Series 7 - General Securities Representative Exam
A customer wants have a stock buy order executed right away in CDEF stock. She wants to buy 8,000 shares at a limit price of $28.27. She requires the whole order to be filled right away or she does not want to buy any at all. If the order is not filled, she wants the order automatically canceled. What order type will you recommend to her?
IOC orders allow for partial fills; so this is not the answer. Market on close orders are done at the very end of the day as a market order, so we can rule this one out. So, is it a AON or FOK order? An AON order is not canceled if it cannot be filled immediately; it is a GTC or GTD order with the stipulation for All or None. FOK - Fill or kill orders are totally canceled if the whole order size cannot be executed instantly