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nocloud

Registered: Apr 2011
Posts: 68

07-26-12 05:15 AM

I'm not familiar with the terminology, but what is an iceberg order?

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Random.Capital

Registered: Jan 2005
Posts: 3848

07-26-12 05:16 AM

"An order that replenishes the displayed order size as executions are received. A minimum of 1 Board Lot must be displayed and only the disclosed volume will have priority at the given price level."

Details may vary between exchanges, but that's the gist of it.

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nocloud

Registered: Apr 2011
Posts: 68

07-26-12 05:31 PM

that seems like a very unfair order type. is everybody allowed to submit iceberg orders or is this only for market makers?

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Traveler

Registered: Apr 2003
Posts: 774

07-26-12 07:34 PM

IB supports it. Hidden/Display size.

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nocloud

Registered: Apr 2011
Posts: 68

07-26-12 07:44 PM

So when the displayed part is filled, the hidden part automatically becomes displayed?

My understanding of this was say you want 100 show and 300 hidden, the 100 are shown and executed at the font of the queue, the 300 hidden never become show and are executed at the end of the queue.

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Random.Capital

Registered: Jan 2005
Posts: 3848

07-26-12 07:53 PM

Right, the hidden parts of the iceberg will have lower priority than any visible orders.

At least...in theory...

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