How does FOK (fill-or-kill) work? Can't seem to find a detailed explanation. Eg how long does it wait before being killed?
Disclaimer: I have never used it, and I may have misunderstood it.
AFAIK, FOK works by checking if the entire order can be filled immediately at the specified price (or better). If that is the case, the order executes, if not it is cancelled instead.
http://www.investopedia.com/terms/f/fok.asp