immediate-or-cancel order

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Immediate-or-Cancel Order

An order from a broker to buy or sell a security or derivative, usually in large quantities, in which investors have a short period of time to partially or completely fulfill the order before it is cancelled. An IOC may be considered the opposite of a good 'til cancelled (GTC) order; it differs from a fill-or-kill (FOK) order because an IOC may only be partially filled, while an FOK must be entirely filled or the whole offer is void. An IOC is considered a type of day order, but has a much shorter time frame. See also: All-or-none offering.

immediate-or-cancel order

A customer order that not only specifies a price but also requires the broker to fill immediately as much of the order as possible and cancel any part remaining. This type of order differs from a fill-or-kill order, which disallows a partial fill.
References in periodicals archive ?
In particular, some market participants may consider that high-frequency traders sending out large numbers of 'immediate-or-cancel' (IOC) orders with no intention of execution gives a false impression of liquidity in the market.
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