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Iceberg and hidden orders on CME, EUREX and NASDAQ
Yes, but that being said, you shouldn't worry about it. It shouldn't affect you much. Once you've had some screen time, with a good datafeed you can often tell when a big iceberg or growler is being worked. But in any event, you're not trading the type of size where you should worry about it. Just find an edge and means to exploit it first, the complicated stuff comes later.
Yes, you are right, this example is about the Eurex.
Client orders are held and filled within a special account group called A1.
The account groups G1, G2, P1, P2, M1, M2 are reserved for members.
G2 e.g. are designated give-ups (all order types) that are only filled with a member ID of receiving clearing.
P group contains all kinds of proprietary trading of institutions.
For all orders "normal clients" (A1 accounts) won't necessarily be part of G-P trades, except where their volume is needed for a fill or
with so-called "Live Trading" (wording == German marketing bs) which allows customers to directly trade vs designated market makers (so A1 and M1/2 accounts and orders are involved).
(A very rough description, I know, but the normal customer will never once get in touch with an order that depends on a clearing member ID in his/her whole life.)
So to clarify, large orders from a1 which are well above the orders being displayed on the ladder would be routed to groups g-p to be filled at the requested price (providing p and g have bids/offers to fill the order) ?
I have not been able to find any reference to iceberg orders being supported by Eurex for futures. It is not listed as a supported order type on their website.
edit: this is not to say that a trader can't manage their own iceberg order via their own client-side software. They can endeavor to refresh their order at the back of the limit queue when filled in their limit "tip".
