All-or-None Orders in Stock Trading

An All-Or-None (AON) order is an order to purchase or sell a stock that must be executed in its entirety, or not executed at all (no partial transaction). In other words, the order will execute only if there are enough shares available in a single transaction to cover it.

For example, when you place an all-or-none order to your stockbroker requesting 500 shares of Company ABC at $12, your broker