Interactive Brokers API: SMART Routing strategy selection

[Szeven]

I would be interested to hear the good/bad and why/why not of IB offering SMART routing strategy selection in their API.

Right now if you send a manual order, you can select from 9 strategies for non marketable stock orders such as MaxFill, MaxRebate, VLowFee, Primary etc.

When you sent a non directed order on API, you can not choose from these strategies, and I think the router overpicks ISLAND for ETFs listed on NYSE ARCA. I understand ISLAND is the highest rebate, but it does not fill often enough. Most volume is going to BYX/BEX/Primary.

Should IB add this? Is there actually an IB rep on here anymore?

 

[jtrader33]

Completely agree that this should be added to the API allowing the SMART strategy to be selected on a per order basis. Different trading models require different routing strategies. If you trade multiple models, you're forced into using a suboptimal routing strategy for a significant percentage of your orders.

 

[TheGoonior]

I may be missing something here, but I just looked at the TWS API for IContract and the comment on the exchange field is: "The order destination, such as Smart." I know the documentation is sometimes lacking and it's been quite awhile since I played with the TWS API. Does it generate an error when you use SMART as the value for that field?

 

[Szeven]

The issue is not selecting SMART as the Contract destination. The issue is not being able to subselect which routing strategy under the SMART destination.

 

[TheGoonior]

Thx. Figured I had misunderstood the question.

 

[d08]

Completely agree that this should be added to the API allowing the SMART strategy to be selected on a per order basis. Different trading models require different routing strategies. If you trade multiple models, you're forced into using a suboptimal routing strategy for a significant percentage of your orders.

6 years have passed and IB still hasn't implemented this. It's absurd.
I have orders being sent to BATS which has no liquidity whatsoever, they're sitting there for 30 minutes when I need execution urgently. I do not care about the few bucks I get in rebates, it's not worth it. MIDPRICE orders with plain SMART routing are unpredictable.

 

[traider]

6 years have passed and IB still hasn't implemented this. It's absurd.
I have orders being sent to BATS which has no liquidity whatsoever, they're sitting there for 30 minutes when I need execution urgently. I do not care about the few bucks I get in rebates, it's not worth it. MIDPRICE orders with plain SMART routing are unpredictable.

Do you know if the issue has been fixed?

 

[d08]

Do you know if the issue has been fixed?

I rarely send to SMART nowadays but when I do it seems to just end up in the primary exchange 95% of the time.