A trading order (a type of limit order) that is only partly displayed to the market. In this sense, it consists of a visible limit order and a hidden order. In other words, the total amount of the order is ready for execution, only a proportion is exposed to market participants. It is used to conceal trading strategies and as such reduce the risk of adverse selection.

As each visible part is executed, the next proportion becomes visible, and so on, until the entire order is fully executed. In terms of priority of execution, the iceberged or reserved proportion of the order comes third for the same price, lagging behind visible orders and preceding hidden orders.

This order is also known as an iceberg order.