microstructure

Immediate Or Cancel (IOC) Order

An Immediate Or Cancel (IOC) order is an order instruction that seeks to execute as much of the order as possible immediately and cancel any unfilled portion.

Example: A trader submits a 10,000-share IOC order at the best available price; if 6,000 shares can be matched immediately, 6,000 are filled and the remaining 4,000 are canceled.

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