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Iceberg

An Iceberg intelligent order allows a large volume order to be placed into the book of orders during continuous trading without disclosing the entire volume of the order to the market. This type of order can only be entered for orders exceeding € 10,000.

Iceberg type orders are characterized by entering a limit price "Price (CZK)", total number of shares "Quantity" and the displayed quantity (the "peak") "Displayed Quantity".

During continuous trading, only the quantity and only a few full shares in the order are shown to the market. As soon as the displayed quantity is satisfied by the market, the order receives a new timestamp and if unpaired shares remain, the quantity to be displayed is once again published. If the unsatisfied remainder of the order contains fewer shares than the displayed quantity, the remainder is published.
An Iceberg-type order is not visibly marked in the book of orders. Such an order is only valid for the given trading day and cannot be combined with other restrictions on trading or settlement method.

During auction trading (the auction itself, the auction phase of continuous trading, CALL or MARKET CALL), an Iceberg-type order shows the full quantity if the book of orders is open. If an Iceberg-type order is not completely satisfied during the auction, the displayed quantity alone is placed into the book of orders after the transition to continuous trading.

The minimum displayed quantity and minimum total number of shares for an Iceberg order are defined for individual groups of Prague Stock Exchange (BCPP) securities.

Current parameters defined by the BCPP

Two types of securities exist. Shares are classified into groups based on the price for the security on the decisive day. The classification into one of the groups is valid for the given security for the following quarter. The decisive day is defined as the last trading day in the months of March, June, September and December.

1. Group
For stocks with a price above CZK 5,000.

  • Minimum total number of shares: 250
  • Minimum size of displayed quantity (peak): 25

2. Group
For stocks with a price below CZK 5,000 (inclusive).

  • Minimum total number of shares: 1,000
  • Minimum size of displayed quantity (peak): 100

Warning: The minimum displayed quantity (peak) must always = 5 % of the total number of shares in the given order.

Placing an order

  • Enter a Limit Price for the order (the order will be satisfied at the given price in the worst case)
  • Enter Order Validity (maximum order validity for an Iceberg order is a single day).
  • Enter a Total Quantity for the order with respect to the exchange-defined minimum (see above).
  • Enter a Displayed Quantity (i.e. "peak") with respect to the exchange-defined minimum (see above).
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