From a Market Regulation Perspective, Is the Detection and Trading against Iceberg Orders Considered a Form of Market Manipulation?

Generally, no. The detection of and trading against iceberg orders is typically not considered market manipulation from a regulatory standpoint.

It is often viewed as a legitimate strategy based on publicly available order book data. The information about the replenishing orders, while subtle, is public.

Regulations on market manipulation tend to focus on practices that create a false impression of market activity, such as spoofing or wash trading. Trading based on interpreting legitimate, albeit hidden, order patterns is usually seen as part of the competitive nature of the market.