I changed to unbundled pricing this month and overall it is saving me some. However, when I remove liquidity (for NYSE stocks) it is often executed against Timber Hill while either NYSE or ECNs are at NBBO. As you see below (this info is from IB website), Timber Hill charges fee more than normal in this case. I donât think this is right especially because they give preference to Timber Hill in the SMART routing even though cheaper ECNs are available. NYSE on-book: $0 I-Net NYSE $0.0007 ARCA NYSE $0.0010 Brut NYSE $0.0007 SuperMontage NYSE $0.0007 B-Trade NYSE $0 Track NYSE $0.0025 Timber Hill Auto-ex .....NYSE at NBBO $0.0010 .....Non-NYSE ECN at NBBO $0.0020 I think they should change the algorithm in the SMART routing so that the order is sent to ECNs first if there are ECNs at NBBO (because this is cheaper than Timber Hill and this is instantaneous execution). If this is not what they want, Timber Hill should charge less; maybe $0.0007 like most other ECNs. Donât get me wrong. I love IB and I prefer this unbundled system. I just think the current Timber Hillâs charge is unfair to customers who use SMART routing.