I had a sub-penny sell only 5000 shares in a partial fill last week, at .001. It was a $5 trade, and Schwab charged me $4.99 commission for the partial fill. I emailed and complained and they said, well you should use a AON order instead, but refunded the absurd commission fee. The rest of the 1M sale went thru today, finally, and the standard commission was applied for the whole set of partial fills.
AON may slow the action for big orders of these sub-penny stocks when trading is thin, but it prevents the brokers charging multiple fees for tiny transactions in partial fills. If they can do that and slide it by you, they can make a few extra $$ along the way in commissions.
Take yer pick. I went back and changed some of my GTC orders to add the AON specifier. But not all, as I want to take advantage of quick changes in pricing for some of the orders.
"The difference between genius and stupidity is: genius has its limits."
- Albert Einstein
