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All-or-None (AON) trades are specially designated large order trades that must be
completely filled 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. For additional information, please read the AON FAQ (PDF).
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Contract
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Minimum AON Threshold
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Quarterly Eurodollar futures
(years 1-5) |
2,000 contracts; 2,000 contracts per leg in
calendar, butterfly & condor spreads |
Quarterly Eurodollar futures
(years 6-10) |
1,000 contracts; 1,000 contracts per leg in
calendar, butterfly & 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
& Mexican peso futures; All currency options except Australian dollar, Brazilian real, New
Zealand dollar, Russian ruble & South African rand |
100 contracts |
| Australian dollar, New Zealand dollar & Russian
ruble futures; Australian dollar, Brazilian real, New Zealand dollar, Russian ruble & South
African rand options |
50 contracts |
| British pound, South African rand & 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 &
CME$INDEX(TM) futures |
5 contracts |
| NASDAQ-100® futures - 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 equity indexes or E-mini FX 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.
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