A trader submits an all-or-nothing, immediate-or-cancel [fill or kill] order to sell 800 shares at €17.35. There are four buy limit orders standing in the stock's order book at the time the order is entered. The order book appears as follows:   Limit Buy Orders Limit Sell Orders  300 shares @ €17.35 100 shares @ €17.45 200 shares @ €17.35 400 shares @ €17.48 800 shares @ €17.33 500 shares @ €17.50 200 shares @ €17.31 900 shares @ €17.51 57. Referring to the previous order book, assuming none of the limit sell orders are “all or none” and ignore trading commissions, a market order to buy 600 shares would require an investment of:   €10,410 €10,470 €10,487 €10,500 None of the above answers is correct.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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A trader submits an all-or-nothing, immediate-or-cancel [fill or kill] order to sell 800 shares at €17.35. There are four buy limit orders standing in the stock's order book at the time the order is entered. The order book appears as follows:

 

Limit Buy Orders Limit Sell Orders 

  • 300 shares @ €17.35 100 shares @ €17.45
  • 200 shares @ €17.35 400 shares @ €17.48
  • 800 shares @ €17.33 500 shares @ €17.50
  • 200 shares @ €17.31 900 shares @ €17.51

57. Referring to the previous order book, assuming none of the limit sell orders are “all or none” and ignore trading commissions, a market order to buy 600 shares would require an investment of:

 

  1. €10,410
  2. €10,470
  3. €10,487
  4. €10,500
  5. None of the above answers is correct.
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