Opening Process for Non-IEX-Listed Securities

IEX Trading Alert #2017 - 020


Pending SEC approval, IEX is modifying the process for opening the Regular Market Session for non-IEX-listed securities. Deployment will begin Tuesday, August 22, 2017 and conclude on Tuesday, August 29, 2017. In the new Opening Process, orders that fall into the following categories will be accepted and queued during the Pre-Market Session:

  • Limit, pegged, and market orders with a time-in-force ("TIF") of DAY
  • Limit orders with a TIF of GTX

Queued orders are ranked and maintained in price - display - time priority. At the start of Regular Market Hours (i.e., 9:30 a.m. ET), the above queued orders and orders available for trading on the Order Book (collectively, "Cross Eligible Orders") will participate in the Opening Match. Minimum quantity orders are not Cross Eligible Orders. Routable market orders with a TIF of DAY will be rejected during the Pre-Market Session.

If both an away protected bid and away protected offer exist at the time of the Opening Process, the Opening Match Price will be the price at or within the best priced away protected quotations (collectively, the "Cross Price Constraint") at the time of the Opening Process that maximizes the number of shares of Cross Eligible Orders to be executed. If more than one price maximizes the number of shares to be executed resulting in a cross price range, the Opening Match will occur at the price at or within such range that is not lower (higher) that the most aggressive unexecuted buy (sell) order. If more than one price satisfies the above conditions, the Opening Match will occur at the price closest or equal to the Cross Tie Breaker (i.e., most current IEX Order Collar Reference Price, pursuant to IEX Rule 11.190(f)). Otherwise, the Opening Match Price will be the price of the Cross Tie Breaker, constrained by the Cross Price Constraint (i.e., the best away protected quotation), if any.

For further information, please see the IEX Opening Process for Non-IEX-Listed Securities.

Deployment Schedule

The deployment schedule for the above changes is detailed below:

  • Wednesday, August 23: Test Symbols (CBO, CBX, ZBZX, ZJZZT, ZTEST, ZVV, ZVZZT, ZWZZT, ZXZZT)
  • Thursday, August 24: Two non-test securities (VG, WIN)
  • Friday, August 25: Ten non-test securities (VALE.P, VG, VHC, VIAV, VIP, VLY, WIN, YINN, YTEN, ZIOP)
  • Monday, August 28: All symbols starting with 'Y' - 'Z', VALE.P, VG, VHC, VIAV, VIP, VLY, WIN
  • Tuesday, August 29: All symbols starting with 'V' - 'Z'
  • Wednesday, August 30: All symbols ('A' - 'Z')

Additional Detail

For details regarding the Opening and Re-Opening procedures for IEX-listed securities, please see the IEX Auction Process Specification.

More Information

Please contact IEX Market Operations or Sales with any questions:

About IEX

IEX is on a mission to build fairer markets. Founded in 2012 and headquartered in New York City, IEX introduced its first trading venue in 2013 and launched as a U.S. stock exchange in 2016. IEX is the stock exchange that believes that every investor has the right to trade on equal and fair terms, on every trade. Learn more at: