What does Immediate or Cancel (IOC) Validity Type mean ?

What does Immediate or Cancel (IOC) Validity Type mean ?

Immediate or Cancel (IOC) is a type of order validity in the stock market. It means:

 Your order must be executed immediately, either fully or partially.
Any part of the order that cannot be executed instantly is automatically cancelled.

How it works (simple example)

You place a buy order for 100 shares with IOC validity.
At that moment:
Only 60 shares are available at your price.
Result:
60 shares get executed immediately
The remaining 40 shares are cancelled

No pending order stays in the order book.

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