Would my broker's smart route first try to fill my order where the couterparty is also one of their customers? E.g. IB customer with IB customer, or Penson with Penson, etc? I'm asking this because to know this information will sometimes impact how I would route my order. Thanks in advance.
I don't think they would do that if they could get a better price somewhere else. But if the price is the same, what does it matter?
Yes, I mean when the price is the same. It matters if one is sitting your order in the exchange and want to get first in line--if it's worth it even on a less popular exchange.