Immediate or Cancel (IOC)
An order that executes as much as possible immediately, then cancels any unfilled portion.
Immediate or Cancel (IOC) instructs the exchange to fill whatever quantity is available right now at the specified price (or better), then cancel the rest. Unlike FOK, partial fills are accepted.
IOC is commonly used by algorithmic traders and institutional desks that want quick execution without leaving a standing order visible in the book.
In retail trading, IOC is useful when you want partial exposure now but do not want a resting limit order signaling your intent to the market.
Related Terms
All or None (AON)
An order that must fill completely or not at all, but unlike FOK it can wait for a full match.
IntermediateDay Order
An order that expires at the end of the current trading session if not filled.
BeginnerFill or Kill (FOK)
An order that must be filled in its entirety immediately or canceled outright — no partial fills, no waiting.
IntermediatePartial Fill
When only part of an order is executed — common with large orders or low-liquidity conditions.
BeginnerTime in Force
The instruction attached to an order specifying how long it remains active before it is canceled if unfilled.
Beginner