What is an all or none (AON) order?

Some traders do not want a partial fill but are happy to wait for the full quantity. An all or none order is built for that. This page explains how an all or none order works, how it differs from fill or kill and whether it is available in India.

Quick answer

An all or none (AON) order is an instruction to buy or sell a set quantity only if the full quantity can be filled. Unlike a fill or kill order, it does not have to execute at once. It can stay active for its validity period, waiting until enough shares are available at the stated price. Until then, no part of it is filled.

Key takeaways

• An all or none order needs the full quantity to fill.
• It does not need to execute immediately.
• It can wait in the market for its validity period.
• It avoids partial fills and extra charges from them.
• It is not a standard order type on Indian exchanges' normal market.

What is an all or none order?

It is a condition attached to an order. It tells the system: fill the whole quantity or do not fill any. The order can stay active, for example for the day, until a matching quantity becomes available at the chosen price.

For example, a trader places an AON order to buy 10,000 shares at Rs 150. If sellers offer only 4,000 shares at that price, nothing happens. The order waits. Once 10,000 shares are available at Rs 150 or lower, the full order fills at once.

Why use an all or none order?

Some investors want a complete position, not a small piece. A partial fill can leave an awkward position size and, in some markets, extra charges for each separate fill.

AON orders have also been used in bond and over-the-counter markets, where large blocks trade and partial fills are less useful.

How does AON compare with other orders?

The main trade-off is certainty. Because an AON order needs a large enough match, it may never fill at all, even if the price is touched, while normal limit orders would have filled partly.

Is all or none available in India?

On the normal market of NSE and BSE, the standard validity choices for regular orders are Day and IOC. An AON condition is not part of the standard choices offered to most investors. Those who need a large block traded together can use the exchange's block deal window, which has its own minimum size and rules.

AON orders are offered on some markets abroad, where rules differ. Always check what your broker and exchange support.

The key point to remember

An all or none order is about getting the whole quantity or nothing, with time to wait. It avoids partial fills but may leave the order unfilled if enough liquidity never appears.

Frequently Asked Questions