Customers can direct non-marketable U.S. stock orders to the IBKR ATS destination to add liquidity. Orders directed to IBKR ATS are automatically tagged as "not held" orders, and are posted in IBKR's order book where incoming SmartRouted orders from other IBKR customers are eligible to take liquidity by trading against them.
Liquidity-adding orders directed to IBKR ATS may be appropriate if you are trying to buy or sell a block of stock by trading against other IBKR customers without exposing your interest to the public markets. Orders directed to IBKR ATS are not displayed in the market and are not displayed to other IBKR customers. This liquidity is detected only by the IBKR SmartRouting process, which will include IBKR ATS in its list of potential routing destinations. Only non-marketable (liquidity adding) orders can be directed to IBKR ATS. Marketable orders (orders that are executable against an order already resting at IBKR ATS) will be capped at the NBBO minus 1 tick. If you want an immediate fill or if you want to expose your trading interest in the public markets, you should not direct your order to IBKR ATS.
Clients who elect to direct liquidity-providing orders to IBKR ATS can choose to have the trading system reroute the order to SMART after it has rested on IBKR ATS for a user-specified number of minutes. Access this feature anywhere you can choose IBKR ATS as your routing destination, for example in the Mosaic Order Entry tile's Advanced panel when IBKR ATS is selected as the destination and in Accumulate/Distribute when you check "Route to IBKRATS". Simply enter the number of minutes you want the order to rest in the field labeled "Reroute to SMART after..." You can also define a preset number of minutes in Global Configure from the "For Orders Routed to IBKR ATS" section of the Stocks Preset.
For customers choosing to direct liquidity-providing orders to IBKR ATS, no maker/taker charges or credits will be applied.
For customers choosing IB's Flat Rate commission structure, ordinary commissions and fees apply.
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The Reference Table to the upper right provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.
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