medium · Market Microstructure
A trader uses an iceberg with a peak of 1,000 and a total of 5,000. A market order for 500 shares hits the peak.
What is the status of the order's time priority now?
- The priority is reset because the order size changed.
- The 500 remaining shares move behind any orders that arrived after T=0.
- The order is automatically hidden until the next replenishment.
- It maintains its original time priority for the remaining 500 shares in the peak.
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