A large trade that is intentionally publicized as an invitation to market participants to deal. Execution of the deal will create a degree of market impact. An investor attempts to expose his trading intentions to the investment community, several hours before trading, by signalling that he is an uninformed trader, and by displaying his orders and identity to attract more dealings at lower costs.

This market practice is prohibited under specific regulatory regimes.

It is also known as a pre-announced trade.