WHOLE OR NONE ORDER SUSPENDED AT NSE.

For now,  no stock broker in Nigeria will be able to execute a whole or none order on behalf of any client till further notice.
This is because the Nigerian stock exchange has decided to suspend this portion in the rules and regulations that guide dealing activities in the market, according to Tinuade T Awe esq, General Counsel and Head,of Regulation.
The suspension is with immediate effect and puts on hold  the relevant articles without amending the rules approved by SEC since November 22, 2013.
Whole or none orders are orders that only trade when the entire units is bought or sold by one other counter party's order. Without a matching order, it is not executed.
Such orders have a way of guiding against too many new shareholders to a quoted company's portfolio but can also be exploited to corner choice offers to the detriment of best priced orders.
In today's electronic trading system, clear orders with clear time frame for execution help the system allocate securities better.
Years ago, particularly during the non electronic call over system, the most important person on the trading floor was the call over chairman. He it was who agreed to deals struck and immediately also allocated units to interested parties to the deal or deals.
It was rare to find crossed deals in securities with high demand and so, the call over chairman not only sanctioned deals on the floor but more importantly tried to be fair to all expressed dealing interests.
Of course, being mechanical it was subject to human whims and weaknesses.
Electronic trading did away with much of that but now validity period  and nature of orders must be precise enough to scale through.