Reserve Order

A reserve order, also referred to as an iceberg order is a type of order used in stock trading.

After a reserve order is placed with a broker, the order is broken down into many equally-sized smaller orders. Each of these smaller orders is only sent by the broker to the exchange when the previous order has been fulfilled.

This order automates the process of making multiple individual orders in succession in order to prevent the market fluctuations which may occur if a single, large order were executed.

Swiss stock broker comparison
Order types offered by Swiss brokers compared