IEX Announces: Production Launch Friday, October 25th, 2013 as a Non-Displayed ATS
IEX Trading Alert #2013 - 001
Please Route To: Trading, Trade Support, Connectivity, and Compliance
What you need to know:
- IEX Pricing Schedule
- IEX will commence live operation on Friday, October 25th, 2013, subject to successful registration with the Securities and Exchange Commission ("SEC").
- IEX will initially operate as a non-displayed ATS.
- IEX will conduct a Regular Market Hours Session only, 9:30 a.m. - 4:00 p.m.
- IEX has updated its Subscriber Manual and FIX Specification to reflect these changes.
- Subscribers may choose to have IEX reject orders with unsupported functionality or have IEX convert the relevant values to valid instructions.
What is the IEX Pricing Schedule?
IEX will charge Subscribers a standard rate of $0.0009 per executed share matched on the IEX Book, for both adding and removing liquidity.
IEX will charge Subscribers 0.30% the total dollar value of each execution for shares priced below $1.00.
Subscribers trade for FREE when trading against themselves; MPID vs. MPID, or MPID1 vs. MPID 2 where both MPID1 and MPID2 belong to the same Subscriber broker-dealer (internalization).
IEX will charge Subscribers IEX’s cost plus $0.0001 for shares executed at away trading venues (routed shares).
IEX Pricing Schedule
| Executed Shares Matched on the IEX Book | Fee per Executed Share |
|---|---|
| Standard Rate | $0.0009 |
| Shares Priced Below $1.00 | 0.30% of the total dollar value |
| Broker Internalized | FREE |
| Executed Shares Routed to Away Venue | Fee per Executed Share |
|---|---|
| Shares Priced $1.00 or above | Away Venue Execution Cost to IEX plus $0.0001 |
| Shares Priced Below $1.00 | Away Venue Execution Cost to IEX plus $0.0001 |
When will IEX commence live operation?
IEX will launch its production system and be open for live trading on Friday, October 25th, 2013, subject to successful registration with the Securities and Exchange Commission.
What functionality will be supported on the platform in production?
IEX will commence operation as a non-displayed ATS. IEX will not support fully displayed, or partially displayed (i.e. reserve) order functionality.
IEX will only accept fully non-displayed (i.e. Hidden) orders. IEX will reject any order submitted to the ATS without FIX Tag 111, MaxFloor, set to zero (0). At Subscriber request, on a session by session basis, IEX will force MaxFloor to zero (0) on any order submitted without MaxFloor, or with MaxFloor set to something other than zero (0).
How do I request IEX force MaxFloor to zero (0)?
Please contact IEX Market Operations at 646.568.2330 or marketops@iextrading.com.
What hours of operation will IEX support?
IEX will open daily for session connectivity and order entry at 9:00 a.m. All orders accepted by the ATS between 9:00 a.m. and 9:29:59 will be acknowledged and queued for trading in the System.
IEX will execute trades during Regular Market Hours, 9:30 a.m. to 4:00 p.m. IEX will observe industry convention for Regular Market Hours for any half day schedules.
IEX will only accept Time in Force (“TIF”) consistent with Regular Market Hours trading; IOC, FOK, DAY and GTT. IEX will reject GTX and GTS. At Subscriber request, on a session by session basis, IEX will convert GTX and GTS to Time in Force of DAY.
Please note: IEX will reject GTT orders submitted prior to 9:30 a.m. GTT orders with time greater than 4:00 p.m. will be treated as DAY orders.
IEX will not accept any orders after the end of Regular Market Hours, 4:00 p.m.
Updated System Schedule
| Trading & System Hours | (All Times are Eastern Standard Times) |
|---|---|
| System Start and Connectivity Acceptance | 8:30 a.m. |
| Order Entry Acceptance | 9:00 a.m. |
| Regular Market Session | 9:30 a.m. - 4:00 p.m. |
| System Hours (trade matching) | 9:30 a.m. - 4:00 p.m. |
| System Shutdown | 4:30 p.m. |
What changes have been made to the IEX Subscriber Manual and FIX Specification?
To reflect IEX’s launch as a non-displayed ATS, IEX has edited the IEX Subscriber Manual to change/remove text concerned with unsupported functionality, and modified the IEX FIX Specification to indicate unsupported fields and values.
Please find the updated IEX Subscriber Manual and IEX FIX Specification at iextrading.com.
What testing opportunities are available?
The IEX Test Facility is available weekdays daily from 8:00 a.m. to 5:30 p.m. Please note there is NO CHARGE to use the IEX Test Facility.
IEX will be participating in the regularly scheduled industry test on Saturday October 12, 2013, 9 a.m. – 12 p.m.
IEX will be operating its full production system, with test symbols only, on Tuesday October 22, Wednesday October 23 and Thursday October 24, 2013. IEX will be communicating about production testing in a separate IEX Trading Alert to be distributed in the next few days.
What if my firm is not yet approved or certified?
Contact IEX Sales at 646.568.2345 or subscriber@iextrading.com.
Where can I learn more?
- Contact IEX Sales at 646.568.2345 or subscriber@iextrading.com.
- Contact IEX Market Operations at 646.568.2330 or marketops@iextrading.com.
- Visit the IEX Website iextrading.com.
- Become an IEX Subscriber.
- IEX Subscriber Manual.
- IEX FIX Specification.
- IEX Pricing Schedule
- IEX Frequently Asked Questions.
About IEX
Dedicated to institutionalizing fairness in the markets, IEX provides a more balanced marketplace via simplified market structure design and cutting-edge technology. IEX operates a fair-access platform accessible by any qualified broker dealer. IEX is driven by a team of cross-industry experts with backgrounds spanning market venues, electronic trading, and broker-dealers. IEX is the first equity trading venue seeded exclusively by a consortium of buy-side investors, including mutual funds, hedge funds, and family offices. Learn more at: iextrading.com.