Sweep-to-Fill Order

Sweep-to-Fill Order

An order to a broker to buy or sell a certain number of shares in a security as quickly as possible. A sweep-to-fill order accomplishes this by splitting an order into several pieces and fills each piece with a different investor. For example, if an investor wishes to sell 500 shares very quickly, he may sell 250 shares to buyer A, 100 to buyer B, and 150 to buyer C, all at different prices. A sweep-to-fill order is most useful when an investor wishes to take a position because he/she thinks there will soon be a large change in price. Therefore, the specific prices at which the investor buys or sells matter little.