Definitions for "ONE CANCELS THE OTHER"
Two orders submitted simultaneously, either of which may be filled. If one order is filled, the other is considered to be canceled.
this is a combination of two orders written on one order ticket. Once one side of the order is filled, the remaining side of the order should be cancelled. This type of order eliminates the possibility of a double fill by having both orders on one ticket.
Is an order whereby one set of instructions replaces a previous set of instructions. In the process, the previous set of instructions is to be canceled.