Series 7 Exam Question 237: Answer and Explanation

Question: 237

All-or-none orders must be

• A. executed in their entirety immediately or the order is cancelled
• B. executed in their entirety or the order is cancelled
• C. at least partially executed immediately or the order is cancelled
• D. at least partially executed or the order is cancelled

Correct Answer: B

Explanation:

B. Unlike fill-or-kill (FOK) orders and immediate-or-cancel (IOC) orders, all-or-none (AON) orders do not have to be executed immediately. However, like FOK orders, they must be filled entirely or the order is cancelled. AON orders remain active until they are executed or cancelled.