Customer Service
info@cmegroup.com
800-331-3332 or 312-930-2316
All-or-None
All-or-None Trades
All-or-None (AON) trades are specially designated large order trades that must be filled completely or not at all. A minimum number of contracts, which varies according to product, is required for the AON designation. In addition to being an efficient way of transacting large orders, AON trades ensure that such orders are also executed at a single price.
All AON trades must be conducted in a trading pit. Originally developed for use with Foreign Exchange (FX) contracts, AON trades can now also be designated for interest rate contracts and certain stock index contracts.
Benefits
- Large order efficiency
- Single price for all contracts in the order
- Excellent alternative when speed is crucial
- Maximum advantage of extensive pit liquidity
- Elimination of partial fills at different prices and times
- Can facilitate sizeable option spreads and combination trades
- Designed to assist institutional trading needs
| Contract | Minimum AON Threshold |
|---|---|
| Quarterly Eurodollar futures (years 1-5) |
2,000 contracts; 2,000 contracts per leg in calendar, butterfly and condor spreads |
| Quarterly Eurodollar futures (years 6-10) |
1,000 contracts; 1,000 contracts per leg in calendar, butterfly and condor spreads |
| Serial Eurodollar futures | 500 contracts |
| Eurodollar and Eurodollar Mid-Curve options | 2,000 contracts for outrights and combinations where at least one leg is for >= 2,000 contracts |
| Regular and rolling Eurodollar packs (years 1-5) | 2,000 contracts per pack (e.g. ,minimum of 500 packs) |
| Regular and rolling Eurodollar packs (years 6-10) | 1,000 contracts per pack (e.g. minimum of 250 packs) |
| Regular and rolling Eurodollar bundles | 2,000 contracts per bundle (e.g. 250 2-year bundles for total of 2,000 contracts) |
| Regular and rolling Eurodollar bundles (all legs fall in years 6-10, i.e., contracts 21-40) | 1,000 contracts per bundle (e.g., 50 10-year bundles for total of 2,000 contracts) |
| LIBOR futures | 300 contracts |
| Euroyen and Euroyen-LIBOR futures | 100 contracts |
| 13-Week T-Bill futures | 25 contracts |
| 28-Day Mexican TIIE | 500 contracts |
| Brazilian real, Canadian dollar, Euro FX, Japanese yen and Mexican peso futures; All currency options except Australian dollar, Brazilian real, New Zealand dollar, Russian ruble and South African rand | 100 contracts |
| Australian dollar, New Zealand dollar and Russian ruble futures; Australian dollar, Brazilian real, New Zealand dollar, Russian ruble and South African rand options | 50 contracts |
| British pound, South African rand and Swiss franc futures | 20 contracts |
| Euro FX/British pound, Euro FX/Japanese yen, Euro FX/Swiss franc, Swedish krona, Norwegian krone, Euro FX/Australian dollar, Euro FX/Canadian dollar, Euro FX/Swedish krona, Euro FX/Norwegian krone, Canadian dollar/Japanese yen, Australian dollar/Canadian dollar, Australian dollar/New Zealand dollar, Australian dollar/Japanese yen, British pound/Swiss franc, British pound/Japanese yen, Swiss franc/Japanese yen and CME$INDEX futures | 5 contracts |
| NASDAQ-100futures - Outrights Only | 50 contracts |
| NASDAQ-100 options | 50 contracts for outrights, spreads, combinations where at least one leg is for >=50 contracts |
*NOT applicable to other E-mini FX contracts.