COB Routing Comparison¶
As of 2026-04-12. Cells marked [unconfirmed] were not stated explicitly in the cited public documentation.
| Broker | COB routing support | Synthetic leg execution | Atomic fill guarantee | Public execution quality report (Rule 605/606) | Source |
|---|---|---|---|---|---|
| Saxo | Q3 unanswered in Ticket #16633; exact COB behavior [unconfirmed] |
Ticket observations show synthetic combo pricing and frequent zero / negative combo bid on multileg quotes | [unconfirmed] |
[unconfirmed] |
Ticket #16633 observations, saxo_ticket_16633_timeline.md, 2026-04-12_claude_mid_fallback_clamping_verification.md |
| IBKR | Smart and directed option combos are supported; COB-specific wording is [unconfirmed] |
SmartRouted combination orders may execute each leg separately; direct-routed combinations execute as a single transaction | Direct-to-exchange combo: single transaction. SmartRouted combo: no atomic guarantee | Yes. Public Rule 605 and Rule 606 pages are available | IBKR SmartRouting, IBKR Combination Order glossary, IBKR Rule 606, IBKR Rule 605 |
| Charles Schwab / TD Ameritrade | Public Schwab docs confirm complex options can have direct exchange access if available, and the Rule 606 report shows complex order flow routed to market makers; exact COB usage is [unconfirmed] |
[unconfirmed] |
[unconfirmed] |
Yes. Schwab publishes execution-quality disclosures and quarterly Rule 606 routing reports | Schwab execution quality, Schwab Rule 606 Q4 2025, StreetSmart Pro User Guide |
Notes¶
- IBKR public docs explicitly distinguish direct-routed combination orders from SmartRouted combination orders. The former are described as a single transaction, while the latter may execute legs separately for best execution.
- Schwab public docs support two narrower facts: complex option orders may have direct exchange access if available, and the firm's Rule 606 disclosures identify a separate "complex orders" routing/payment bucket. Neither source explicitly states whether a given spread order always reaches a complex order book.
- Saxo remains the least transparent of the three on this specific question in the currently available materials. The open item is still the unresolved Q3 in Ticket #16633.