Options Trading Strategy Sweep
Smart Route Combines Smart and Sweep functionality
Trading Objective
Looking for smart order routing to navigate the complex optionmarket structure.
Options Trading Objective - SWEEP
Tactic enables SMF Option Traders to access NBBO liquidity across all options exchanges at the same time.
Sweep Route Features
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► Sweep looks to maximize fill rates at the time of order entry.
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► Cancels order on unfilled quantity
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► Sweeps either at BBO or limit price according to order type
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► Routes to preferred exchanges or trader selected exchanges
Trading Example
Buy 100 ABC Marn 25 Calls @$1.10
|
Exchange |
SIZE |
Bid |
Ask |
SIZE |
Exchange |
|
ISE |
40 |
$1.00 |
$1.10 |
40 |
ISE |
|
C2 |
25 |
$1.00 |
$1.15 |
50 |
C2 |
|
CBOE |
100 |
$.95 |
$1.10 |
100 |
CBOE |
|
BOX |
50 |
$1.00 |
$1.15 |
25 |
BOX |
|
ARCA |
100 |
$1.00 |
$1.10 |
100 |
ARCA |
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► Total NBO of 240 contracts at $1.10
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► Exchange displayed in order of preference
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► Simultaneously send the following IOC slices: 40 to ISE;60 to CBOE
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► Any residual will cancel back to the customer