All or none

All or none (AON) is a finance term used in investment banking or securities transactions that refers to "an order to buy or sell a stock that must be executed in its entirety, or not executed at all". Partial execution is not acceptable; the order will execute "only if there are enough shares available in a single transaction to cover it".

This article is about the finance term. For the physiological principle, see All-or-none law.

An all-or-none clause in an underwriting contract or investment prospectus gives a securities issuer the right to cancel an issue in its entirety if the underwriting is not fully subscribed.

AON orders are similar to fill or kill (FOK) orders, but the former focuses on "complete vs. partial fulfillment", whereas the latter hinges on the immediacy of the transaction.

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