InvestorQ : What do we understand by Minimum Fill orders and AON orders?
Ria Roy made post

What do we understand by Minimum Fill orders and AON orders?

Answer
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Archita Jajjoo answered.
2 years ago


Minimum Fill (MF) orders allow the Trading Member to specify the minimum quantity by which an order should be filled. For example, an order of 1000 units with minimum fill 200 will require that each trade is for at least 200 units. In other words, there will be a maximum of 5 trades of 200 each or a single trade of 1000. The Exchange may lay down norms of MF from time to time. Such orders are normally placed by institutions who want to reduce the number of actual trades that get executed and their fixed costs of transaction depend on the number of trades.
All or None (AON) orders allow a Trading Member to impose the condition that only the full order should be matched against. This may be by way of multiple trades. If the full order is not matched it will stay in the books till matched or cancelled.
Note: Currently, AON and MF orders are not available on the system as per SEBI directives.