An order that lurks in a market (usually a dark market) awaiting execution as per the set instructions accompanying it. A latent order is, by nature, a concealed order- an order placed in a market or venue in which offers to trade are not disclosed to the public (such a market is usually known as a nondisplayed market/ dark market). Examples of latent orders are those filled or placed by passive, buy-side investors .

In a corresponding context, an order latency is the amount of time it takes an order to be executed. It is the time delay between the time an order is placed and its time of execution.