Sweeping
Tue, Apr 15"Sweeping" or "sweep-to-fill" refers to an order that is divided into several parts, with each part directed to the best-priced quotes across multiple marketplaces. This approach aims to fulfill the entire order at the most favorable average price.
For instance, if a trader places an order to purchase 1,000 shares of a specific stock, and the best price for 500 shares is available at Exchange A, another 300 shares at Exchange B, and the remaining 200 shares at Exchange C, a sweeping order would break down the original order and route each segment to the respective exchange.
This method ensures that the trader secures the best possible price for each portion of the order, rather than simply executing the entire order at a single exchange that may not offer the best price for all 1,000 shares.
Sweeping is frequently automated by algorithms in high-frequency trading, which can split and dispatch the order to multiple exchanges in mere milliseconds.
This strategy proves advantageous in contemporary financial markets where trades are distributed across various exchanges and trading venues, each possessing its own liquidity and pricing.
It is essential to note that sweeping orders may incur multiple transaction fees, as the order is executed across several exchanges. Traders should take these costs into account when opting for a sweeping order strategy.
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