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Changes to symbol display eligibility per Reg ATS Rule 301(b)(3)

IEX Trading Alert #2015 - 026

Please Route To: Trading, Trade Support, and Business

What you need to know:

  • Effective Thursday, October 1, 2015, IEX will no longer accept displayed orders in the following symbols until further notice:
    • CIGI (Colliers International Group Inc.)
    • DSGX (Descartes Systems Group Inc.)
    • JJM (iPath Bloomberg Industrial Metals Total Return Sub-Index ETN)
  • IEX will continue to accept non-displayed orders in the above symbols.

What happens if a displayed order for any of these symbols is sent to IEX?

Effective Thursday, October 1, any order  for CIGI, DSGX, or JJM sent with either full or partial display instructions will be rejected.

To send a non-displayed order to IEX, FIX tag 111 (MaxFloor) must be specified with a value of “0”.

Additionally, the following symbols continue to be traded on a non-displayed basis until further notice (as per Trading Alert #2015-019 and Trading Alert #2015-010):

  • FLRT (AdvisorShares Pacific Asset Enhanced Floating Rate ETF)
  • VUSE (Vident Core US Equity ETF)

Why is IEX making this change?

This change is being made in order to ensure that IEX remains compliant with Rule 301(b)(3) of Reg ATS.

This rule states the following: if during at least 4 of the preceding 6 months, an Alternative Trading System (ATS) which displays subscriber orders to any person had with respect to any NMS stock, 5% or more of the ADV, then that ATS is required to provide to a national securities exchange or national securities association the prices and sizes of the orders at the highest buy price and the lowest sell price for such NMS stock, displayed to more than one person in the alternative trading system, for contribution to the NBBO.

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.