Hidden Orders on NSE

Some brokers like Interactive Broker allows an order to be completely hidden from the market L2 depth view. That way the order size is invisible to casual participants.

In Zerodha one can change the disclose quantity but with a cap of 10% of the total order to hide the total size of the order.

@Sensibull @nithin: Can you please answer these questions kindly ?

  1. How is a hidden order handled in the exchange ?
  2. Who can see hidden orders to match liquidity ?
  3. What is the criteria based on which brokers decide what kind of orders to offer ? Why does IB offer complete annonymity while ZD offers partial ?
  4. What technology is required to view hidden orders ?

Not much in the know about this, @Siva can you.

If you mean disclosed quantity orders then exchange releases those orders in blocks for ex- if total quantity is 100, disclosed is 25 then only 25 quantity is released, only once that 25 is completed next 25 is released.

Not possible to see.

In India the things how they work are different, all orders should each exchange unlike in US where orders can be sent to any liquidity provider,dark pools,hft firms etc.
Disclosed quantity option is provided by exchanges and not by brokers in India.

As i understand (A) open order will be executed first and hidden order next which means suppose out of 50 shares for sale at 100 , 25 are hidden and there is open order of 100 shares at same price , the open order will be executed first even though it was placed after the order of 50 shares . (B) hidden orders will not be taken up in post market session .even if the price matches up .
Kindly guide .