If entering an order for a product which is offered on multiple exchanges or venues, you will be presented with a routing destination menu offering a choice of either SMART or the various exchanges offered. After entering the product symbol on the TWS quote line, if you select Smart from the Destination field IBKR will search for the best price available at the time of your order and seek to immediately execute your order electronically. If you select a specific exchange, your order will be routed to that particular exchange only. Note that when entering a symbol in the Financial Instrument field you may have to expand the next menu by clicking on the small circle at the bottom to see the choice for "Stock (Directed)". The TWS User Guide page with the steps to create a Direct Routed market data row for a specific exchange can be found at Add Market Data.Once you have Direct Routed a stock order the exchange holding your order can either Cancel or Re-Price your order away from the NBBO as not to lock or cross the NBBO Bid/Ask market if your order's price is marketable at a different venue.
Please Note
- Direct routed orders may be subject to a higher commission than Smart routed orders and may vary based upon product type and method of order entry. See the IBKR website for details.
- If you do not see market data on a SMART ticker row, you can try to create a Directed market data row to see a Bid/Ask.
Additional Information