Fill or Kill (FOK) is a specific type of time-in-force order in trading that has two key characteristics:

1. Immediate Execution Requirement:

• The order must be executed immediately when it becomes available 12
• There is no waiting period for partial fills or better prices

2. Complete Fill Requirement:

• The entire order must be filled in its entirety 8
• If the full quantity cannot be executed immediately, the order is canceled 10

Key Features:

• It’s a conditional time-in-force order 6
• Applies to various markets including stocks, forex, metals, and energies 6
• Usually implemented as limit orders 10
• Cannot result in partial fills – it’s all or nothing 5

The main difference between FOK and other time-in-force orders is that FOK requires both immediate and complete execution, or the order is automatically canceled 9. This makes it more restrictive than other order types that might allow partial fills or extended execution times.

This order type is less common than other standard time-in-force orders 7, but provides traders with a specific tool for situations where they need guaranteed complete execution or no execution at all.

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