easy · Market Microstructure lob
A trader places an 'Iceberg' order to buy 10,000 shares, with only 500 shares displayed at a time.
What is the primary purpose of using this order type?
- To earn the maker rebate on all 10,000 shares immediately.
- To guarantee priority at the front of the queue.
- To minimize information leakage and market impact.
- To comply with Reg NMS Rule 611.
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