Immediate-or-cancel orders operate as follows?

Immediate-or-cancel orders operate as follows?

• A. Execute after multiple cycles
• B. Executed immediately in full or partial; unexecuted deleted
• C. Cancel immediately
• D. Remain in book until filled

Answer: (B)

Immediate-or-cancel orders must be executed right away. If the order can be filled in full, it is completed; if not, as much as possible is filled immediately and any remaining unfilled quantity is canceled (deleted). This means nothing stays on the order book for later filling. So the best description is that the order is executed immediately in full or partial, with the unexecuted portion canceled. The other ideas—waiting for multiple cycles, canceling the entire order, or remaining on the book until filled—don’t fit how IOC works.

Immediate-or-cancel orders must be executed right away. If the order can be filled in full, it is completed; if not, as much as possible is filled immediately and any remaining unfilled quantity is canceled (deleted). This means nothing stays on the order book for later filling. So the best description is that the order is executed immediately in full or partial, with the unexecuted portion canceled. The other ideas—waiting for multiple cycles, canceling the entire order, or remaining on the book until filled—don’t fit how IOC works.