Any-part-of order

Any-part-of order
Definition 1.
In context of general equities, order to buy or sell a quantity of stock in pieces if necessary. Antithesis of an all-or-none order (AON).

Antithesis of any-part-of order. See: FOK order. All-in cost Total costs, explicit and implicit. All-or-none underwriting An arrangement whereby a security issue is cancelled if the underwriter is unable to resell the entire issue.

Often used in risk arbitrage. Takeover bid in which the acquirer offers to pay a set price for all outstanding shares of the target company, or any part thereof; contrasts with two-tier bid.
Any-part-of order ...

in stocks is prohibited, and the making of "all or none" bids or offers in bonds is subject to the restrictions of Rule 61. AON orders are not shown on the specialist's book because they cannot be traded in pieces. Antithesis of any-part-of order.

See also: All or none, Limited price order, Counterparty, All or none order, Administration