Waive-in Member Application for Investors Exchange
IEX Trading Alert #2015 - 024
Please Route To: Business, Trading, Trade Support, and Compliance
What you need to know:
- Pending SEC approval, IEX plans to transition its Alternative Trading System (ATS) into a registered national securities exchange in Q1 2016.
- Current IEX ATS Subscribers that are members of FINRA are eligible to submit the Waive-in Member Application for Investors Exchange membership. Membership documents are available at http://iextrading.com/trading/membership/.
- IEX Market Operations will communicate directly with your firm within the next week to provide guidance and address questions related to becoming a Member of the Exchange.
- The deadline for complete Waive-in Member Application submission is 90 days after IEX receives approval to operate as an exchange from the SEC.
- IEX Market Operations strongly encourages all interested ATS Subscribers to submit complete Waive-in Member Applications before December 31, 2015.
What is changing?
Pending SEC approval, IEX ATS will transition to Investors Exchange in Q1 2016, as indicated in our target launch timeline (http://iextrading.com/#timeline).
In order for your firm to continue trading on our market, it is a requirement to become an approved Member of Investors Exchange before the transition begins. Firms that are already approved Subscribers of IEX ATS and also members of FINRA are eligible to apply for membership by submitting a completed Waive-in Member Application.
What do I need to do?
A complete Waive-in Membership Application with associated documents is required to render an approval decision for membership with the Exchange. IEX Market Operations will send detailed instructions directly to your firm to provide the greatest possible clarity into the waive-in process and to evaluate your firm's unique needs. The necessary application, agreements, and forms are available on our website at http://iextrading.com/trading/documents/.
Market Operations (646.343.2300) and Sales (646.343.2100) are available at any time to address your questions and provide step-by-step guidance about how to prepare for trading on Investors Exchange.
What is the deadline for my firm to submit a complete application package in order to ensure uninterrupted access to the market?
Existing Subscribers of IEX ATS that are members of FINRA are strongly encouraged to submit the Waive-in Member Application and associated documents on or before December 31, 2015 to ensure uninterrupted access to IEX. Current ATS Subscribers who are unable to submit a completed Wave-in Member Application within 90 days of IEX's receipt of SEC approval to operate as an exchange will have to complete the Member Application, which requires additional documents to be submitted by your firm.
Does the application process cost anything?
No, IEX will not charge an exchange application fee.
Can I email my application materials to IEX?
Yes. Please email completed application materials to MarketOps@iextrading.com.
What forms do I need to complete?
The forms required by the Exchange depend on which functionality your firm is seeking to use at our market. Market Operations will contact your firm to review your goals and specific requirements, but an introductory guide is provided below. Multiple categories may apply, depending on your firm's desired functionality.
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My firm plans on: |
As a result, I will need to submit: |
|---|---|
| trading at the Exchange |
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| using the Exchange router | |
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engaging a clearing agent (i.e. not self-clearing) |
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| market making | |
| market making in commodity-related securities |
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| sponsoring access to other firms |
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| consuming IEX market data, i.e. TOPS |
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| distributing IEX market data internally |
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| distributing IEX market data externally |
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In order to remain connected to the trading system during the transition from ATS to Exchange, connectivity forms must also be re-submitted to establish a relationship with the Exchange:
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My firm plans to connect through: |
As a result, I will need to submit: |
|---|---|
| dedicated cross-connection | |
| third-party extranet provider | |
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third-party EMS/OMS provider |
How long does the membership application review process take?
IEX will seek to render and communicate decisions related to membership within 30 days of receiving a substantially complete application.
How will a firm know its Waive-in Member Application has been approved?
IEX Market Operations will provide a confirmation email when a decision has been rendered. Membership decisions should be considered as conditional until IEX receives SEC approval to operate as an exchange.
Where can I learn more?
- Contact IEX Sales at 646.343.2100 or subscriber@iextrading.com.
- Contact IEX Market Operations at 646.343.2300 or marketops@iextrading.com.
- Become a Member of the Investors Exchange.
- Prospective Member 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.