Orden de «Todo o Nada» (AON)
Una orden que debe ejecutarse en su totalidad o no ejecutarse.
Ayuda a los traders a evitar el riesgo de ejecuciones parciales que no cumplen con los objetivos de la estrategia.
graph LR
Center["Orden de «Todo o Nada» (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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🧒 Explícalo como si tuviera 5 años
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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.