In TWS Global Configuration, the Smart Routing settings page provides checkboxes that allow you to either:
- Allow Smart routing to search for hidden liquidity at a better price than the NBBO in dark pools for stock/warrant orders ("Seek Price Improvement" checkbox).
- Remove all hidden liquidity/dark pools from being included in Smart routing for stock/warrant orders ("Do not route to dark pools" checkbox).
Because these two features are mutually exclusive, checking them both will prompt an error message requiring you to uncheck at least one of these options.
NOTE: The order attribute "Do not route to dark pools" is only available in Global Configuration, but the attribute "Seek Price Improvement" is available on a per-order basis by adding this field in TWS Classic or in the Misc tab of the Order Ticket. If you have checked the "Do not route" feature in Global Configuration, checking "Seek Price Improvement" for an individual order will cause the order to be rejected.
To set Smart Routing options in Global Configuration:
- Open Global Configuration from Mosaic File menu or Classic Edit menu.
- In the left pane, navigate to Orders > Smart Routing.
- In the right pane, see "Seek Price Improvement" checkbox and "Do not route to dark pools" checkbox.