P123 covers more exchanges than any one broker reaches. Drop your export: this finds which of your ExchangeCodes IBKR routes, and writes two formulas — the universe, and the country costs.
01Your export
Any screen, widest universe, no rules. Columns: Ticker, @ExchangeCode, and Last for US/Canada per-share pricing. Read locally.
Drop the CSV, or
02What IBKR reaches
IBKR's per-order minimums mean the effective commission rate depends on how big your orders are. AUM ÷ holdings is used as the order size — close enough, since a rebalance trade is usually a fraction of a position and the minimum stops binding well before that matters.
Code
Ctry
Exchange
Listings
Routing
Total bps
Comm
Tax
Note
03Formula one · universe
04Formula two · $country_costs
One way. Per-order minimums resolved at your order size; US and Canada stay a function of Price. Double the commission and add both tax legs for a round trip.
05Verify the mapping
The code→venue pairs are the one thing nobody publishes, so they're mine and worth checking. Each row gives a ticker from your own file. Paste it into IBKR's contract search and confirm the venue and company name match. Short tickers collide across markets, so check the name.
Code
P123 says
Should be at IBKR
Try this ticker
Match?
06Sources
Exchange codes, listings, country — your export. Country read from P123's ISO-3 ticker prefix (GFI:ZAF).
IBKR venues — /webrest/exchanges/, public JSON. 221 venues, filtered to stock-carrying and de-MTF'd, leaving 41 countries. Snapshot 26 Aug 2026. Note: this endpoint is not exhaustive — it omits venues IBKR lists elsewhere, so “no venue in that country” is weaker evidence than it looks. Confirm with a fill or a contract lookup on a domestic-only name.
Routable ≠ permitted. IBKR's venue list is identical on their .com and .ie sites — India appears on both, but NSE needs an IB India account. IBKR doesn't publish eligibility rules. Only Account Management → Trading Permissions knows.
Individual listings still get blocked — contract coverage, PRIIPs, hard-to-borrow, ownership limits. Handle in order generation, not the universe, so backtests stay stable.
UK code 1003 mixes Main Market and AIM. AIM is stamp-exempt; this can't separate them, so the UK tax overstates AIM by 50bp.
A contract lookup proves the company, not the venue. For a dual-listed name IBKR resolves to whichever exchange it does carry — which is how Athens looked routable and Johannesburg looked unavailable. Only names with no foreign listing test a venue.
Tax rates move. France went 0.3→0.4% in April 2025, Italy doubled in January 2026. Check the sources before trusting a number.