All-or-None

Orders That Must Be Filled in Their Entirety at a Single Price

All-or-None (AON) orders are orders executed in the open outcry venue that must be filled in their entirety at a single price. AON transactions are permitted only in certain products and must be for a quantity that meets or exceeds the exchange-specified AON minimum quantity for that product. An AON order may be executed opposite multiple counterparties provided that each opposing party to the AON order meets the exchange-specified minimum counterparty threshold.

For additional information on AON transactions, please see our CME & CBOT Market Regulation Advisory Notices.

The following table lists AON-eligible CME and CBOT products and includes the associated AON minimum order quantity thresholds and allowable counterparty minimum thresholds for each product.

Benefits of AON Transactions

  • Efficient and complete execution of large orders – no partial fills
  • All contracts on the order executed at a single price
  • Allows participants to take maximum advantage of pit liquidity
  • Facilitates the execution of sizeable spread and combination trades
  • Designed to meet institutional trading needs

CME and CBOT AON Eligible Products

Contract AON Minimum Counterparty Minimum
Eurodollar and Eurodollar MidCurve options* 4,000 contracts – Per leg for spreads and combinations 10% of order
All foreign currency options excluding cross rates, Israeli shekel, Chinese renminbi, Korean won, Czech koruna, Hungarian forint and Polish Zloty options* 20 contracts 10% of order
Czech koruna, Hungarian Forint and Polish zloty options and all foreign currency cross rate options excluding Chinese renminbi/Euro FX options* 5 contracts – 5 contracts per leg in calendar spreads 5 contracts; 5 contracts per leg in calendar spreads

*AON spreads involving Eurodollar, foreign currency and foreign currency cross rate options vs futures may be executed provided that at least one option leg of the spread order meets the designated AON minimum order quantity for the option and the quantity of the futures leg is the appropriate delta equivalent.

Contract AON Minimum Counterparty Minimum
Treasury and 30-Day Fed Fund options* 2,500 contracts – At least one leg must be ≥ 2,500 10% of order

*AON spreads involving Treasury and 30-Day Fed Fund options vs futures may be executed provided that at least one option leg of the spread order meets the designated AON minimum order quantity for the option and the quantity of the futures leg is the appropriate delta equivalent.