Investors Exchange Fee Schedule
Effective August 28, 2019
Changes to the Fee Schedule pursuant to Securities and Exchange Commission filing SR-IEX-2019-08 have been partially implemented. The elimination of Fee Code N has been fully implemented, effective September 5, 2019. The introduction of fee codes for Retail and Retail Liquidity Provider (RLP) order types and free pricing for execution of Retail and RLP orders are pending implementation. More information about the October 1, 2019 launch of IEX’s Retail Price Improvement Program can be found in IEX Trading Alert #2019 - 024 (Introducing Retail-Focused Order Types on IEX) and IEX Trading Alert #2019 - 026 (Testing and Launch of Retail-Focused Order Types on IEX). Please refer to the filing for complete details.
Note: New language is underlined. Deletions are in
|10G Physical Port||FREE|
|1G Physical Port||FREE|
|Logical Port (except for order entry port)||FREE|
|Order Entry Port 1|
||$100 per port per month 2|
1 Fees for Logical Order Entry Ports are only applicable to such ports at the IEX POP: Secaucus (Hot/Primary) connectivity site. There are no fees for Logical Order Entry Ports at the Disaster Recovery (Cold/Secondary) or IEX Test Facility (ITF): Secaucus (Non-Production).
2 Fees for Logical Order Entry Ports are billed to and payable by the Member or Service Bureau maintaining the port based on the number of Logical Order Entry Ports assigned to each Member or Service Bureau as of the first of each month. These fees will be operative beginning October 1, 2019.
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 unless otherwise specified.
- Footnotes provide further explanatory text or indicate variable rate changes, provided the conditions in the footnote are met.
- The rates listed in the Base Rates table apply unless a Member’s transaction is assigned a Fee Code other than a Base Fee Code (an "Additional Fee Code"). If a Member’s transaction is assigned an Additional Fee Code, the rates listed in the Fee Codes and Associated Fees table will apply.
- Executions below $1.00 are assessed a fee of 0.30% of TDV unless the Fee Code Combination results in a FREE execution.
- The Exchange passes-through in full any fees charged by/rebates received from away venues ("Cost") to the Member and adds the IEX fee (i.e., a $0.0001 charge per share).
- "Fee Code" is identified on each execution report message from the Exchange in the Trade Liquidity Indicator (FIX tag 9730) field.
- "MPID" means a market participant identifier.
- "TDV" means the total dollar value of the execution calculated as the execution price multiplied by the number of shares executed in the transaction.
- "Quote instability" is defined in IEX Rule 11.190(g).
- "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, measured on a per logical port (i.e., session) per MPID basis.
- "Spread-crossing eligible order" means a buy order that is executable at the NBO or a sell order that is executable at the NBB after accounting for the order’s limit (if any), peg instruction (if any), market conditions, and all applicable rules and regulations.
|Base Fee Codes||Description||Executions at or above $1.00||Executions below $1.00|
|I, X||Standard Match Fee||$0.0009||0.30% of TDV|
|L||Reduced Match Fee||$0.0003||0.30% of TDV|
|O, C, H, P||Auction Match Fee||$0.0003||0.30% of TDV|
|Alpha||Routing and removing liquidity (all routing options)||Cost + $0.0001|
Fee Code Modifiers:
|Additional Fee Codes||Description||Fee|
|S||Internalization Fee: Member executes against resting liquidity provided by such Member||FREE|
|Q||Crumbling Quote Remove Fee: removes liquidity during periods of quote instability at or within the NBBO above the CQRF Threshold, measured on an MPID basis1||$0.0030|
|D||Discounted Single-Price Cross Fee: displayed interest resting on the Continuous Book executes in a cross or auction||FREE|
|R2||Retail Order Fee: Retail order removes liquidity||FREE|
|A||Retail Liquidity Provider Order Fee: Member adds liquidity against a Retail order with a Retail Liquidity Provider order||FREE|
Market Quality Incentive Programs:
IEX Enhanced Market Maker ("IEMM Rates"): Unless an IEX Enhanced Market Maker ("IEMM") pursuant to Rule 11.170(a) otherwise qualifies for a lower rate, IEMMs will receive the following discounts for executions during continuous trading in securities priced at or above $1.00. If a Member qualifies under both the Inside Tier and the Depth Tier, any earned Standard Match Fee Discount, Reduced Match Fee Discount, and Spread-Crossing Eligible Remove Fee Discount will be aggregated and applied to such Member’s executions subject to the Standard Match Fee, Reduced Match Fee, or Spread-Crossing Eligible Remove Fee in securities priced at or above $1.00, subject to the applicable Depth Tier aggregate monthly savings cap of $20,000.00.
|IEMM Tier||Standard Match Fee Discount||Reduced Match Fee Discount||Spread-Crossing Eligible Remove Fee Discount|
Fee Code Combinations and Associated Fees:
|I||Adds or removes non-displayed liquidity||$0.0009|
|L||Adds or removes displayed liquidity||$0.0003|
|IS||Member executes against resting non-displayed liquidity provided by such Member||FREE|
|IQ1||Removes non-displayed liquidity during periods of quote instability||$0.0009|
|IR2||Retail order removes non-displayed liquidity||FREE|
|IA||Retail Liquidity Provider order adds non-displayed liquidity against a Retail order||FREE|
|LS||Member executes against resting displayed liquidity provided by such Member||FREE|
|LQ1||Removes displayed liquidity during periods of quote instability||$0.0003|
|LR2||Retail order removes displayed liquidity||FREE|
|ISQ1||Member removes non-displayed liquidity provided by such Member during periods of quote instability||FREE|
|ISR2||Retail order removes non-displayed liquidity provided by such Member||FREE|
|ISA||Retail Liquidity Provider order adds non-displayed liquidity to a Retail order provided by such Member||FREE|
|IQR12||Retail order removes non-displayed liquidity during periods of quote instability||FREE|
|LSQ1||Member removes displayed liquidity provided by such Member during periods of quote instability||FREE|
|LSR2||Retail order removes displayed liquidity provided by such Member||FREE|
|LQR12||Retail order removes displayed liquidity during periods of quote instability||FREE|
|ISQR12||Retail order removes non-displayed liquidity provided by such Member during periods of quote instability||FREE|
|LSQR12||Retail order removes displayed liquidity provided by such Member during periods of quote instability||FREE|
|X||Opening Process for Non-Listed Securities ("Opening Process")||$0.0009|
|XD||Displayed interest resting on the Continuous Book executes in the Opening Process||FREE|
|O||Opening Auction, IEX-listed security||$0.0003|
|OD||Displayed interest resting on the Continuous Book executes in the Opening Auction||FREE|
|C||Closing Auction, IEX-listed security||$0.0003|
|CD||Displayed interest resting on the Continuous Book executes in the Closing Auction||FREE|
|H||Halt or Volatility Auction, IEX-listed security||$0.0003|
|P||IPO Auction, IEX-listed security||$0.0003|
Crumbling Quote Remove Fee: Executions with Fee Code Q that exceed the CQRF Threshold are subject to the Crumbling Quote Remove Fee identified in the Fee Code Modifiers table. Executions with Fee Code Q that do not exceed the CQRF Threshold are subject to the fees identified in the Fee Codes and Associated Fees table.
Fee Code R: Fee Code R applies only to a Retail order submitted by an IEX Retail Member Organization that (i) satisfies the criteria set forth in IEX Rules 11.190(b)(15) and 11.232(a)(1) and (ii) is a Discretionary Peg order or Midpoint Peg order with a Time-in-Force of IOC or FOK only eligible to trade at the Midpoint Price.
2 3 Aggregation of Activity of Affiliated Members:
- For purposes of applying the provisions of Rule 11.170(a), a Member may request that the Exchange aggregate its activity with activity of such Member’s affiliated Members.
- A Member requesting aggregation of affiliate activity is required to certify to the Exchange the affiliate status of Members whose activity it seeks to aggregate prior to receiving approval for aggregation, and inform the Exchange immediately of any event that causes an entity to cease being an affiliate. The Exchange shall review available information regarding the entities and reserves the right to request additional information to verify the affiliate status of an entity. The Exchange shall approve a request unless it determines that the certification is not accurate.
- If two or more Members become affiliated on or prior to the sixteenth day of a month and submit the required request for aggregation on or prior to the twenty-second day of the month, an approval of the request by the Exchange shall be deemed to be effective as of the first day of that month. If two or more Members become affiliated after the sixteenth day of a month or submit a request for aggregation after the twenty-second day of the month, an approval of the request by the Exchange shall be deemed to be effective as of the first day of the next calendar month.
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.