If you are taking liquity will the IB SMART router try to hit, NYSE then the ecns in terms of the lowest ecn fees? Thanks
Well I called IB and after speaking with the most rude rep on the phone..Told me that I call too much... you don't say that to customers who do 3 to 4 million month. Anyway he told me that SMART for marketable orders will route to whatever exchange is posting the NBBO or if 2 exchanges have the same price, whichever exchange is designated the "Primary Exchange". This depends on which exchange is deemed by the exchange to be the primary exchange. I guess at certain times for each stock the primary exchange might be NYSE, but then it might switch to ARCA? is this true? I just wish it would be SMART, and if there were 2 exchanges offering the same price it would take the exchange that has the lowest fee for taking liquity