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IEX Announces: Real Time TOPS Viewer now available on IEX's Website

IEX Trading Alert #2015 - 009

Please Route To: Trading, Trade Support, and Business

What you need to know:

  • Effective Thursday, May 21, a real time TOPS Viewer has been made available at http://iextrading.com/tops/
  • Visitors to the IEX website can use the Viewer to observe the Bid Price, Ask Price, and aggregate Bid and Ask Sizes of one or more symbols on the inside of IEX's displayed order book.

What is the IEX TOPS Viewer?

The IEX TOPS Viewer displays the most recent update to best-priced displayed interest available on the IEX order book.  Visitors to the IEX website can select one or more symbols for which to display the current Bid Price, Ask Price, and aggregate Bid and Ask Sizes displayed at IEX.  Near-real-time displayed and nondisplayed aggregate traded volume will also be provided.  The IEX TOPS Viewer will automatically refresh for updates and include the time at which the data was generated.

The IEX TOPS Viewer can be accessed at the following address: http://iextrading.com/tops/

IEX does not make any guarantees, representations or warranties as to, and shall have no liability for, the timeliness, truthfulness, sequence, quality, completeness, accuracy, validity or freedom from interruption of any information or data on the IEX Website. The content on the IEX Website is not to be construed as a recommendation or offer to buy or sell or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy.

By viewing or using this data or information in any manner, you understand and acknowledge that such information does not reflect trading activity on markets other than IEX, as applicable, and is intended to provide you with a reference point only, rather than as a basis for making trading decisions.

 

What is the IEX TOPS Feed?

The IEX top of book quote feed, TOPS, is a direct data feed product. TOPS provides IEX's aggregated best quoted bid and offer position in real-time for all securities on IEX's displayed limit order book.

Quotes are non-attributable to individual Subscribers. Hidden orders, and the non-displayed portion of reserve orders are not represented in TOPS. Trades (e.g. last sale) are not included in TOPS.

While IEX is an ATS, TOPS is not a protected quotation (as defined under Rule 600 of Regulation NMS). The IEX top of book will NOT be disseminated through a National Market System Plan Securities Information Processor (SIP) because it will not be published by IEX to a national securities exchange or a national securities dealer association system. The IEX top of book will only be available through TOPS.

 

What do I need to do?

No technical change is required to visit the IEX website and interact with the IEX TOPS Viewer.

Please ensure that your trading desk is aware that the IEX TOPS feed is publicly available on the IEX website.

Firms interested in receiving IEX TOPS Feed directly should send a completed IEX Data Agreement to IEX Market Operations.

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.