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.
Quantitative Finance · Glosarium
Apa itu Hidden order, iceberg order?
Dikenal juga sebagai: hidden order · iceberg order