All-or-none (AON) orders are most commonly used in equity markets, particularly for trading large blocks of stocks. These orders ensure that a trader’s full order is executed at a specified price or not executed at all. This condition is especially useful when dealing with illiquid stocks or when a trader wants to avoid partial fills, which can distort the average execution price or leave an incomplete position.

In over-the-counter (OTC) markets, where trades are negotiated directly between parties, AON orders are also more prevalent. These markets often involve larger and less frequent trades, making the all-or-none condition valuable for institutional investors seeking to maintain control over large transactions.

While AON orders can technically be used in bond markets and some commodity trades, they are less common there due to different trading structures and execution priorities. In contrast, forex markets typically do not support AON orders because of their high liquidity and decentralised structure.

Not all exchanges or brokers offer AON order functionality. Some have phased it out due to inefficiencies or the rise of algorithmic trading. Still, AON orders remain relevant for traders who prioritise complete execution over speed, especially in lower-volume stocks or complex trading strategies.

All-or-none (AON) orders are primarily used in equity markets, especially when trading shares with low liquidity or limited daily trading volume. They are also quite common in over-the-counter (OTC) markets, where trades are less standardised, and investors often require full execution of their requested quantity. Institutional traders frequently rely on AON orders when dealing with thinly traded stocks to avoid receiving partial fills at different prices. In options trading, AON instructions can be used to ensure that an entire contract position is executed in a single transaction, which is important for structured strategies. Fixed-income markets, including corporate and municipal bonds, may also use AON conditions to maintain pricing consistency and prevent fragmented order execution. While not as prevalent in highly liquid markets, AON orders are valuable wherever partial fills could disrupt trading efficiency or increase transaction complexity for investors managing precise position sizes and risk exposure.