medium · Market Microstructure
An institutional trader sends a Fill-or-Kill (FOK) buy order for 2,000 shares at a limit of 50.10. The ask side of the LOB shows 800 shares at50.05 and 1,100 shares at $50.10.
Which statement correctly describes the outcome?
- The order is canceled in its entirety.
- 2,000 shares are filled, with 100 shares 'walking the book' to $50.11.
- 800 shares are filled at 50.05 and the order rests for the remainder.
- 1,900 shares are filled and 100 shares are canceled.
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