Fill-or-Kill
Chapters in this video
- 0:00 Trey the Trader and the 100 ticket demand
- 0:58 FOK: fill immediately and entirely or die
- 2:13 The two relaxed cousins: IOC and AON
- 2:36 IOC/FAK: partial fills allowed, rest canceled
- 3:38 AON: complete quantity but can rest and wait
- 4:05 Pop quiz: 60 contracts taken, 40 canceled
- 5:00 Exam trap 1: watch for the word "partial"
- 5:43 Exam trap 2: watch for "resting" or "waiting"
- 6:07 Rapid-fire exam recap
What this video covers
- What a fill-or-kill (FOK) order is, and why it permits no partial fills and no resting
- The two demands bundled in FOK: immediate execution and complete quantity, all-or-nothing
- How immediate-or-cancel (IOC), also called fill-and-kill (FAK), keeps immediacy but drops the full-quantity rule, allowing partial fills
- How all-or-none (AON) keeps the complete-quantity rule but drops immediacy, allowing the order to rest and wait
- Why the word "partial" instantly rules out FOK and points to IOC/FAK instead
- Why the words "resting" or "waiting" instantly rule out FOK and point to AON instead
- How to decode any exam scenario by identifying which of the two demands, if any, has been relaxed
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Series 3 course also includes adaptive practice questions and spaced-repetition flashcards, free through the end of 2026.