IBKR ATS Clients
Zero Spread Trades
for Institutional Orders?
Yes. That’s where we’re going.
The IBKR ATS
- Institutions can use the IBKR ATS to interact with SmartRouted orders in NMS stocks from IBKR clients
- Anti-gaming logic in IBKR’s SmartRouter to prevent predatory contra-side trading against orders resting in IBKR ATS
- IBKR ATS has no maker/taker charges or credits for directed orders, and our low costs include commissions averaging just under $0.002 per share1
- Multiple order types and algos are available to help you execute trades efficiently
- Use IBKR’s API solutions to integrate your existing applications and front-ends with the IBKR ATS
Interact with Liquidity from IBKR Clients
Institutions can use the IBKR Alternative Trading System (ATS) to interact with SmartRouted orders in NMS stocks from other IBKR clients. Traders who do not need immediate execution, and are willing to rest mid-point pegged orders in our ATS, can effectively reduce the bid/offer spread to zero both for themselves and for the SmartRouted orders we cross with their resting order. We have incorporated anti-gaming logic into our SmartRouter to prevent predatory traders from probing the IBKR ATS to detect large resting orders. In addition, we do not trade against our clients' orders.
Clients can direct non-marketable US stock orders to the IBKR ATS destination to add liquidity. IBKR ATS orders are automatically tagged as "not held" orders and posted in IBKR ATS's order book. Incoming SmartRouted orders from other IBKR clients are eligible to take liquidity by trading against these orders.
IBKR ATS Order Types and Algos
On the IBKR ATS we offer multiple order types to help you execute your strategy. All order types (other than midpoint peg orders) provide dynamic adjustment so that a buy order is always at least one tick below the NBO, and a sell order is always at least one tick above the NBB. Midpoint peg orders are always executed at the midpoint of the NBBO. In addition, the GTD (Good-til-Date/Time) feature lets you select an expiration date and time up until which an order will stay active.
- Accumulate / Distribute
- Pegged-to-Midpoint
- Pegged-to-Market
- Limit
- Relative/Pegged-to-Primary
- Scale
Trading API Solutions
Use IBKR’s API solutions to integrate your existing applications and front-ends with the IBKR ATS and serve as a liquidity provider or find liquidity for large block orders. IBKR's industry standard FIX connection lets institutions with advanced technical resources create trading systems that take advantage of our high-speed order routing and broad market depth.
Interested in Using the IBKR ATS to Execute
Zero Spread Trades on Institutional Orders?
IBKR Clients – Log in to TWS
As an IBKR client, you can interact with SmartRouted order flow by directing your order to the IBKR ATS. Enter a symbol in the Order Entry panel, click "advanced +", change the destination to IBKR ATS and click submit. We look forward to helping you realize zero spread executions.
Requires TWS Latest (Version 984.1f or later).
Don’t have TWS installed?
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Interactive Brokers (Nasdaq: IBKR) is an automated global electronic broker who serves individual investors, hedge funds, proprietary trading groups, registered investment advisors and introducing brokers. Our four-decade focus on technology and automation allows us to provide our clients with a uniquely sophisticated, low cost global platform for managing investments.
Enjoy low cost access to stocks, options, futures, currencies, fixed income and ETFs on over 150 market centers in 34 countries. Learn why Barron's rated IBKR as "Rated #1 – Best Online Broker" in 2023.2
Disclosures
- Commissions may vary based on commission model. For more information, see commissions.
- For more information, visit our awards page.