Sweep-to-Fill Orders

Description

Sweep-to-fill orders may be used when a trader values speed of execution over price. A sweep-to-fill order identifies the best price and the exact quantity offered/available at that price, and transmits the corresponding portion of your order for immediate execution. Simultaneously it identifies the next best price and quantity offered/available, and submits the matching quantity of your order for immediate execution.

Exchanges

Native:	Simulated (by IB):
	IB Smart

TWS Links

For information on how to create sweep-to-fill orders, please refer to the

Example

For example, you want to buy 100 shares of XYZ. Destination A offers 20 shares with an ask price of $30.00/share. Destination B offers 40 shares with an ask price of $30.25/share, and Destination C offers 40 shares at $30.25/share. Your order is split up, and simultaneously sent to three destinations, 20, 40 and 40, and executes immediately. The cost for your order is $30.16/share.

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