I see IB now has a "sweep" option - has anyone tried it? Also, they have "iceberg" orders (aka reserve orders) Just curious what the difference between a sweep order and a standard "smart" order is on IB.
sweep-to-fill finds the best price, identifies the number of shares offered and sends that portion of your order for immediate execution. At the same time the next best available price and quantity have been identified and the corresponding number of shares have been submitted for immediate execution. In short, it will split your order up immediately between a number of ECN's/exchanges. If I am not mistaken, SMART will initially route to the ECN with the BEST price. Get a partial fill, then move on. The chances for price improvement with a sweep order are much slimmer.