Disclosed Quantity
An electronic order with a feature called disclosed quantity allows the trader to disclose only a part of the actual order quantity to the market. When one’s disclosed portion is filled, the next disclosed portion of the unfilled order is sent to the market. The disclosed quantity should generally be not less than 10% of the actual order quantity and not greater than or equal to the actual order quantity.
Example
If a trader wants to buy 2000 shares, with a disclosed quantity condition of 300 shares (which is greater than 10% of 2000 and less than 2000), only 300 shares will be displayed on the trading system till the time 300 shares of the trade is executed. After this fill, another 300 shares will be automatically released on the trading system and so on; until the entire order is fully executed.