IEX Fee Schedule Updates Operative January 1, 2018 (Displayed Match Fee)
IEX Trading Alert #2017 - 055
Overview
On Monday, January 1, 2018, the following pricing changes are operative on the Exchange for adding or removing displayed liquidity.
The first trading day during which the fee will apply will be Tuesday, January 2, 2018 (following the New Year's Day holiday).
Transaction Fees Update
Transaction fees will be updated to modify the Displayed Match Fee and footnotes below. The interaction of such fee with executions that occur in the Opening Process for Non-IEX-Listed Securities ("Opening Process"), Opening Auction, and Closing Auction are also specified below. Finally, the exception for taking non-displayed liquidity with displayable interest has been removed.
New/updated text is highlighted in yellow, while text that has been removed is in red with strike-through.
| Fee Code | Description | Fee | Fee < $1.00 |
|---|---|---|---|
| I | Non-Displayed Match Fee | $0.0009 | 0.30% of TDVT |
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| L | Displayed Match Fee | ||
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| X | Opening Match Fee *** |
$0.0009 | 0.30% of TDVT |
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| Auction Match Fee **** | $0.0003 | 0.30% of TDVT | |
| O |
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| C |
|
* $0.0009 (0.30% of TDVT for < $1.00), otherwise FREE if Taking Non-Displayed Liquidity with a Displayable Order and at least 90% of TMVD, on a per MPID basis, was identified by IEX as Providing Displayed Liquidity (i.e., the MPID's execution reports reflect that the sum of executions with Fee Code L and a Last Liquidity Indicator (FIX tag 851) of '1' (Added Liquidity) on orders with neither a Max Floor (FIX tag 111) equal to zero, nor a time-in-force (FIX tag 59) of '3' (IOC) or '4' (FOK), divided by the sum of all executions on orders with neither a Max Floor (FIX tag 111) equal to zero, nor a time-in-force (FIX tag 59) of '3' (IOC) or '4' (FOK), is at least 90% for the calendar month).
*** Non-Displayed Orders that execute in the Opening Process for Non-IEX-Listed Securities (the "Opening Process") will receive a Fee Code of X rather than I. Executions in the Opening Process that receive a Fee Code of XL are assessed the Displayed Match Fee.
**** Non-Displayed Orders that execute in the Opening Auction, or Closing Auction, or the Opening Process for Non-IEX-Listed Securities (the "Opening Process") will receive a Fee Code of O, or C, or X, respectively, rather than I. Orders that were Displayed Orders on the Continuous Book prior to the Opening Auction, or Closing Auction, or Opening Process that execute in such auction or the Opening Process will receive a Fee Code of L in addition to the above specified Fee Code. Executions in the Opening or Closing Auction that receive a Fee Code of OL or CL, respectively, are FREE.
Please note, to the extent a Member receives multiple Fee Codes on an execution, the lower fee shall apply. Therefore, executions that receive a Fee Code of SL are FREE.
More Information
Please contact IEX Market Operations or Sales with any questions:
- Market Operations: 646.343.2300 or marketops@iextrading.com
- Sales: 646.343.2100 or sales@iextrading.com
- See SR-IEX-2017-43 for additional information.
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.