Quote from trader422:
If I'm reading you correctly IBsoft then this sounds like unexpectedly good news ... even though not mentioned previously in this thread, what I and probably most others really want is a "SMART native hidden order" that does the following:
Wherever a normal (non-hidden) non-marketable SMART-routed order would be routed at any given moment in time, the hypothetical SMART native hidden (non-marketable) order would be routed to the same exchange(s) at the same time(s), provided that exchange has a native hidden order type (otherwise it would go to the "best" exchange as decided by an IB smart algorithm).
Is this what we've got coming (or if not, precisely what is it you are referring to)?
The smart routing decision will be made in the same way as it is currently done for all visible venues, except only the subset of venues that supports native hidden orders will be eligible.
e.g.
- say that the visible smart currently decides on the following preference of venues: VEN1, VEN2, VEN3, VEN4, VEN5 ...; this results in the visible order being routed to VEN1
- now assume that only VEN3 and VEN5 support native hidden orders; the smart will route a hidden order to VEN3
