How Smart Orders Route

The Smart venue is a Schwab electronic execution route which allows you to buy, sell, and short equities during standard market sessions (9:30 a.m. to 4 p.m. ET).

When an order is placed on the Smart venue, the order is routed to a competitive execution partner.


The table below shows a list of available options associated with Smart orders.

Smart Order Routing

Action Types

Order Types Order Conditions Special Conditions

Seurity Types Traded





Market Day, On Close (MOC)   NMS, OTC
Limit Day All or None or Min Quantity*
 GTC All or None or Min Quantity*
Do Not Reduce
IOC – only available for listed stocks
Stop, Stop Limit, Trailing Stop Day, GTC

*Available only for Limit Orders of 200 shares or more.


Short selling is an advanced trading strategy involving potentially unlimited risks, and must be done in a margin account. Margin trading increases your level of market risk. For more information please refer to your account agreement and the Margin Risk Disclosure Statement.