“All-or-nothing” price quotation is defined as a price for a specified volume and could only be traded in its entirety. Dealers may give an “all-or-nothing” price quotation for a specific volume above the minimum trading lot for business or economic reasons such as, efficiency in booking or getting the whole volume dealt straight away in one price.
To maintain the liquidity in the market, even with the presence of an “all-or-nothing” quotation, the following shall stand:
a) Posted prices that are at PAR with the “all-or-nothing” price but not necessarily the same volume shall be announced by the broker. The next best price after the all-or-nothing price, even at a lesser volume shall simultaneously be announced by the broker.
b) If the “all-or-nothing” price is not the best price, the broker shall announce the best price available with minimum standard volume as well as the “all-or-nothing” price behind, if necessary or required.
c) If the “all-or-nothing” price is the best price, the broker shall announce it and immediately thereafter, the broker shall also announce the next best price for a standard volume, if available. This is important to make sure that the market is not stuck with a price that can only be dealt at an “all-or nothing” volume.
d) Brokers shall always exert their best efforts to look for a dealable price at the standard minimum volume even with the presence of the “all-or-nothing” price. Dealers on the other hand are encouraged to make markets at dealable prices for the standard minimum volume to ensure the liquidity of the commodity in the market, even with an “all-or-nothing” price.