Amended Deployment Schedule for Router Redesign and New Routing Options
IEX Trading Alert #2016 - 031
Please Route To: Trading, Operations, and Trade Support
What you need to know:
- IEX is extending, by two (2) days, the deployment schedule for the redesigned IEX Router (i.e. the IEX SOR).
- The redesigned IEX Router will be deployed for all NMS symbols on Tuesday, July 26.
- The prior schedule communicated in IEX Trading Alert #2016-020 contemplated full symbol roll-out on Friday, July 22.
- The schedule has been amended to fix an edge case scenario that was discovered today.
- Under certain conditions when a routable order attempts to post to IEX after routing to away venues, the balance of the order cancels back to the Subscriber.
- The cancel results if the order has a remaining leaves quantity that is less than the order's original Display quantity.
- This issue resulted in 7 cancel events today and IEX notified the 3 Subscribers impacted.
- A fix for this anomaly will be released for production on Monday, July 25, 2016.
What is the amended security-by-security deployment plan for the router redesign and new routing options?
Test Phase
- Saturday, July 9: During the Member Testing Opportunity, all symbols in the Y-Z letter range will be available for testing the new routing options.
- Monday, July 11 - Friday, July 15: Test symbols (CBO, CBX, ZBZX, ZJZZT, ZTEST, ZVV, ZVZZT, ZWZZT, ZXZZT)
Live Phase
- Monday, July 18: Two non-test securities (VG, WIN)
- Tuesday, July 19: Ten non-test securities (VALE.P, VG, VHC, VIAV, VIP, VLY, WIN, XOMA, YINN, ZIOP)
- Wednesday, July 20: All symbols starting with 'Y' - 'Z', VALE.P, VG, VHC, VIAV, VIP, VLY, WIN, XOMA
- Thursday, July 21: All symbols starting with 'V' - 'Z'
- Monday, July 25: Deploy fix for all symbols starting with 'V' - 'Z'
- Tuesday, July 26: All symbols ('A' - 'Z')
Why is IEX deploying a fix?
Earlier today an anomaly was identified whereby under certain edge case scenarios an unsolicited cancel is sent back to the customer. To learn more please contact IEX Market Operations at 646.343.2300.
IEX is extending the deployment schedule by two days to QA and issue the fix to symbols that have already been transitioned to the new IEX Router, before continuing with the roll-out.
Where can I learn more?
- Read IEX Trading Alert #2016-020 "Introducing the Router Redesign and New Routing Options"
- View the IEX ATS FIX Specification | Investors Exchange FIX Specification.
- Become a Member of Investors Exchange.
- View the IEX ATS Subscriber Manual |Investors Exchange User Manual.
- Contact IEX Sales at 646.343.2100 or Subscriber@iextrading.com.
- Contact IEX Market Operations at 646.343.2300 or MarketOps@iextrading.com.
- 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.