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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.
| 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.
CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.
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