Immediate or cancel
What is immediate or cancel?
In investment banking and securities transactions, immediate or cancel (IOC) refers to a buy or sell stock order that must be executed immediately. Any portion of the order that can't be immediately filled is cancelled.
Where have you heard about immediate or cancel?
IOC orders generally take place when large quantities of stock are ordered. This type of order is also favoured when an investor wishes to use the money elsewhere if the security isn't available at the desired price.
What you need to know about immediate or cancel.
Also referred to as an 'accept order', an IOC order is one of a few 'duration orders' used by investors to specify how long a stock order remains active in the market and the conditions to which an order is cancelled. An IOC order can include various conditions - for example, investors can indicate a minimum price of a sell order or a maximum price before a sell order is filled; or they could instruct to fill the entire order or only a portion of the trade.
Find out more about immediate or cancel.
Explore other order types further by reading our definitions of day order and cancel former order.