IEX logo

IEX Announces: Testing Opportunities for Displayed Order Book and TOPS

IEX Trading Alert #2015 - 001

Please Route To: Business, Market Data Technology, Router Technology, and Trade Support

What you need to know:

  • As of Monday, January 12, IEX will accept displayed orders (IEX top of book quote feed) for the following test symbols in the Production Environment: CBO, CBX, ZBZX, ZJZZT, ZTEST, ZVV, ZVZZT, ZWZZT, ZXZZT and disseminate TOPS for all symbols (non-test symbols will have a zero quote).
    • IEX currently accepts displayed orders for all symbols in the Certification Environment.
  • IEX will conduct two (2) Saturday test opportunities in February: on Saturday, February 7 and Saturday, February 21.
    • On these days only, Subscribers can submit displayed orders and consume TOPS for all symbols in the Production Environment.
  • IEX does not disseminate TOPS via UDP multicast in the Certification Environment; please contact Market Operations if you would like to consume TOPS in the Certification Environment.
  • Subscribers must register for Saturday testing by submitting an online form before 12:00 pm ET the day prior to the Saturday test: http://www.iextrading.com/services/tops/#registration

When can I test displayed orders?

  • As of today, Subscribers can submit displayed orders in the Certification Environment for all symbols.
    • IEX invites all Subscribers to complete the relevant FIX Certification Schedule before submitting displayed orders in the Production Environment.  Please contact Market Operations for more details regarding FIX Certification.
  • As of Monday, January 12, Subscribers can submit displayed orders in the Production Environment for test symbols: CBO, CBX, ZBZX, ZJZZT, ZTEST, ZVV, ZVZZT, ZWZZT, ZXZZT.
  • On Saturday, February 7 and Saturday, February 21, registered Subscribers can submit displayed orders in the Production Environment for all symbols.

How do I submit displayed orders?

Subscribers can submit fully displayed orders by sending orders with "MaxFloor" (FIX tag 111) omitted, or defining MaxFloor equal to Order Quantity (FIX tag 38).  Subscribers can submit reserve (partially displayed) orders by defining MaxFloor with a value greater than or equal to a single round lot. IEX will not display odd lots.  Please see the updated IEX FIX Specification for additional details.

When can I test consumption of TOPS?

Subscribers must complete, execute, and submit an IEX Data Agreement before accessing TOPS.

  • Beginning Monday, January 12, Subscribers can consume TOPS from the Production Environment for all symbols (non-test symbols will all have a zero quote until February 27, when displayed orders will begin to be accepted for non-test symbols)
  • On Saturday, February 7 and Saturday, February 21, Subscribers can consume TOPS from the Production Environment for all symbols.

Please note that TOPS is distributed via UDP multicast and the Certification environment is accessed over the Internet, therefore the TOPS feed will not be available via UDP multicast for testing in the Certification environment.  Please contact Market Operations if you would like to consume TOPS in the Certification Environment.

What is TOPS?

The IEX top of book quote feed, TOPS, is a direct data feed product.

  • TOPS provides IEX's aggregated best quoted bid and offer position in real-time for all securities on IEX's displayed limit order book.
  • Quotes are non-attributable to individual Subscribers.
  • Hidden orders, including the non-displayed portion of reserve orders, are not represented in TOPS.
  • Trades (e.g. Last Sale) are not included in the TOPS feed.
  • TOPS cannot be used to enter orders.

TOPS data originates from IEX's matching engine located in Weehawken, NJ before traversing IEX's patent-pending anti-colocation architecture, the IEX POP, to reach IEX's point-of-presence in Equinix NY5, located in Secaucus, NJ. Subscribers will be able to consume TOPS at the IEX point-of-presence in Equinix NY5.

For Data Subscribers, IEX will deliver TOPS using the IEX Transport Protocol (IEX-TP) on UDP multicast for sequenced delivery.

How can I consume TOPS?

Beginning Monday, January 12, TOPS will be available in the Production Environment for all symbols using the UDP multicast connectivity details provided below (non-test symbols will all have a zero quote until February 27, when displayed orders will begin to be accepted for non-test symbols). Again, Subscribers must complete, execute, and submit an IEX Data Agreement before accessing TOPS in the Production Environment.

  • Primary Cross Connect
    • TOPS Group A: 233.215.21.1
    • TOPS Port A: 16641
    • TOPS Source A: 23.226.155.132
  • Secondary Cross Connect
    • TOPS Group B: 233.215.21.129
    • TOPS Port B: 16641
    • TOPS Source B: 23.226.155.196

When will IEX's Displayed Order Book and TOPS go-live for all symbols?

February 27, 2015.

Where can I learn more?

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.