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Why is an AON order considered a contingent order?

An AON order is considered a contingent order because the trader gives instructions to the broker regarding how the order has to be filled, which affects how long the order remains active. AON orders that cannot be executed at the time of submission remain active during trading hours until they are filled or canceled.

What is the difference between Aon and FOK orders?

[ 2] AON orders are similar to fill or kill (FOK) orders, but the former focuses on "complete vs. partial fulfillment", whereas the latter hinges on the immediacy of the transaction. [ 3]

Do AON orders affect liquidity?

Requiring the full quantity of shares for execution can potentially slow down execution speed, especially in less liquid markets; this is one way AON orders impact liquidity. The effect may be less noticeable in highly liquid markets.

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