Specialist charges that can occur when direct routed. Also if you want it to go smart AFTER the the opening print, and you weren't part of it, you have to cancel, and replace the order via smart, since you originally direct routed.
are you saying that you are putting in a limit price preopening and if you are not hit it becomes a limit price on the nyse for the day?
It'll likely stay on the primary exchange for the day, cancel/replacing itself to avoid the specialist charges. Yet, since it is routed SMART+RTH it'll go off the primary (only after the open, and only during reg. trading hours) to execute against anyone matching your price, if they do, regardless of route--(all routes offered by IB that is).
why? just preference opening order (opg). i think you will get the opening on an exchange not on some ecn.
I think this is misleading. See what other posters say about IB allowing the user to set a flag which will cause the Smart router to re-route to NYSE at 9:27.
I apologize, IBSoft. This resulted from a gap in my knowledge. I was trying to answer what I thought was the question, as to why one would not use a plain vanilla SMART order when one wants to participate in the opening print, and would instead direct route the order to the exchange. The misuse of a plain vanilla SMART order, when one wants to participate in the opening print, is a common mistake. I was not aware of the newer improvement you mentioned, allowing SMART orders to be flagged for re-direction to the exchange, just prior to the open, for participation in the opening print. If I had known about the improvement, my answer would have been more complete and not misleading. Sounds like a good new feature. Sorry!