Explain immediate or cancel (IOC) orders

Spark Global Limited reports:

An immediate or cancelled order is an order type that indicates that the order is completed immediately and that any unfinished portions will be cancelled.
Instruct your broker to execute or cancel an order immediately.
It is a liquidity elimination order duration preference, similar to a “fill or terminate order”, with the only difference that IOC allows partial filling.
Your order will be cancelled within seconds of you sending it to the exchange.
Either some or all of your positions are filled, or you are not filled at all because there are no shares or contracts in the order book at your limit.

Immediate or unioc (IOC) order example
For example, XYZ is currently bidding $49.95 for 100 shares and $50.00 for 200 shares.
You want to make a big purchase order, but you don’t want the market to know you’re taking a big position.
Therefore, you try to cover your tracks using IOC order. You buy 10,000 shares at $50.25 and IOC is your effective buy time.
This will send your buy order to the exchange and immediately buy all stocks below your limit.
Once completed, your order will be cancelled. That way, if you only get a partial cover, your order stays on the order book, indicating that you intend to build a large position.
You’re essentially telling your broker, “I want to immediately buy 10,000 shares of XYZ at any price below $50.25, but only buy the shares that are immediately available at that price, and then cancel the order.”
Please note that if the price exceeds your limit price within the time you send your order to the exchange, your order will be cancelled immediately upon arrival at the exchange and you will no longer purchase the shares.
Effective time or order duration options
If you don’t use different order types too much, you might get confused by terms like “valid time.”
You might see “TIF” next to the limit order you sent, but have no idea what it means. It’s simple, but like most things in finance, it’s shrouded in jargon.
Valid time simply instructs your broker how long your order remains active before they cancel or execute it in the market.
Some common examples of time-bound preferences are good-til-Canceled (GTD), an order that stays active as long as you don’t perform or cancel it.
Fill or kill (FOK) is another standard chronological order, the same as IOC, except that THE FOK order does not allow partial filling.
Here are some well-known times for injunctions:
Immediate-or-cancel (IOC)
Fill-or-kill (FOK))
Good-til-canceled (GTC)
Day-til-canceled (DTC)
Market-on-close(Ministry of Commerce)
Many of these orders can only be obtained through senior brokers catering to active traders.