Glossary of Municipal Securities Terms

ALL OR NONE (AON)

(1) A type of offering in which a party interested in purchasing the securities is required to buy (or bid for) all of the securities being offered if it wishes to buy any. Municipal securities dealers bidding to underwriteprimary offering often (but not always) are required to bid on an all or none basis.

(2) In the secondary market, an all or none buy or sell order signifies that an execution must include all of the securities.

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