SmartEx is a trade execution technology that combines the best of intelligent order routing (IOR) with market maker liquidity enhancements. SmartEx is designed to deliver trade executions that are as good as, if not better than, what you would expect to receive using IOR alone. Currently, SmartEx technology is used for executing NASDAQ securities. Orders for listed securities continue to be executed according to the individual execution methods of receiving specialists.
SmartEx is an electronic execution technology designed to "hunt and seek" the best available price for your retail sized marketable orders. SmartEx automatically seeks the liquidity from the best price displayed in the market whether it is from an ECN or a market maker, and provides an execution based on the liquidity available. If there is insufficient size at the best price in the marketplace, SmartEx will automatically continue to route the remainder of your order at each subsequent price until your entire order has been filled or your limit order price (if any) has been reached. In addition, your order may receive enhanced liquidity in excess of the current liquidity displayed in the market. SmartEx order routing is available during the standard session only. It is not available during the extended hours sessions.
With SmartEx, there is only one commission charge and one order number (unless you change or cancel the order) regardless of the number of executions it takes to fill your order.
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