Changes to symbol display eligibility for March 2016
IEX Trading Alert #2016 - 007
Please Route To: Trading, Trade Support, and Business
What you need to know:
- Effective Tuesday, March 1, 2016, IEX will no longer accept displayed orders in the following symbols until further notice:
- EXFO (EXFO Inc)
- IBMK (iShares Trust iShares iBonds Dec 2022 AMT-Free Muni Bond ETF)
- Effective Tuesday, March 1, 2016, IEX will resume accepting displayed orders in the following symbols:
- CXRX (Concordia Healthcare Corporation)
- FSV (Firstservice Corporation)
- IBCC (iSharesBond 2018 Corporate ex-Financials Term ETF)
What happens if a displayed order for this symbol is sent to IEX?
Effective Tuesday, March 1, 2016, any order for symbols EXFO or IBMK sent with either full or partial display instructions will be rejected.
Additionally, the following symbols continue to be traded on a non-displayed basis until further notice:
- EET (ProShares Ultra MSCI Emerging Markets)
- HEI.A (Heico Corp)
- IBCE (iSharesBond 2023 Corporate ex-Financials Term ETF)
- IGU (Ultra Investment Grade Corporate)
- KOF (Coca-Cola FEMSA, S.A.B. de C.V.)
To send a non-displayed order to IEX, FIX tag 111 (MaxFloor) must be specified with a value of "0".
Why is IEX making this change?
This change is being made in order to ensure that IEX remains compliant with Rule 301(b)(3) of Reg ATS.
This rule states the following: if during at least 4 of the preceding 6 months, an Alternative Trading System (ATS) which displays subscriber orders to any person had with respect to any NMS stock, 5% or more of the ADV, then that ATS is required to provide to a national securities exchange or national securities association the prices and sizes of the orders at the highest buy price and the lowest sell price for such NMS stock, displayed to more than one person in the alternative trading system, for contribution to the NBBO.
Additional Notification:
IEX will not offer trading in securities for which the NYSE TRF does not support the reporting of transactions. As a result, orders in the recently announced NASDAQ NextShares will be rejected.
Where can I learn more?
- View the IEX FIX Specification.
- View the IEX Subscriber Manual.
- 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 Investors Exchange.
- View the 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.