SMART Stock Routing Algorithms

Added on by C. Maoxian.

  • SMART Multipurpose (SMART) - This is the basic smart-routing algorithm. Routes your non-marketable order to the default exchange for the instrument.

  • SMART Maximize Rebate (SMART MaxRebate) - Routes the order to the venue offering the highest rebate.

  • SMART Prefer Rebate (SMART PreferRebate) - Routes the order with the bias toward getting a rebate vs. getting the order filled.

  • SMART Prefer Fill (SMART PreferFill) - Routes the order with the bias toward getting a fill vs. getting a rebate.

  • SMART Maximize Fill (SMART MaxFill) - Routes the order with the sole objective of getting a fill.

  • SMART Primary Exchange (SMART Primary) - Routes your non-marketable order to the listing exchange for the instrument.

  • SMART Highest Volume Exchange with Rebate (SMART VRebate) - Routes your non-marketable order to the exchange with the most volume that also offers the highest rebate for added liquidity.

    Note:  On a best efforts basis, the IB SmartRouting system will attempt to capture a rebate on your order. However, not all trades will receive a rebate, as best execution at the best possible price remains the top priority.

  • SMART VLowFee - Routes your non-marketable order to the exchange with the most volume that also charges the lowest fee for taking liquidity.

  • SMART Dark Only - Will probe the dark pools for liquidity and use the immediate-or-cancel time in force.