Directed orders to IBKRATS that are marketable will generally be rejected.
In the event that a smart-routed order is executed against a liquidity provider and IB receives a rebate from that liquidity provider, the full rebate will be passed through to Tiered-commission customers as a rebate and to Fixed-commission customers as a commission reduction.
In the event that a smart-routed order is executed against an Eligible Resting Non-Marketable Order (as defined below in footnote 5), a Tiered-commission customer that submitted the order will be charged the venue take-fee (or receive the venue take-rebate, if applicable) that the customer would have paid at the exchange at which the contra-side Eligible Resting Non-Marketable Order had been resting. A Fixed-commission customer that submitted the order will pay the standard fixed commission.
IB may smart-route a non-marketable order to an exchange and later re-route that order to the IB ATS (an “Eligible Resting Non-Marketable Order”) where it executes against another customer order. A Tiered-commission customer that submitted that Eligible Resting Non-Marketable Order will receive the add-liquidity rebate (or pay the add-liquidity fee, if applicable) that the customer would have received (or paid) if their resting order had executed at the exchange at which it had been resting prior to being re-routed to the IB ATS. A Fixed-commission customer that submitted the Eligible Resting Non-Marketable Order will pay the standard fixed commission.