Sweep-To-Fill Order
A type of market order in which the broker splits an order into numerous parts comprising the best prices and amounts at that price currently offered on the market for speedier order execution. It is used by traders who care more about entering the stock as quickly as possible and less about the price.
Investopedia Commentary
For example, if a trader wants to buy 1,000 shares as quickly as possible before the company issues an earnings report they may use a sweep-to-fill order. If there were 200 shares offered at $40 from their broker, 300 shares at $42 from another broker, and 500 shares at $43, the order for 1,000 shares would be split up to match the share amounts available from each broker. The trader would have received an average price of $42.10 and bought the shares quickly.
Related Links
Understanding Order Execution
Trailing-Stop Techniques
The Basics Of Order Entry
The Stop-Loss Order - Make Sure You Use It
See also: Immediate or Cancel Order - IOC, Limit Order, Order, Stop Order, Stop-Loss Order