Orders & execution
How do I execute an All-or-None (AON) order restriction?
By Easy Money Scanner · Educational reference · Not investment advice
The short answer
An All-or-None (AON) order requires the entire specified quantity to fill in a single transaction; otherwise none of it executes, preventing partial fills but allowing the order to wait on the book.
How it works
Unlike Fill-or-Kill, an AON order can remain pending rather than canceling immediately, useful for traders who need full execution at a specific size without multiple partial transactions.
An example
An investor places an AON order for 10,000 shares; it stays open until a counterparty or combination of matches can fill the entire quantity at once.
Risk & limitations
AON orders in illiquid securities may sit unfilled for extended periods since finding a full matching counterparty can take time.
Examples are hypothetical, not trade recommendations. US contract and regulatory references do not automatically apply in Canada. Rules, margin requirements and broker policies can change; confirm them with the relevant authority and your broker.