An iceberg order displays only part of its total size, replenishing the visible portion as it fills. It is an explicitly permitted venue feature for concealing size, which is a useful contrast with spoofing: hiding real interest is allowed, displaying fake interest is not.
market microstructure · updated 2026-09-08
See also
Order book— The order book is the live list of all outstanding buy and sell orders for an instrument, arranged by price, that a trading venue …
Bona fide order— A bona fide order is one placed with a genuine intention to trade if the market reaches it. The concept does most of the work in s…