How Do Dark Pools Differ from Iceberg Orders in the Context of Hiding Trade Intentions?

Iceberg orders execute on public exchanges (lit markets) but hide the total order size, showing only a small piece at a time. In contrast, dark pools are private, off-exchange forums where the entire order, including price and size, is completely hidden from the public.

Trades are only reported after they have been executed. Therefore, while iceberg orders mask the size on a transparent venue, dark pools mask the entire order intention within an opaque venue.

Dark pools provide no pre-trade transparency, whereas iceberg orders offer limited pre-trade transparency.