A trading order that is entered by market participants via computerized market systems (screen trading) as a bid or offer for an amount that exceeds what they intend to expose for other market participants. The order becomes a active order if and only if a firm order on the other side of the trade is placed in accordance with the requirements of the non-display bid or offer. Not all exchanges or venues permit this type of orders. Such orders allow market participants to reduce demand for securities in dark pools by traders who want to avoid affecting the price indirectly by exposing the full exposure of their books.

It is also known a hidden order or a cloaked order.