What does "all or none" mean in the context of orders?

• A. Partial fills are acceptable
• B. The order will only be filled if the entire quantity is available
• C. Orders can be split across multiple transactions
• D. The order has a time limit

Answer: (B)

In the context of orders, "all or none" refers specifically to a condition where an order will only be executed if the entire quantity requested can be fulfilled at once. This means that partial fills are not acceptable; if the full amount is not available, the order will remain unfilled or be canceled. This is significant for investors who want to ensure they receive the complete quantity they intend to trade, as accepting partial fills may not align with their trading strategy or goals.

The other options highlight different order conditions or characteristics that do not apply to the "all or none" designation. For instance, partial fills, splitting orders across multiple transactions, and imposing time limits pertain to alternative trading instructions or order types that allow for flexibility, but do not fit the strict requirement of the "all or none" order.