Your commission may have dropped but you are comparing apples to oranges as execution could differ by only seeking best rebate
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Broker for My Scalping Strategy
- Thread starter queensny
- Start date
Hopefully it helps someone but I called IB to inquire and realized when you trade using Webtrader or mobile app the "smart routing" does not mean smart for routing to best exchange.
When I switched over to TWS, I was able to alter the settings where the routing would be to exchange that offered the best rebate and lowest cost. My cost as you see have significantly dropped.
Only thing that sucks is the settings you save is TWS do not carry over the Webtrader or Mobile App.
View attachment 175005
I was looking on the IB site for info on configuring the smart routing for stocks and only found this which I guess assumes you have the flat commission schedule:
https://www.interactivebrokers.com/...ebook/configuretws/configure_smartrouting.htm
This alludes to it but I cannot find it in the users guide:
https://www.interactivebrokers.com/en/index.php?f=1685
"Our smart router takes into account transaction costs along with the fee or rebate for taking/adding liquidity when determining where to route your marketable order when the inside market is shared by multiple exchanges. For clients who want even more control of their orders, TWS clients can specify stock and options smart routing strategies for non-marketable orders. For stocks, clients with the Cost Plus pricing structure can elect to have their non-marketable orders routed to:
- The exchange with the highest rebate.
- The listing exchange on the symbol.
- The highest volume exchange that has a rebate for adding liquidity.
- The highest volume exchange that charges the lowest fee for taking liquidity.
Am I overlooking it somewhere??
Many thanks to anyone that can provide a link to it for me.
I was looking on the IB site for info on configuring the smart routing for stocks and only found this which I guess assumes you have the flat commission schedule:
https://www.interactivebrokers.com/...ebook/configuretws/configure_smartrouting.htm
This alludes to it but I cannot find it in the users guide:
https://www.interactivebrokers.com/en/index.php?f=1685
"Our smart router takes into account transaction costs along with the fee or rebate for taking/adding liquidity when determining where to route your marketable order when the inside market is shared by multiple exchanges. For clients who want even more control of their orders, TWS clients can specify stock and options smart routing strategies for non-marketable orders. For stocks, clients with the Cost Plus pricing structure can elect to have their non-marketable orders routed to:
For options, clients can choose to send their non-marketable Smart routed orders to the exchange offering the highest rebate. These routing directives can be set on a per-order basis from the "Misc" tab of the Order Ticket, or as a global default setting from the Smart Routing configuration page."
- The exchange with the highest rebate.
- The listing exchange on the symbol.
- The highest volume exchange that has a rebate for adding liquidity.
- The highest volume exchange that charges the lowest fee for taking liquidity.
Am I overlooking it somewhere??
Many thanks to anyone that can provide a link to it for me.
You don't seem to be missing anything. I don't use web trader but I think the only difference is that via the TWS you get some additional options on how to route (highest rebate, listing exchange, etc.) and for web trader, you get the the default smart router which does route to the best price regardless of exchange.