IB should allow user to set Smart's default exchange - Vote Now. If you agree then please vote in the Interactive Brokers Features Poll on item 2000, currently on page 2 of the other category at http://www.interactivebrokers.com/en/general/poll/poll.php?ib_entity=llc#cat_oth. IBâs Smart routing should allow specification of the default Exchange/ECN while continuing to support the pre-open re-route feature. With the current turmoil in order execution and pricing it is no longer obvious that there is one clearly superior unchanging default Exchange/ECN. Some of the reasons are: 1) Now that NYSEâs Hybrid system is fully implemented it executes the lionâs share of the volume. Formerly a large marketable order would cause the specialist to find liquidity at one price and then fill all intervening quotes at that price. Now Hybrid walks the book filling quotes without price improvement. While price improvement is still possible if your quote is past the LRP, the opportunities are greatly reduced. 2) Reg NMS will soon be implemented. It protects the top of book on all fast exchanges, unlike the current trade through rule which only protects the NBBO. This means the NYSE will be forced to route a greater portion of their orders to 3rd parties. 3) NYSE charges liquidity providers $.025/100. ARCA, Nasdaq, and others pay $.20/100. Add it all up and it is no longer clear that providing liquidity on the NYSE is the best option. Currently IB routes unmarketable orders to the exchange they are listed on. IB should allow specification of a default exchange. Preferably they would allow specification on an order by order basis and on a primary exchange basis (for example, all NYSE routed to ARCA unless overridden on a specific order.) Since the opening cross is a significant liquidity event, they should honor the pre-open re-route feature. So, assuming an RTH order, the order should first be routed to the primary exchange for the opening cross, and then routed to the default exchange. There is another similar proposal in the Interactive Brokers Features Poll, but it does not specify maintaining support for the pre-open re-route feature.