is testing the strength/conviction of the counterparty. Unlike an
FOK order , an AON order is not to be treated as
cancelled if not executed as soon as it is represented in the
trading crowd , but instead remains alive until executed or cancelled. The making of "all or none"
bids or
offers in
stocks is prohibited, and the making of "all or none"
bids or
offers in
bonds is subject to the restrictions of Rule 61. AON orders are not shown on the
specialist's book because they cannot be traded in pieces. Antithesis of
any-part-of order . See:
FOK order .
In brokerage, order instruction, particularly for large orders, to execute the total quantity or none.
