IEX Fee Schedule Updates Operative January 1, 2018 (Crumbling Quote Remove Fee)

IEX Trading Alert #2017 - 056

Overview

On Monday, January 1, 2018, the following pricing changes are operative on the Exchange for executions that remove liquidity during periods of quote instability, as defined in IEX Rule 11.190(g), above the Crumbling Quote Remove Fee Threshold.

Transaction Fees Update

Transaction fees will be updated to add the Crumbling Quote Remove Fee, definition, and footnote below.

Definitions

  • "CQRF Threshold" means the Crumbling Quote Remove Fee Threshold. The threshold is equal to 5% of the sum of a Member's total monthly executions on IEX if at least 1,000,000 shares during the calendar month, measured on an MPID basis.
Fee Code Description Fee Fee < $1.00
Q Crumbling Quote Remove Fee Indicator * $0.0030 0.30% of TDVT
  • Taking Liquidity During Periods of Quote Instability, as defined in IEX Rule 11.190(g).

* Executions with Fee Code Q that exceed the CQRF Threshold are subject to the Crumbling Quote Remove Fee.

Example Calculation of the Crumbling Quote Remove Fee

For example, assume Member XYZ executed 100,000,000 shares through its MPID 1234 during a particular month, and 6,000,000 of such shares removed liquidity while the CQI was on. The 6,000,000 shares executed when the CQI was on exceed the threshold since such shares are more than 5% of MPID 1234's monthly volume (i.e., 5,000,000) and at least 1,000,000 shares. Member XYZ would therefore be charged the fee on 1,000,000 shares which is the incremental number of shares above 5% of the 100,000,000 shares executed by MPID 1234 during the month.

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.