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Overcharged and underserved.

New research shows monopolistic stock exchanges are taking advantage of all of us.

Get the report

How much are you overpaying?

As self-regulatory organizations, stock exchanges are meant to uphold a higher standard of fairness. But for decades, investors, brokers, and market makers have argued that prices exchanges charge for connectivity and market data are excessive, unfair, and unreasonable. A lack of transparency made it hard to know who was right...until now.

In a first for exchanges, IEX undertook an in-depth study comparing our own costs to fees charged by entrenched exchanges—fees IEX also pays to operate.

The results were alarming.

For depth of book data products, other exchanges charge fees 900% - 1,800% over IEX's costs to offer a comparable product.

For physical connectivity in their data centers, other exchanges charge fees 2,000% - 4,200% over IEX's costs to offer comparable services.

For virtual sessions needed to trade, other exchanges charge fees 500% - 1,800% over IEX's costs to offer comparable services.

Full transparency

IEX CEO Brad Katsuyama sent a letter to the U.S. Securities and Exchange Commission outlining the findings of the report.

Read the full letter › SIP Data vs Proprietary Market Data Fee Comparison ›

Let’s build a better system.

Understanding what’s wrong with the market is the first step. The next is addressing the price-gouging, abuse of power, and lack of accountability that have become the norm. That’s why we created IEX, the first stock exchange built on fairness, simplicity, and transparency.

See the difference ›