The **Immediate-Or-Cancel (IOC)** strategy is designed for traders who need **fast execution with minimal market exposure**. The engine attempts to fill **all or part of an order immediately**, and any **unfilled portion is automatically canceled**. This strategy helps traders **capture available liquidity** without leaving orders open in the market.
**How It Works**
* The engine submits the order for **immediate execution**.
* Any **unfilled portion is instantly canceled**.
* Orders can be placed as **market or limit orders**.
* If multiple accounts are selected, the **Smart Order Router (SOR)** directs the order to the venue offering the **best price and liquidity**.
**When to Use This Strategy**
* **Urgent Execution** – Best for trades that need to be **filled quickly**.
* **Managing Large Orders** – Helps capture liquidity **without affecting market prices**.
* **Volatile Markets** – Reduces exposure to **fast-moving market conditions**.
**Potential Drawbacks**
* **Partial Fills** – Only part of the order may execute, leaving the rest unfilled.
* **Missed Opportunities** – Since unfilled portions are **canceled immediately**, traders might miss **favorable price movements**.
This strategy is ideal for traders who prioritize **speed and liquidity capture** while minimizing exposure to **open order risks**.
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