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Fill or Kill (FOK) is a type of trading order where the entire order must be executed immediately in full or canceled. This order type is commonly used by traders who need immediate execution without accepting partial fills, which could impact their trading strategy or intended position. FOK orders are especially useful in fast-moving or illiquid markets where partial fills could lead to undesired exposures.
A trader places a Fill or Kill order to purchase 5,000 shares of a stock at a specific price. If the order cannot be fully executed at that price immediately, it is canceled entirely, ensuring the trader does not end up with a partial position that could affect their strategy.
• Requires full execution of the order or none at all.
• Prevents partial fills, helping traders maintain precise positions.
• Often used in volatile markets or when immediate action is critical.
It provides control over trade execution, ensuring traders only take full positions, aligning with their strategy.
Risks include missed opportunities due to non-execution; benefits include precise control and risk management.
It helps maintain strategy integrity by ensuring trades are executed exactly as planned or not at all.
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