The order: 100 shares at $15. All or None (AON).
If your broker can't find 100 shares of whatever stock you want at $15, she buys nothing. You've basically told her to go whole hog or abandon ship. Example: Imagine if Warren Buffett decided to buy 10% of Netflix (yes, it would mean the world was ending, but that's a different story). NFLX stock would almost certainly shoot up a ton.
So let's say his brokers were told that it was an all or none order. If his brokers are able to grab the 10% before anyone gets wind of the deal, Sir Warren ends up with a big chunk of a company stock that's about to go sky-high in price. But if the broker gets about 2.3% and then start hemming and hawing very politely, he's stuck. He either has to pay more for the 7.7% (he wanted to get to 10%—and now that everyone's onto him, those NFLX shares are more expensive) or he can turn around and sell the 2.3% so that he has no part of Netflix.
AON deals are done when an investor has enormous Assets Under Management, and the notion is that, unless he has a huge stake in something, it's not worth it for him to have any stake in it. Hence the AON positioning with brokers.
Related or Semi-related Video
Finance: What are Limit Order, Sell Limi...4 Views
Finance a la shmoop what is a limit order? you want to sell a thousand shares
of Colonel electric it was demoted after they cut their dividend the shares have [Scissors cuts dividend in half]
been trading wildly between $15 and $25 a share you don't want to feel like a
moron for having sold them at fifteen bucks when six weeks later they kissed
25 with tongue so what do you do well you put in a limit order that is you put
a limit of a minimum price of 25 bucks a share for Colonel Electric such that [Pile of stocks appear]
those shares will simply sit in your account unsold maybe forever until
somebody out in the wild blue yonder of Stockland is willing to pay twenty five [Woman standing at a colonel electric stand]
dollars or more for the shares where you have a minimum price limit of 25 bucks a
share in your order so here's to hoping they sell and don't get further demoted [Man carries stock into car]
Sargent Electric is just a place you don't want to go
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