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IOC (Immediate Or Cancel) order

An IOC order requires all or part quantity of the order to be executed immediately, and any unfilled parts of the order are cancelled. Partial fills accepted with this type of order, unlike a fill or kill order, which must be filled immediately in its entirety or be canceled. The IOC orders might be used when a large order is submitted to the market. To avoid having a large order filled at a wide variety of prices, an IOC automatically cancels any part or the order that does not fill immediately.