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An All-or-None order, usually referred to as AON, is a type of order generally applicable on a stock exchange to buy or sell a particular volume of assets that must either be executed in full or not executed at all. Therefore, this type of order imposes specific instructions for the full-size order to be filled, where a partially filled order is not accepted.
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An AON order gives an order-maker full confidence that if the order is fulfilled, it will be in its entirety. For example, if there are fewer assets available on the market than prescribed by the order, the order will get canceled. This type of order takes more time to get filled in comparison to a regular one, in particular referring to large amounts.
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AON orders are generally used in automated or pre-programmed trading as a means of assessing the market and the directions it offers. It is also used to avoid partial order fulfilments that are often when a market is too volatile and the volume is low.