Since the introduction of iceberg functionality, London Stock Exchange (LSE) has required that the minimum peak size on entry must be at least 40% of the Exchange Market Size (minimum market maker obligation size) in that specific security.

MiFID II also required the introduction of a minimum Iceberg order value of €10,000 and the Exchange has run the two requirements in tandem for a number of years.

The Financial Conduct Authority (FCA) has since removed the fixed threshold, instead expecting venues to set the minimum size of orders held in an order management facility operated by them having regard to appropriate minimum size thresholds, based on the specific instrument and the market conditions.

The pre-existing requirement of an iceberg peak on entry being at least 40% of Exchange Market Size fulfils this requirement and from Monday 1 September 2025 there will no longer be the additional requirement to meet the minimum Iceberg order value of €10,000.