All-or-None-Order (AON)
Ein Auftrag, der vollständig oder gar nicht ausgeführt werden muss.
AON-Orders werden häufig bei Block-Trades verwendet, um Informationslecks durch Teilfüllungen zu vermeiden.
graph LR
Center["All-or-None-Order (AON)"]:::main
Rel_atomic_delivery["atomic-delivery"]:::related -.-> Center
click Rel_atomic_delivery "/terms/atomic-delivery"
Rel_pub_sub_messaging["pub-sub-messaging"]:::related -.-> Center
click Rel_pub_sub_messaging "/terms/pub-sub-messaging"
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🤓 Expert Deep Dive
From a market microstructure perspective, AON orders impact the order book by being 'hidden' or resting as private instructions depending on the exchange's matching engine rules. While they protect against fragmented fills and 'dust' positions, they significantly increase the probability of non-execution (execution risk). Sophisticated execution algorithms often simulate AON behavior using 'Fill-or-Kill' or 'Immediate-or-Cancel' bursts to minimize market impact while seeking deep liquidity.