Smart Order Routing
In addition to having the ability to route directly to all major exchanges and electronic venues, all of our clients have the ability to benefit from our Smart Order Routing technology
We offer the use of IB SmartRouting* that searches for the best stock, option, and combination prices available at the time of your order, and seeks to immediately execute your order electronically.
Unlike other smart routers, IB SmartRouting never routes and forgets about your order. It continuously evaluates fast changing market conditions and dynamically re-routes all or parts of your order seeking to achieve optimal execution and maximize your rebate. IB SmartRouting represents each leg of a spread order independently and submits each leg at the best possible venue.
IB SmartRouting Autorecovery re-routes your US options order in the case of an exchange malfunction, with IB undertaking the risk of double executions.
To help provide price improvement on large volume and block orders and take advantage of hidden institutional order flows that may not be available at exchanges, IB includes eight dark pools in its SmartRouting logic.
Our smart router takes into account transaction costs along with the fee or rebate for taking/adding liquidity when determining where to route your marketable order when the inside market is shared by multiple exchanges. For clients who want even more control of their orders, TWS clients can specify stock and options smart routing strategies for non-marketable orders.
For options, clients can choose to send their non-marketable Smart routed orders to the exchange offering the highest rebate. These routing directives can be set on a per-order basis from the “Misc” tab of the Order Ticket, or as a global default setting from the Smart Routing configuration page.
For stocks, clients with the Cost Plus pricing structure can elect to have their non-marketable orders routed to:
The exchange with the highest rebate.
The listing exchange on the symbol.
The highest volume exchange that has a rebate for adding liquidity.
The highest volume exchange that charges the lowest fee for taking liquidity.
* IB SmartRouting is provided to RJL Trademate by Interactive Brokers
IB executions have outperformed the industry as a whole Nine Straight Years – 2007 through 2015 based on independent measurements by the Transaction Auditing Group, Inc., (TAG), a third-party provider of transaction analysis. For more information, please contact your RJL Trademate representative