Zlecenie «Wszystko albo nic» (AON)
Zlecenie, które musi zostać zrealizowane w całości lub wcale.
Zlecenia AON pozwalają uniknąć 'resztówek' (powstania małych pozycji), które są nieekonomiczne ze względu на prowizje.
graph LR
Center["Zlecenie «Wszystko albo nic» (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.