Announcing the Launch
of IEX Listings

Press Release| September 12, 2018

Interactive Brokers is IEX's Inaugural Founding Issuer

All it takes is one company with vision to launch a movement. Congratulations to Interactive Brokers (IBKR), the first IEX Founding Issuer.

Read the Interactive Brokers story ›

Choose the exchange that levels
the playing field.

List on IEX


It just might be the biggest disruptor in the stock market.

It just might be the biggest disruptor in the stock market.

Our stock exchanges are letting us down. The big exchanges are making billions, but investors often lose money in the first seconds after a trade. It’s time to reimagine, rethink, and rebuild. It’s time for IEX, the Investors Exchange.

Lower fees.
More transparency.
Better execution.

Fee Comparison vs Other Exchanges:
IEX lowers costs for companies, brokers and investors

Fees NYSE Nasdaq IEX
Annual Listing Fees Up to $500,000 Up to $155,000 Up to $50,000
Annual Market Data Feeds1 $226,320 $195,972 Free
Annual Connectivity Fees2 $264,000 $240,000 Free
Annual Membership Fees $ 50,000
(Trading License Tier 1)
$3,000 Free
Opening Auction Trading Fees (per 100 shares) $0.10 $0.15 $0.03
Closing Auction Trading Fees $0.04 - $0.11 $0.08 - $0.16 $0.03

Source: NYSE, Nasdaq websites.

1 Depth of Book

2 10Gb

See what IEX can save you over 5 years.

Save up to $375k listing 100m shares on IEX.


Listing 100m shares would annually cost you:

  • $50k on IEX
  • $108k on NYSE
  • $125k on NASDAQ

Estimated annual savings calculations are based on figures found in these documents and are relevant as of January 1, 2018: NYSE, NASDAQ.

Let's bring fairness—and savings—back to the market,
starting with these eight disruptions:

Today’s big exchanges are playing the game from both sides—regulating trading with a government mandate while taking money out of everyone’s pockets. IEX is designed to remove the unnecessary middlemen, information leaks, and rebates. That means you get an exchange that favors quality trades for long-term investors over predatory trading – so everyone can trade on a level playing field.

Trades on IEX have a lower effective spread than on any other exchange in 494 of the S&P 500 stocks.

Last year, exchanges paid over $2 billion in rebates, creating a marketplace where investors often lose money in the first seconds after a trade. That’s pennies that add up to billions in value being extracted from 401ks, pensions and shareholders everywhere. List on IEX, where we reject rebates, everyone trades on a level playing field, and the advantage goes to those with a better idea and a better strategy, not those out to game the system.

Read more › Contact us to learn more about listing on IEX

Trades on big exchanges that pay rebates are “born to lose,” which can cost investors over a billion dollars per year.

Modern exchanges have fostered a world where traders can game the system by trading a microsecond ahead of large orders, creating the kind of volatility that gives investors pause and CEOs migraines. Instead of selling speed, IEX levels the playing field. When you list on IEX, you take a stand against leaks, harmful incentives and predatory trading.

Contact us to learn more about listing on IEX

Investors leak less information when trading at IEX.

Are you paying to be the chips in the casino? The exchanges are monetizing your listing, and you're paying for the privilege. On IEX, you pay one fair, simple fee.

Read more › Contact us to learn more about listing on IEX

Selling data has become bigger business for the big exchanges.

When is a price not a price? When predatory traders, using information advantages, can swoop in and distort the market so shareholders—your shareholders—lose. Every day, IEX correctly predicts 2.7 million price changes on average to protect your shareholders when they are most vulnerable. The other exchanges? They’re too busy exploiting your shareholders.

Read more › Contact us to learn more about listing on IEX

10 million

Price changes per day

2.7 million

Price changes predicted by IEX

IEX correctly predicts 2.7 million price changes a day on average.

No one doubts the advantages of trading at the midpoint of the best bid and best offer, in terms of pricing and keeping big moves from roiling the market. No one believed it could be done at scale. Yet IEX executed more than $900 billion in midpoint trades last year.

IEX executed $900 billion in trades at the midpoint in 2017.

IEX executes more midpoint trading as a percentage of volume than any other exchange.

Otherwise known as the “Jersey Shakedown,” this refers to the hyper-inflated connection costs some exchanges charge before any trading can occur. How much of that is coming back to you? At IEX, you pay a fraction of the price, so more goes to your bottom line.

Read more ›
Exchange Connectivity*
IEX Annual Cost to Provide $7,786
Nasdaq Annual Fee $240,000
NYSE Annual Fee $264,000
IEX Annual Fee -

Markup Over Cost:





* For two physical ports.

Sources: NYSE, Nasdaq websites. "Shakedown in New Jersey: The Hidden Cost of Exchange Connectivity", IEX blog, September 26, 2018.

Exchanges are milking quasi-monopoly power while investors and brokers pay top dollar.

Between 1996 and 2016, the number of public companies listed on the stock exchange dropped by 50%.1 At the same time, the remaining companies keep paying more and more in fees to NYSE and NASDAQ. Not exactly a recipe for economic stability.

Learn more about listing on IEX ›

The number of public companies dropped 50% between 1996 and 2016, but the remaining companies keep paying more to NYSE and Nasdaq.

1“The Incredible Shrinking Universe of Stocks”, Credit Suisse, March 22, 2017.

So why list on IEX? Because fairness pays. There’s never been a choice or an opportunity like this: join the first stock exchange built for fairness. And for once, the choice is truly yours. Accept the world as it is or take a stand on making it better for companies, brokers, and investors. More savings. Better execution. Fair prices. For everyone. Today, there’s a new way to win on Wall Street.

Show the world you stand for shareholder value. List your company with IEX.

Contact our Listing Team ›

See why Interactive Brokers is listing on IEX.

The stock exchange built for investors & companies.

Learn more ›

IEX is a fair, simple, and transparent stock exchange on a mission to build fairer markets. Some of the largest, most conscientious shareholders in the world support us.

Trade better.

We designed technology, functionality, and rules to level the playing field for investors.

Learn more ›

List better.

Where you list matters. Choose the exchange that protects your stocks, your shareholders, and your reputation.

Learn more ›

Demand better.

"IEX’s plan is to forgo the high profits earned by the major exchanges from selling speed advantages on the theory that they can make money more ethically by attracting long-term investors."

- David Swensen, CIO of Yale University

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