All or None Order (AON)

All or none orders (AONs) are a form of order in the financial markets that must be executed entirely at the designated price. An AON requires complete execution of the order; it will not accept partial fulfillment.

Since they can purchase the required quantity of assets for a single price, this kind of order can benefit an investor. To limit the cost of the necessary assets, limit orders tend to function best.

AON orders that cannot be filled or canceled during submission time stay active during trading hours. This avoids incomplete fills, which is particularly helpful when dealing with equities that are in thinly traded markets.

Due to the requirements in these orders, one significant disadvantage is that they may take longer to execute than standard orders. However, because the order makes up a more substantial portion of the daily share volume, larger AON orders or those in illiquid markets are frequently more challenging to fill.

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