An all or none order is a non-time sensitive order that stipulates that the customer wants to buy or sell all of the securities in the order. If all of the shares of stock, bonds or option contracts cannot be purchased or sold, the investor does not want to buy or sell any of the securities.
Applying "All or None Order" to Securities Exams:
An investor may place an all or none order to buy or sell stock, bonds or options. The order may be entered as a day order or as a GTC order. All or none orders do not get reflected in the market as an order for a size smaller than the all or none order cannot be executed against the all or none order. That is to say that an all order none order will not accept partial executions. An all none order is often entered as part of an overall trading strategy.