Futures Minimum Quantity vs. FOK Orders Explained
Learn how a futures Minimum Quantity order differs from Fill or Kill, when partial execution can occur, what happens to the remainder, and how to reconcile the final position.
Direct answer
A Minimum Quantity order requires a stated minimum to be immediately matchable. If met, more than the minimum can execute and a balance can remain. FOK is stricter when its required minimum equals the full order size.
Minimum Quantity sets an immediate threshold
CME defines a Minimum Quantity order as one that executes only if a stated minimum quantity can be immediately matched.
The trader chooses the minimum quantity within the supported order rules.
If that minimum cannot be matched immediately, the order is canceled.
If the threshold is met, the order can execute the immediately available compatible quantity.
Any remaining balance can then follow the order's applicable resting behavior.
This makes Minimum Quantity different from simply asking for an exact fill size.
Worked example: order 10, minimum 4
Suppose you submit a buy limit for 10 contracts with a minimum quantity of 4.
Assume 6 contracts are immediately available at the limit price or better.
The minimum threshold of 4 is satisfied.
All 6 immediately available contracts can execute.
The remaining 4 can stay as a limit-order balance under the applicable rules.
The result is:
Minimum Quantity did not restrict the fill to exactly 4.
- 6 contracts filled
- 4 contracts remaining
- position increases by 6 immediately
What if only 3 contracts are immediately available?
Use the same 10-contract order with minimum quantity 4.
If only 3 contracts can be immediately matched, the minimum threshold is not satisfied.
The order is canceled rather than accepting the 3-contract fill.
The resulting position change is zero.
This threshold behavior is the main reason to separate Minimum Quantity from an ordinary limit order.
An ordinary limit order could accept the available partial quantity without requiring the minimum threshold.
FOK becomes all-or-none when the minimum equals total quantity
CME describes Fill or Kill as canceling the order if the specified minimum quantity cannot be immediately filled.
If a 10-contract FOK requires a minimum of 10, all 10 must be immediately available under the price condition.
If only 6 are available, the order is canceled.
That gives:
The words "minimum quantity" therefore do not automatically mean "all or none."
Futures IOC/FAK versus FOK compares other immediate-execution qualifiers.
- Minimum Quantity 4 on order 10 with 6 available: 6 can fill
- FOK minimum 10 on order 10 with 6 available: 0 fill
The remainder still needs its own status check
After a Minimum Quantity order partially executes, the filled quantity is already a real trade.
The remainder can remain working under the applicable order rules.
Do not assume the balance disappeared just because the immediate threshold test already happened.
Check cumulative filled quantity, leaves quantity, price, time in force, and final order state.
Submitting another full-size order without checking the balance can create excess exposure.
Why futures orders fill at multiple prices explains how to reconcile fills and remaining quantity.
Price condition and minimum quantity are separate
A Minimum Quantity instruction does not remove the order's price condition.
For a limit order, the limit still defines the permitted execution boundary.
The minimum quantity only adds a quantity condition for the initial immediate match.
Both conditions must be understood together.
A platform can also restrict which products or order combinations support Minimum Quantity.
Verify the exact venue and broker implementation instead of assuming universal availability. [!TRYMARK] Compare two thresholds Submit a hypothetical 10-contract buy limit with MinQty 4, then with MinQty 10. Assume only 6 contracts are immediately available. Write the filled quantity, remaining quantity, and position change for each case.
Use a Minimum Quantity checklist
Confirm venue, product, and contract month.
Record total order quantity.
Record the required minimum quantity.
Confirm the price condition separately.
Check immediate compatible quantity.
If the threshold is met, record the actual filled quantity.
Check whether a remaining balance is still working.
Verify final position quantity before replacing the order.
Do not treat MinQty as synonymous with FOK or all-or-none.
This guide explains order mechanics, not a recommendation to use a quantity qualifier.
Common questions
What is a Minimum Quantity futures order?
It is an order that executes only if a stated minimum quantity can be immediately matched. If the threshold cannot be met, the order is canceled.
Is Minimum Quantity the same as FOK?
Not necessarily. A Minimum Quantity threshold can be smaller than the total order. FOK becomes effectively all-or-none when the required minimum equals the full order quantity.
Can a Minimum Quantity order partially fill?
Yes, if the minimum threshold is satisfied and more than the minimum but less than the total quantity is immediately available. The remaining balance can then follow the applicable resting rules.
If MinQty is 4 and 6 contracts are available, do only 4 fill?
Not necessarily. The minimum is a threshold, not a cap. If 6 compatible contracts are immediately available, all 6 can execute under the applicable matching rules.