to display only a small part of the order, leaving a large undisplayed quantity "below the surface". Electronic markets All of the above order types are usually available in modern electronic markets, but order priority rules encourage simple market and limit orders. Market orders receive highest priority, followed by limit orders. If a limit order has priority, it is the next trade executed at the limit price. Simple limit orders generally get high priority, based on a first-come-first-served rule. Conditional orders generally get priority based on the time the condition is met. Iceberg orders and dark pool orders (which are not displayed) are given lower priority. See also Central limit order book References "Different Stock Sale Types". Eroller. Further reading Larry Harris, Trading & Exchanges, Oxford Press, Oxford, 2003. Chapter 4 "Orders and Order Properties." U.S. Securities and Exchange Commission Orders accessed 4/21/2007. U. S. Securities and Exchange Commission Trade Execution accessed 4/21/2007. Share trading Bonds (finance) Commodity markets Derivatives (finance) Financial markets