Sweep-to-Fill Orders

Sweep-to-fill orders are useful when a trader values speed of execution over price. A sweep-to-fill order identifies the best price and the exact quantity offered/available at that price, and transmits the corresponding portion of your order for immediate execution. Simultaneously it identifies the next best price and quantity offered/available, and submits the matching quantity of your order for immediate execution.

Example

Order Type In Depth - Sweep-to-Fill Buy Order

Step 1 – Enter a Sweep-to-Fill Buy Order

XYZ has a market price of $14.20. You want to buy 1000 shares as quickly as possible before the company issues an earnings report, so you decide to place a sweep-to-fill order. To do this, first display the Sweep to Fill order column on the trading screen. Create a BUY order, then select LMT in the Type field, enter 1000 in the Quantity field, 14.18 as your Limit Price, and select the checkbox in the Sweep-to-Fill column to indicate that this is a sweep-to-fill order. You submit your order.

Step 2 – Order Transmitted

You've transmitted sweep-to-fill order. Destination A offers 200 shares with an ask price of $14.18/share. Destination B offers 400 shares with an ask price of $14.19/share, and Destination C offers 400 shares at $14.20/share. Your order is split up and simultaneously sent to three destinations, 200, 400 and 400, and executes immediately.

Step 3 – Order is Split between Destinations, Partially Filled at Destination A

Your sweep-to-fill order for 1000 shares of XYZ stock has been split up and simultaneously sent to three destinations, 200, 400 and 400, and executes immediately. Destination A fills 200 shares at 14.18.

Step 4 – Order is Split between Destinations, Partially Filled at Destination B

Your sweep-to-fill order for 1000 shares of XYZ stock has been split up and simultaneously sent to three destinations, 200, 400 and 400, and executes immediately. Destination B fills 400 shares at 14.19.

Step 5 – Last Portion of Order Filled at Destination C

Your sweep-to-fill order for 1000 shares of XYZ stock has been split up and simultaneously sent to three destinations, 200, 400 and 400, and executes immediately. Destination C fills 400 shares at 14.20.