CME
All-or-None

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).

Contract Minimum AON Threshold
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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