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You can define event-specific directives for contracts routed through SmartRouting, such as excluding quotes, setting a price cap by defining the acceptable distance from the NBBO, and specifying a strategy for non-marketable orders.
To modify SmartRouting functionality
Note: IMPORTANT If you choose to: a) exclude quotes from certain exchanges; b) exclude non-firm quotes; or c) exclude non-electronic quotes, your order may not be executed at the best posted price nationally (the “NBBO”). This is because one of the exchanges that you chose to exclude might have the best posted price but that exchange will be bypassed by the SmartRouting system on your instruction.
In addition, if you exclude certain exchanges from the eligible SmartRouting destinations and your order is routed to another exchange with an inferior posted price, your order may not be executed by the exchange to which it is sent because that destination may not be willing to execute at an inferior price, or your order may not be marketable at that exchange. You should carefully evaluate all of these factors before deciding whether to exclude certain exchanges from the eligible SmartRouting destinations.
If checked, Smart routing will sweep certain exchanges for hidden liquidity at more favorable prices. This may result in slower executions.
This allows you to route orders to major exchanges three minutes before the open. For orders submitted before the open, checking this box ensures your orders are routed prior to the open. This directive only applies to stocks listed on a major exchange, and cannot be used if the Ignore Opening Auction order attribute is set.
Do not route to dark pools - For stock and warrant orders only. When checked, all dark pool destinations will be bypassed by the Smartrouter.
Customers who have the unbundled "Cost Plus" commission structure for stocks have the ability to choose from a list of Smart routing strategies for non-marketable stock orders to complement their trading strategy.
Use the checklist to select a single "Default" strategy which will automatically be applied to any non-marketable, Smart routed stock order, and any number of "Display" strategies, each of which will be available from the Destination field as a per-order selection.
Available strategies include:
Choose how to route a smart-routed, non-marketable options order.