Lucky the Banker mascotLTB
← SIE: Trading & Settlement
SIE practice questionhardAll-or-None Orders

A customer places an all-or-none (AON) order to buy 5,000 shares of a thinly traded stock at $12 limit. Only 3,000 shares are available at $12. What happens?

  1. AThe order is not executed because all 5,000 shares are not available at the limit price✓ Correct answer
  2. BThe remaining 2,000 shares are filled at the next available price
  3. CThe order is automatically canceled at the end of the day
  4. DThe order is filled for 3,000 shares at $12
Explanation

Why A — The order is not executed because all 5,000 shares are not available at the limit price

An all-or-none order requires the entire quantity to be filled or none at all. Since only 3,000 of the 5,000 requested shares are available at $12, the order is not executed. Unlike a fill-or-kill order, which must be filled immediately or canceled, an AON order can remain open. Partial fills are not permitted with AON orders.

Turn it into reps

Reading one answer is not the same as being ready

Lucky the Banker is a free practice app with 1,867+ SIE questions, weak-area tracking, and timed mock exams. No credit card, no paywall.

Practice SIE freeSIE exam guide

Spot an error in this question or explanation? Tell us — we fix these fast.

Related Trading & Settlement questions