An iceberg order is an order that can be partially hidden from market view. Upon entry of the order, the participant must therefore specify the total order size and the visible “peak” size. The peak size is the maximum volume that will be shown to the market at any given instant.
Buy or sell order which is specified by means of its limit, total quantity and peak quantity. The Iceberg Order is placed in the order book in partial orders to the amount of the peak quantity. As soon as a partial order has been executed, a new partial order to the amount of the peak quantity is placed in the order book. This process is repeated until the total quantity of the Iceberg Order is executed.