All or none order (AON)
Definition: [crh] Used in context of general equities. A limited price order that is to be executed in its entirety or not at all (no partial Definition: HREF="/?rd=transaction">transaction), and thus is testing the strength/conviction of the counterparty. Unlike an FOK order, an AON oDefinition: rder is not to be treated as cancelled if not executed as soon as it is represented in the trading crowd, but instead remains alive untilDefinition: executed or cancelled. The making of "all or none" bids or offers in stocks is prohibited, and the making of &qDefinition: uot;all or none" bids or offers in bonds is subject to the restrictions of Rule 61. AON orders are not shown on the Definition: HREF="/?rd=specialist's+book">specialist's book because they cannot be traded in pieces. Antithesis of any-part-of order. See: FOK oDefinition: rder.
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