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What does instant messaging software have to do with the question that was posed?
JW
abprosys@xxxxxxx
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> From: C&E Perkins <perkins@xxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Re: General: Fill or Kill Orders
> Date: Tuesday, August 12, 1997 10:37 AM
>
>
> Go to:
> http://www.mirabilis.com/
> It is this really cool instant messaging
> software. It does many more things also, and it's free!
> Aloha, Chris
>
>
>
>
> At 01:42 AM 8/12/97 -0700, JW wrote:
> >What's an IOC?
> >
> >JW
> >abprosys@xxxxxxx
> >
> >----------
> >> From: THE DOCTOR <droex@xxxxxxxxxxxx>
> >> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> >> Subject: Re: General: Fill or Kill Orders
> >> Date: Monday, August 11, 1997 8:50 PM
> >>
> >> There are two types of orders that are considered to be less beneficial
> >> than most by pro traders.
> >>
> >> FOK and AON.....both are viewed as benefiting the floor versus the
> >> customer.
> >>
> >> The assumption is that a FOK is a "fishing trip" most often indicating
> >> that if killed an order will follow that may better fit the crowds
> >> needs. FOK in quiet markets are obviously more likely to be filled
> >> because the crowd is generally less likely to need a position to
> >> complete a hedge.
> >>
> >> AON is simply suicide. It is generally done to keep commission costs
> >> low(avoid partial fills). In reality it is a stop order against the
> >> crowds outstanding position. It doesn't exist except between the crowd
> >> and the customer....in securities market it CANNOT be displayed on the
> >> trading screens(FOK can't be displayed either). Any move of the
> >> underlying that would harm the price assures a fill. You often save
> >> transaction costs but almost always get a worse fill.
> >>
> >> Try an IOC......you can get a partial. Somebody just bought some of
> >> these or sold them..with an IOC they could get a quick scalp...fill
> >> you...and be out. You might get a partial fill.....Which would you
> >> rather get a bad fill or pay a little more commission?
> >
> >
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