Match each specialized order type or time-in-force instruction on the left with its precise execution rule and trigger condition on the right.
- Fill-or-Kill (FOK)Must be executed immediately in its entirety at the specified price or better; if the entire quantity cannot be filled, the order is canceled completely.
- Immediate-or-Cancel (IOC)Must be executed immediately at the specified price or better; partial fills are permitted, and any remaining unexecuted portion is canceled.
- Market-on-Close (MOC)Executed as close to the official market closing price as possible; must be submitted prior to designated exchange cutoff times to ensure entry.
- Buy Stop-Limit OrderEntered above the current market price; becomes a conditional order to buy at the limit price or better once activated by a trade or bid at or above the trigger price.
Answer
Fill-or-Kill (FOK) pairs with the requirement for immediate complete execution without partial fills. Immediate-or-Cancel (IOC) pairs with the requirement for immediate execution that permits partial fills and cancels any residual quantity. Market-on-Close (MOC) pairs with execution targeted at the closing price subject to entry deadline cutoffs. Buy Stop-Limit Order pairs with being entered above the market price and converting to a limit order upon trigger activation.
Each order instruction fulfills a distinct function: Fill-or-Kill requires immediate 100% execution or total cancellation; Immediate-or-Cancel requires immediate execution but accepts partial fills; Market-on-Close targets the session closing price subject to deadline rules; and a Buy Stop-Limit is placed above current market price, converting to a limit order once activated by a trade or bid at or above the stop price.
Step-by-Step Solution
Key Concept
Specialized Order Execution Qualifiers and Trigger Mechanics