Ordem «Tudo ou Nada» (AON)
Uma ordem que deve ser executada integralmente ou não executada.
Muito utilizada em mercados de baixa liquidez para garantir que o custo da transação seja justificado pelo volume operado.
graph LR
Center["Ordem «Tudo ou 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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🧒 Explique como se eu tivesse 5 anos
Imagine comprar um conjunto de facas: ou você leva o conjunto completo ou não leva nenhuma.
🤓 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.