Orders & execution
How do hidden orders function on public exchange order books?
By Easy Money Scanner · Educational reference · Not investment advice
The short answer
Hidden orders are order book instructions that are not displayed in the public quote feed, allowing traders to transact without revealing price or size information to other market participants.
How it works
Exchanges allow certain hidden or reserve order types that match against visible orders but remain invisible until executed, used to reduce information leakage for large trades.
An example
An institutional desk places a fully hidden limit order that only appears in the trade tape after execution, never showing on the visible order book beforehand.
Risk & limitations
Because hidden orders aren't visible, retail traders analyzing order book depth may misjudge true available liquidity at a given price level.
Examples are hypothetical, not trade recommendations. US contract and regulatory references do not automatically apply in Canada. Rules, margin requirements and broker policies can change; confirm them with the relevant authority and your broker.