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Iceberg Orders

An iceberg order is a large single order that has been divided into smaller lots, usually by the use of an automated program, for the purpose of hiding the actual order quantity. In 2008, Goldman Sachs launched its Iceberg algorithm, which posts small orders across venues, in order to "optimize price and size" of large orders in an electronic trading environment.[1]


  1. Goldman Launches Two New Options Algos. Advanced Trading.