The Dark Ice order type develops the concept of privacy adopted by orders such as Iceberg or Reserve, using a proprietary algorithm to further hide the volume displayed to the market by the order. Clients can determine the timeframe an order remains live and have the option to allow trading past end time in the event it is unfilled by the stated end time. In order to minimize market impact in the event of large orders, users can specify a display size to be shown to the market different from the actual order size. Additionally, the Dark Ice algo randomizes the display size +/- 50% based upon the probability of the price moving favorably. Further, using calculated probabilities, the algo decides whether to place the order at the limit price or one tick lower than the current offer for buy orders and one tick higher than the current bid for sell orders.
The Reference Table to the upper right provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.
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The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed income can be substantial. Options are not suitable for all investors. For more information, read the "Characteristics and Risks of Standardized Options".
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