Investors Exchange Fee Schedule
Effective January 24, 2018
|10G Physical Port||FREE|
|1G Physical Port||FREE|
Market Data fees
- "Internal Distribution Fee" is the fee charged to any entity that receives the Exchange Market Data product directly from the Exchange or indirectly through another entity and then distributes that data internally or to an affiliate.
- "External Distribution Fee" is the fee charged to any entity that receives the Exchange Market Data product directly from the Exchange or indirectly through another entity and then distributes the data externally to a third party.
- "Usage Fee" is the fee charged for a natural person, a proprietorship, corporation, partnership, or entity, or device (computer or other automated service) entitled for the receipt of Exchange data.
|Internal Distribution Fee||FREE|
|External Distribution Fee||FREE|
- All fees identify cost per share executed.
- Footnotes provide further explanatory text or, where annotated to fee description, indicate variable rate changes, provided the conditions in the footnote are met.
- At the end of each calendar month, executions with Fee Code Q that exceed the CQRF Threshold are subject to the Crumbling Quote Remove Fee. Otherwise, to the extent a Member receives multiple Fee Codes on an execution, the lower fee shall apply.
- "Fee Code" is identified on each execution report message from the Exchange in the Trade Liquidity Indicator (FIX tag 9730) field.
- "Fee" means fees for securities with an execution price at or above $1.00.
- "Fee < $1.00" means fees for securities with an execution price below $1.00.
- “MPID” means a market participant identifier.
- "TDVT" means the total dollar value of the transaction calculated as the execution price multiplied by the number of shares executed in the transaction.
- "Cost" means any fees charged by/rebates received from away venues.
- “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|
|L||Displayed Match Fee1||$0.0003||0.30% of TDVT|
|I||Non-Displayed Match Fee1||$0.0009||0.30% of TDVT|
|X||Opening Match Fee2||$0.0009||0.30% of TDVT|
|Auction Match Fee3||$0.0003||0.30% of TDVT|
|Q||Crumbling Quote Remove Fee Indicator4||$0.0030||0.30% of TDVT|
|Alpha||Routing and removing liquidity (all routing options)5||Cost + $0.0001|
1 Members that are designated as an IEX Enhanced Market Maker (“IEMM”) pursuant to Rule 11.160(a), qualify for the Displayed Match Fee Discount as well as the Non-Displayed Match Fee Discount as set forth in IEX Rule 11.160(a)(3). Note that executions subject to the Crumbling Quote Remove Fee are not eligible for the Non-Displayed Match Fee Discount. Note further that the Displayed Match Fee Discount and Non-Displayed Match Fee Discount are not applicable to executions subject to the Internalization Fee.
|IEMM Tier||Non-Displayed Match Fee Discount||Displayed Match Fee Discount|
|Depth Tier||$0.0001 (up to $20,000.00 in aggregate savings, per month, inclusive of Displayed Match Fee Discount savings)||$0.0001 (up to $20,000.00 in aggregate savings, per month, inclusive of Non-Displayed Match Fee Discount savings)|
2 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.
3 Non-Displayed Orders that execute in the Opening Auction or Closing Auction will receive a Fee Code of O or C, respectively, rather than I. Orders that were Displayed Orders on the Continuous Book prior to the Opening Auction or Closing Auction that execute in such auction 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.
4 Executions with Fee Code Q that exceed the CQRF Threshold are subject to the Crumbling Quote Remove Fee.
5 The Exchange will pass-through in full any Costs to the Member and add the IEX fee ($0.0001).
Registration and processing fees
The following fees will be collected and retained by FINRA via the CRD registration system for the registration of associated persons of IEX Members that are not also FINRA Members:
- $100 for each initial Form U4 filed for the registration of a representative or principal;
- $110 for the additional processing of each initial or amended Form U4, Form U5 or Form BD that includes the initial reporting, amendment, or certification of one or more disclosure events or proceedings;
- $45 annual for each of the Member’s registered representatives and principals for system processing;
- $15 for processing and posting to the CRD system each set of fingerprint cards submitted electronically by the Member, plus a pass-through of any other charge imposed by the United States Department of Justice for processing each set of fingerprints;
- $30 for processing and posting to the CRD system each set of fingerprint cards submitted in non-electronic format by the Member, plus a pass-through of any other charge imposed by the United States Department of Justice for processing each set of fingerprints; and
- $30 for processing and posting to the CRD system each set of fingerprint results and identifying information that has been processed through a self-regulatory organization other than FINRA.