Route order to best destination based on price
IB's intelligent order routing software is designed to maximize execution price and speed. When an order is sent using SmartRouting, the system searches prices across available market centers and sends your order to the market center with the best prevailing price. If multiple market centers are offering the same price, certain tie-breaking rules apply. If your order is routed to a market center and it does not execute, that market center is removed from routing consideration (for that order) until all destinations within the NBBO cap range are considered. After all destinations have been considered, those already visited become re-eligible for routing consideration. The table below illustrates available routing destinations.

• To speed execution, an order will be sent IOC (Immediate-or-cancel) if the venue supports this order type.

• Venues closed during extended market hours are excluded from the eligible routing destinations.