Hi POR!

An iceberg order is one in which the seller does not want to show the entire order to the market, so it is packaged into smaller lots of 10,000 shares for example. When that block is sold, another one is immediately entered at the same price. Because only a small part of the order is visible, it is refered to as an iceberg. The idea is that the seller does not want to spook the market with the appearance of a large overhang on the offer.

cheers!

mike