The Immediate-or Cancel (IOC) time in force applied to an order dictates that any portion of the order that does not fill immediately will be canceled.
The Reference Table to the upper right provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.
You want to buy 1000 shares of XZY stock but you want the order to fill immediately. You don't care if the entire order is not filled right away so you create a limit buy order and set the Time in Force to IOC (Immediate or Cancel). You transmit the order.
You've transmitted your limit order with the time in force set to Immediate or Cancel. Any portion of the order that does not fill immediately will be canceled.
Part of your order, 400 shares, is immediately filled at 10.40 per share. The rest of your order is canceled.
|Time in Force||IOC|