medium · Market Microstructure lob

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?

  1. The order is canceled in its entirety.
  2. 2,000 shares are filled, with 100 shares 'walking the book' to $50.11.
  3. 800 shares are filled at 50.05 and the order rests for the remainder.
  4. 1,900 shares are filled and 100 shares are canceled.

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