IEX Announces: Minimum Quantity Deployment
IEX Trading Alert #2014 - 005
Please Route To: Trading and Trade Support
What you need to know:
- Over the next two weeks we will roll out modifications to IEX Minimum Quantity (MQTY) functionality, originally detailed in Trading Alert #2014-004.
- Deployment began today with test symbols, extends to 10 live symbols this Thursday, and will be completed as of Wednesday, April 23rd.
- As detailed in Trading Alert #2014-004, the two main modifications to MQTY are:
- Tiers will be disabled – any MQTY value can be sent to IEX.
- Participation will be disabled – no resting MQTY order will receive a fill amount less than the specified MQTY.
What's changing?
Expect these two modifications to the Minimum Quantity Order condition:
- Disabling Tiers – any MQTY value will be accepted by IEX.
- Disabling Participation – this functionality will be turned off. Therefore, no MQTY order will receive a fill amount less than the specified MQTY.
- For Resting Orders – the fill must come from a single contra.
- For Active Orders (that test against the IEX book) – composite functionality can fill a MQTY order with multiple fills when the sum of contra-side interest satisfies the Active Order’s MQTY.
What is the deployment schedule?
Deployment will be completed by Wednesday, April 23rd.
Functionality was rolled out to test symbols earlier today. Ten live symbols will be selected for the roll-out on Thursday, April 10th, with twenty to follow Friday, April 11th.
Subsequently, functionality will be extended to the following number of symbols as per the following schedule:
- 100 live symbols: Tuesday, April 15
- 350 live symbols: Wednesday, April 16
- 1300 live symbols: Friday, April 18
- 1/2 of all symbols: Tuesday, April 22
- All live symbols: Wednesday, April 23
Where can I learn more?
- Read Trading Alert #2014-004: Modifications to Minimum Quantity here
- Read the full IEX Product Enhancement Proposal #3: The Minimum Quantity Order Condition here
- Contact IEX Market Operations at 646.568.2330 or marketops@iextrading.com.
- Contact IEX Sales at 646.568.2345 or subscriber@iextrading.com.
- Visit the IEX Website iextrading.com.
- IEX Subscriber Manual.
- Become an IEX Subscriber.
- IEX Frequently Asked Questions.
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.