Glossary · I
What is Iceberg order?
A large limit order that shows only a small part (the display quantity) in the book and refills from a hidden reserve as it trades. Native icebergs are managed by the exchange; synthetic icebergs are managed by a platform or algorithm and look like ordinary new orders.
In context
An iceberg order is a large limit order of which only a small part, the display quantity, is visible in the book. When the visible part is filled, the next part is released from a hidden reserve. This is called a refill. The name is the obvious image: only the tip of an iceberg is above the water.
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