Yes; my take is that they aren't very common, but I have no direct personal experience, so take this with a grain of salt... Since the order is "hidden" it's not sent to the L2 book, so unless your broker (i.e. Datek, IB) routes heavily to ISLD, I wouldn't think that the hidden orders are very marketable. I mean, what's the point of making an offer if no one knows it's there? If a tree falls in the woods and no one hears it, did it really fall?? It's always been strange to me that ISLD, whose originators have been champions of market transparency and liquidity, is one of a very small # of marketplaces that process hidden orders...
I know with my Software I have the ability to hide Island orders and I think maybe even ARCA. I prefer to be hit though and want my orders seen. Robert
I believe ISLD show up in net position on most L2's should you actually want to see the entire Bid/Ask on each stock in each montage for that L2, then good trading. there's such a thing as overkill, and believing in advertising... you choose which...
Posting an order on ISLD is ok for a liquid stock,but for an illiquid stock,it might cause an unwanted move in the stock.
I can see hiding reserve, ( show 1000 with 9000 behind), but what's the point of not exposing your price?
I believe you mean "did it really make any noise"....of course it fell regardless of whether anyone was there to hear it.