Souto, Pedro CalheirosLucia, Marco2025-01-302025-01-302024-06-212024-05-17http://hdl.handle.net/10362/178139This thesis investigates the impact of iceberg orders on market dynamics using agent-based modeling (ABM). By simulating a financial market with two types of agents—Iceberg Agents, who conceal their order sizes, and Regular Agents, who execute single-unit orders—we analyze market efficiency, traded volume, and price evolution. Our findings indicate that iceberg orders enhance market stability, increase liquidity, and improve efficiency by mitigating the disruptive impact of large trades. This study offers valuable insights for market participants and regulators, highlighting the strategic advantages of iceberg orders and their implications for market structure and behavior.engAbmFinanceFinanacial marketIceberg ordersmaster thesis203724712