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Quantitative Finance · Glossary

What is Hidden order, iceberg order?

Also known as: hidden order · iceberg order

Definition 2.4 Microstructure and Execution · Chapter 2 — Order Types and Their Uses

A hidden order rests in the book and can execute against incoming orders but appears in no market-data feed. An iceberg order (reserve order) displays only a slice of its size; when the slice is executed, the venue displays the next slice from the reserve, at the back of the queue.

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