Glossary entry
An immediate-or-cancel order attempts to execute as soon as it reaches the market and cancels any quantity that cannot be filled immediately. Partial execution is allowed, distinguishing it from a fill-or-kill instruction. IOC is a duration condition that may accompany an eligible price instruction, subject to the trading venue's rules.
Illustrative example
An IOC order requests 100 units, but only 60 are immediately available at acceptable prices. Those 60 execute and the remaining 40 are canceled.
What to consider
IOC controls how long the order rests, not necessarily its execution price. A partial fill can leave an unintended position size.
General information, not a personal recommendation. Product availability, rights, and obligations are determined by the relevant provider, jurisdiction, and approved agreements.