Investors Exchange Rule 605 Disclosure of Order Execution Information
The SEC's rule mandating public disclosure of order execution practices, Rule 605 (formerly SEC Rule 11Ac1-5), requires that market centers which trade national market system securities disclose monthly electronic reports about the quality of their executions on a stock-by-stock basis based on the previous month's trading activity.
IEX Rule 605 reports are available for download above. During the transition period of August and September 2016, wherein IEX was operating both the IEX ATS and the Investors Exchange, separate rule 605 reports are available for both market centers and are distinguishable by the relevant file names (IEXG_201608 = ATS; V_201608= Exchange).
While IEX has used reasonable efforts to prepare these reports in compliance Rule 605, these statistics have not been audited and may contain errors. Accordingly, any decision about whether to send orders to IEX should not be based solely on these statistics.
IEX uses SIP data to identify relevant market data for preparation of these reports. As such, the reports may be impacted by any system and/or data issues encountered by the SIPs.