Iceberg order
TradingDefinition
A large order broken into smaller visible chunks to avoid signaling its full size to the market. Only the visible portion ("the tip of the iceberg") shows in the order book; the rest stays hidden until executed.
Used by institutions to minimize market impact. HFT firms can sometimes detect iceberg patterns and trade against them.
Used by institutions to minimize market impact. HFT firms can sometimes detect iceberg patterns and trade against them.