Algorithm that mimics the behaviour of a trader in dividing a large (parent) order up into smaller (child) orders and releases new child orders to the market as and when the last child order is executed. Algorithms are able to manage this process a lot more efficiently and with lower latency than a human trader could achieve and can therefore practically complete the order in smaller ‘pieces’ than a human trader could accomplish. The client chooses the limit price displayed. They may also choose the display size or the algorithm can generate this. Smart iceberg algorithms will seek to exploit the different iceberg rules in different markets.