After the displayed portion of an iceberg order has been executed, how is it replenished?

After the displayed portion of an iceberg order has been executed, how is it replenished?

• A. It becomes fully visible and restarts
• B. It replenishes according to top-up size within a 10% range
• C. It deletes the remaining unfilled quantity
• D. It stops trading

Answer: (B)

An iceberg order hides most of the total size and shows only a small portion at a time. When the displayed portion is filled, the system automatically replenishes the visible quantity up to a preset top-up size, typically keeping the visible amount within a small range (about 10%). This ensures the display stays roughly constant while the rest of the order is gradually executed. It isn’t reset to full visibility, it doesn’t delete the remaining quantity, and it doesn’t stop trading—the visible portion is simply replenished according to the top-up size until the entire order is filled or canceled.

An iceberg order hides most of the total size and shows only a small portion at a time. When the displayed portion is filled, the system automatically replenishes the visible quantity up to a preset top-up size, typically keeping the visible amount within a small range (about 10%). This ensures the display stays roughly constant while the rest of the order is gradually executed. It isn’t reset to full visibility, it doesn’t delete the remaining quantity, and it doesn’t stop trading—the visible portion is simply replenished according to the top-up size until the entire order is filled or canceled.