Customers can direct non-marketable U.S. stock orders to the IBKR ATS destination to add liquidity. Orders directed to IBKR ATS are automatically tagged as "not held" orders, and are posted in IBKR's order book where incoming SmartRouted orders from other IBKR customers are eligible to take liquidity by trading against them.
Liquidity-adding orders directed to IBKR ATS may be appropriate if you are trying to buy or sell a block of stock by trading against other IBKR customers without exposing your interest to the public markets. Orders directed to IBKR ATS are not displayed in the market and are not displayed to other IBKR customers. This liquidity is detected only by the IBKR SmartRouting process, which will include IBKR ATS in its list of potential routing destinations. Only non-marketable (liquidity adding) orders can be directed to IBKR ATS. Marketable orders (orders that are executable against an order already resting at IBKR ATS) will generally be rejected. If you want an immediate fill or if you want to expose your trading interest in the public markets, you should not direct your order to IBKR ATS.
For customers choosing to direct liquidity-providing orders to IBKR ATS, no maker/taker charges or credits will be applied.
For customers choosing IB's Flat Rate commission structure, ordinary commissions and fees apply.
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The Reference Table to the upper right provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.
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The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed income can be substantial. Options are not suitable for all investors. For more information read the "Characteristics and Risks of Standardized Options". For a copy click here.
Your capital is at risk and your losses may exceed the value of your original investment.
Interactive Brokers (U.K.) Limited is authorised and regulated by the Financial Conduct Authority. FCA Reference Number 208159.
Interactive Brokers LLC is regulated by the US SEC and CFTC and is a member of the SIPC (www.sipc.org) compensation scheme;
products are only covered by the UK FSCS in limited circumstances.
Before trading, customers must read the relevant risk disclosure statements on our Warnings and Disclaimers page.
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