Order Replenishment

Order replenishment is the process by which a trading system automatically refills the visible portion of an iceberg order after it has been filled. As the market eats through the displayed quantity, the system pulls from the hidden reserve to keep the order active in the limit order book.

This allows the trader to maintain a presence in the market without revealing the total size of their position. Replenishment is a critical feature for institutional-grade trading platforms, ensuring that large orders can be worked over time.

The speed and predictability of replenishment can be analyzed by other participants to infer the presence of a large hidden order. Proper replenishment settings are vital for managing execution while maintaining the intended level of order hiding.