There are several other types of orders that an investor may enter. They are:

  • All or none (AON)
  • Immediate or Cancel (IOC)
  • Fill or Kill (FOK)
  • Not Held (NH)
  • Market on Open / Market on Close

All or None Orders: May be entered as day orders or GTC. All or none orders, as the name implies indicates that the investor wants to buy or sell all of the securities or none of them. All or none orders are not displayed in the market because the required special handling and the investor will not accept a partial execution.

Immediate or Cancel Orders: The investor wants to buy or sell whatever they can immediately and whatever is not filled is canceled.

Fill or Kill Orders: The investor wants the entire order executed immediately or the entire order canceled.

Not Held Orders: The investor gives discretion to the floor broker as to the time and price of execution.

Market on Open / Market on Close Orders: The investor wants their order executed on the opening or closing of the market or as reasonably close to the opening or closing as practical. If the order is not executed, it is canceled. Partial executions are allowed.

VWAP Orders

Large institutions will often place orders to be executed at a volume weighted average price. When looking at the volume weighted average price for a security one must take into consideration the number of shares that are traded at each price and not just the prices themselves. As a result trades that are executed for more shares have a larger impact on the VWAP. If ABC trades 100 shares at 50 and 1000 shares at 51. The average price of the two trades would be 50.50. But when you take the volume of the trades at the respective prices into consideration the VWAP is 50.91. To determine the VWAP the total dollar value of the trades must be added together and divided by the total number of shares purchased this is found as follows (100 shares X $50) = $5,000 + (1,000 shares X $51) = $51,000 =$56,000, $56,000 / 1,100 shares =50.91

The Exchanges

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