Iceberg Order

In a sentence

The institution used an iceberg order to reveal only a small portion of its total position.

• The institution used an iceberg order to reveal only a small portion of its total position.
• As the visible quantity filled, the iceberg order displayed another tranche.
• An iceberg order can reduce the market impact of a large trade.
• The trader suspected an iceberg order because sell liquidity kept reappearing at the same price.
• The exchange’s rules determined how the hidden portion of the iceberg order retained priority.