How Do "Iceberg Orders" Attempt to Mitigate Information Leakage on a CLOB? ▴ Learn

How Do “Iceberg Orders” Attempt to Mitigate Information Leakage on a CLOB?

An iceberg order is a large limit order that is electronically submitted but only a small portion (the "tip") is publicly displayed on the CLOB. Once the tip is executed, the system automatically refreshes the display with another small portion of the total order.

This hides the true size of the institutional interest, reducing the market's ability to front-run the order.

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