Second Listings Functionality Industry Test on Saturday, September 9

IEX Trading Alert #2017 - 037

Overview

On Saturday, September 9, the IEX Disaster Recovery ("DR") environment will be available from 8:00 a.m. to 1:00 p.m. ET for testing of IEX Auctions and listings functionality. This will be the second of four (4) Saturday testing opportunities in preparation for IEX's planned launch as a primary listing exchange in October 2017 (pending SEC approval). Please note that connectivity to the IEX Production environment will not provide access to the industry test - participants must have connectivity to the IEX DR environment in Chicago. For additional information about connectivity to the IEX DR environment, please see the IEX Connectivity Manual.

During the test, Members will be able to:

  • Participate in Opening, Closing, Halt, and Volatility Auctions for test IEX-listed securities
  • Participate in the Regular Market Session Opening Process for non-IEX-listed securities (the "Opening Process")
  • Submit Market-On-Open ("MOO"), Limit-On-Open ("LOO"), Market-On-Close ("MOC"), and Limit-On-Close ("LOC") orders for IEX Auctions
  • Submit market orders with a TIF of DAY during the Pre-Market Session for participation in either the Opening Auction or Opening Process
  • Submit Market Maker Peg orders
  • Consume Security Directory and Auction Information messages from IEX market data feeds, specifically DEEP v1.0 and TOPS v1.6
  • Consume quotes, prints, and administrative messages for test IEX-listed securities on Network B (i.e., Tape B) data feeds

For detailed information on IEX's Listings timeline, specifications, and FAQs, please visit https://iextrading.com/trading/listed/.

Please see IEX Trading Alert #2017 - 020 or the IEX Opening Process for Non-IEX-Listed Securities for further information on the Opening Process and IEX Trading Alert #2017 - 025 or the IEX Market Maker Specification for further information on the IEX Market Maker Peg order type.

Test Schedule

The IEX DR environment will be available on Saturday, September 9 during the following sessions (all times are ET):

  • Pre-Market Session: 8:00 a.m. - 9:30 a.m.
  • Regular Market Session: 9:30 a.m. - 12:00 p.m.
  • Post-Market Session: 12:00 p.m. - 1:00 p.m.

IEX will conduct the following auctions for test IEX-listed symbols (ZIEXT, ZEXIT, ZXIET):

  • Halt Auction for ZXIET during the Pre-Market Session
  • Opening Auction at 9:30 a.m.
    • ZEXIT will be halted through the open
  • Halt Auctions during the Regular Market Session
    • The SIPs will trigger a Market-Wide Circuit Breaker ("MWCB") as part of their quarterly DR test, so IEX will reopen trading 15 minutes after such MWCB halt using a Halt Auction
  • Volatility Auctions during the Regular Market Session
  • Closing Auction at 12:00 p.m.
    • ZXIET will be halted through the open
    • IEX will trigger a LULD pause at the Lock-in Time for ZEXIT, which will trigger a Volatility Auction that establishes the IEX Official Closing Price
  • Halt Auction for ZXIET during the Post-Market Session

IEX will also conduct the Opening Process for all non-IEX-listed securities at 9:30 a.m.

Additional Testing Opportunities

Saturday Industry Tests

IEX plans to offer the following additional Saturday testing opportunities in advance of its launch as a primary listing exchange:

  • IEX Listings Industry Test #3: September 23
  • IEX Listings Industry Test #4: October 7

Intraday in the IEX Test Facility ("ITF")

Members may also test listings functionality, order types, and data feeds (via an ITF cross-connect) in the IEX Test Facility ("ITF"). The ITF is available Monday through Friday from 7:00 a.m. to 9:00 p.m. ET. Please see IEX Trading Alert #2017 - 010 or the IEX Connectivity Manual for additional information about accessing the ITF via a dedicated cross-connect.

Intraday in the IEX Production Environment

Beginning Friday, September 15, IEX will begin testing the auction process and listings functionality for test IEX-listed securities in the Production environment. Security Directory and Auction Information messages for test IEX-listed securities will also be disseminated over production IEX market data feeds at this time.

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: iextrading.com.