Institutions can place orders that are hidden from Level 2 book. Do these order remain "hidden" after they execute?

Imagine AAPL bid and ask are $157.90 and $157.92, and, there is a hidden order for 10M shares to sell at $157.91. Then it's matched by another hidden order to buy 10M shares at $157.91, that is these hidden orders didn't affect all regular orders on L2 book. Will regular/retail traders see the 10M shares in the volume bar, or we won't even know that huge amount of shares changed hands?

1 Answer 1


A cross trade is when a broker receives a buy and sell orders at the same price for the same security. There are some rules and limitations but assuming all conditions are met (price is competitive, etc.), the broker executes the trade between his two customers. These orders are not listed publicly and they are not reported.

A hidden order is not displayed to the public in the electronic order book. Or perhaps it could be an Iceberg order where only the ‘tip’ is shown. Because these orders have been submitted to an exchange, executed volume is reported on the exchange.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.