All or None (AON Order) Definition

All or None (AON Order) Definition

              All or None is an instruction from a client to the broker that is included in a buy/sell order to fill the complete order or disregard it. In essence “Get me the entire quantity or don’t get me any.”

             

             Keep in mind different brokers and exchanges will handle this order differently - if accepting AON orders at all. This order is used most commonly on stocks that trade on low average volumes. Low volume stocks are characterized by wider bid and offer prices and partial fills can be expensive. 

           Time and time again novices will try and place these AON terms on liquid stocks when it is not necessary. Often AON orders get routed into a special 'terms book' that requires manual entry by someone at the exchange level which is not efficient.

          Ask your broker when unsure about order types or exchange rules.