Registered: Sep 2011
Posts: 550

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Quote from def:

The reference refers to when a number of years back TMBR's quote in equity markets became part of the NBBO quote for IB clients. this hasn't been true for years but even when it was, orders weren't shown to TMBR. it was the other way around as TMBR showed prices to IB and routing decisions were made to the venue where the client would get the best execution.

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Registered: Jul 2006
Posts: 124

I tried the Highest rebate strategy some time ago. I found I only got filled when the BBO changed. Not surprising since takers obviously will opt for the cheapest fills first. I decided the larger rebate wasn't worth the missed fills.

Registered: Dec 2003
Posts: 161

I wanted to confirm IB customers (API and TWS) can customize their SMART routing to rest their unmarketable orders on the exchange with the highest rebate.

Available strategies include:

Smart - Routes your non-marketable order to the default exchange for the contract.
Highest Rebate - Routes your non-marketable order to the exchange offering the highest rebate for added liquidity.
Primary exchange - Routes your non-marketable order to the listing exchange for the contract.
Highest volume exchange with rebate - Routes your non-marketable order to the exchange with the most volume that also offers the highest rebate for added liquidity.
Highest volume exchange with lowest (taker) fee - Routes your non-marketable order to the exchange with the most volume that also charges the lowest fee for taking liquidity.

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