Common use of Order Routing Clause in Contracts

Order Routing. Unless otherwise directed, IB UK and/or its Affiliates will select the market/dealer to which to route Custom- er’s orders. For products traded at multiple markets, IB UK and/or its Affiliates may provide “Smart Routing”, which seeks the best market for each order through a computerized algorithm. Customer should choose Smart Routing if available. If Customer directs orders to a particular market, Customer assumes responsi- bility for knowing and trading in accordance with the rules and policies of that market (e.g., trading hours, order types, etc.). Customer acknowledges that, if Customer elects to direct orders to a particular mar- ket center, Customer does so at Customer’s risk, including the risk that such orders may be executed on less advantageous terms. IB UK and/or its Affiliates cannot guarantee execution of every order at the best posted price: IB UK and/or its Affiliates may not have access to every market/dealer; other orders may trade ahead; market centers may not honor posted prices or may re-route orders for manual handling; or market rules, decisions or system failures may prevent/delay execution of Customer’s orders or cause orders not to receive the best price.

Order Routing. Unless otherwise directed, IB UK and/or its Affiliates Affiliates will select the market/dealer to which to route Custom- er’s orders. For products traded at multiple markets, IB UK and/or its Affiliates Affiliates may provide “Smart Routing”, which seeks the best market for each order through a computerized algorithm. Customer should choose Smart Routing if available. If Customer directs orders to a particular market, Customer assumes responsi- bility for knowing and trading in accordance with the rules and policies of that market (e.g., trading hours, order types, etc.). Customer acknowledges that, if Customer elects to direct orders to a particular mar- ket center, Customer does so at Customer’s risk, including the risk that such orders may be executed on less advantageous terms. IB UK and/or its Affiliates Affiliates cannot guarantee execution of every order at the best posted price: IB UK and/or its Affiliates Affiliates may not have access to every market/dealer; other orders may trade ahead; market centers may not honor posted prices or may re-route orders for manual handling; or market rules, decisions or system failures may prevent/delay execution of Customer’s orders or cause orders not to receive the best price.