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Subject: RE: What is Integral?

• From: "Holmberg, David G. (Fed)" <david.holmberg@nist.gov>
• To: "Considine, Toby" <Toby.Considine@unc.edu>, "energyinterop@lists.oasis-open.org" <energyinterop@lists.oasis-open.org>
• Date: Wed, 9 Feb 2022 14:04:24 +0000

Makes sense to me. I did a google on “integral tender” and it doesn’t seem to be a term. Integral has different meetings. It can mean the whole of a work, like, “the integral works of an author”, but it seems more common to say, “an integral part” of something, meaning that this is a part of a bigger whole. So, I find “integral tender” to be ambiguous and think All-or-None would be better.

David

From: energyinterop@lists.oasis-open.org <energyinterop@lists.oasis-open.org> On Behalf Of Considine, Toby
Sent: Tuesday, February 8, 2022 4:53 PM
To: energyinterop@lists.oasis-open.org
Subject: [energyinterop] What is Integral?

I know what an Integral Tender is, because I was there during EI.

I was talking today to someone who asked "why don't we use the term "Complete?"

I scratched my head, and began searching. The closest I could find was in the CME Group, where there is the term "All-or-None"

 All-or-None (AON) orders are orders executed in the open outcry venue that must be filled in their entirety at a single price. AON transactions are permitted only in certain products and must be for a quantity that meets or exceeds the exchange-specified AON minimum quantity for that product. www.cmegroup.com

And also this (which has a nice discussion of the effects fo such tenders):

SO why don't we use the term All-or-None

 All or none (AON) is an order type with the instruction to fill the order completely or cancel it; partial fills are not allowed. AON orders usually take longer to execute than normal orders ... www.investopedia.com

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