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Fill-or-kill and immediate-or-cancel

Order conditions requiring immediate execution: FOK fills the whole quantity at once or cancels; IOC fills what it can and cancels the rest.

Fill-or-kill (FOK) demands the full size right now or nothing. Immediate-or-cancel (IOC) takes whatever is available immediately and cancels any remainder, allowing a partial fill.

These are used when you do not want an order resting in the order-book where it can be seen or filled later at a worse time. Most retail traders rarely need them; they are common in algorithmic execution.

Example: an IOC limit buy for 1,000 shares at $20.00 finds 600 shares at that price. 600 fill and the remaining 400 are cancelled instantly.

Related: fill, limit-order, order-book, iceberg-order

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