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An order that fills whatever it can instantly and cancels the rest.
Why It Matters
Immediate-or-cancel (IOC) is for traders who want to grab whatever is available right now and not leave a resting order behind. It fills as much as it can at that instant, then cancels the remainder - partial fills are fine. Compare it with fill-or-kill, which insists on the entire order at once. IOC is most useful when you want to take liquidity immediately without leaving a visible order sitting on the book.
Key Points
- Fills what it can immediately, cancels the rest
- Partial fills are allowed
- Leaves no resting order behind
Learn More
Time in Force: Day, GTC, IOC & FOK
Get a complete explanation with examples, key takeaways, and a quiz to test your knowledge.
Related Terms
Common Questions
An order that fills whatever it can instantly and cancels the rest. Immediate-or-cancel (IOC) is for traders who want to grab whatever is available right now and not leave a resting order behind. It fills as much as it can at that instant, then cancels the remainder - partial fills are fine.
Immediate-or-cancel (IOC) is for traders who want to grab whatever is available right now and not leave a resting order behind. It fills as much as it can at that instant, then cancels the remainder - partial fills are fine. Compare it with fill-or-kill, which insists on the entire order at once. IOC is most useful when you want to take liquidity immediately without leaving a visible order sitting on the book.
Fills what it can immediately, cancels the rest
Partial fills are allowed
Leaves no resting order behind