An IOC order may be filled in full or in part, depending on market conditions at the time it is entered, at the specified limit price or better. If an IOC order is not executed immediately in full or in part upon entry in the NYSE Arca Europe trading platform, the unexecuted part of the order is cancelled.
The minimum-size requirement is valid only at the time the order is entered. If the specified minimum quantity is filled immediately, the unexecuted part of the order remains on the market. If the minimum quantity is not immediately executed, the entire order is cancelled. The minimum quantity parameter cannot be combined with the discretionary order.
Passive only orders are orders that will not trigger any execution when entering the central order book. When the NYSE Arca Europe system receives a passive only order and the order would trigger execution(s) in the order book, the order will be rejected. Otherwise the order is accepted and entered into the order book.