An All-or-None order specifies that the entire quantity of an asset must be executed or no part of the order will be filled. In institutional crypto trading and Request for Quote (RFQ) systems, its purpose is to prevent partial executions, which can be inefficient or detrimental for large block trades requiring precise position sizing.
Mechanism
When an All-or-None order is submitted to a crypto trading platform or RFQ system, the system seeks a single, complete match for the specified quantity at the stated price or better. If the full amount cannot be matched instantly by available liquidity, the order is not executed. It remains active or is cancelled based on its time-in-force instruction, thus ensuring atomicity in execution.
Methodology
The strategic use of an All-or-None order aims to minimize market impact for substantial trades and preserve transactional integrity. By demanding full execution, it helps prevent a series of smaller trades that might signal market intent and adversely affect subsequent prices. This methodology is often applied in illiquid markets or for specific arbitrage structures within institutional crypto operations, where complete fills are prioritized over immediate, fragmented execution.
AON orders are de-prioritized, held in a conditional queue until the entire volume can be matched by liquidity remaining after all standard price-time orders are filled.
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