Investors Exchange Fee Schedule
Effective October 1, 2020
The highlighted changes below will be implemented on October 1, 2020 (underlining reflects new text and strikethrough reflects deleted text) pursuant to SEC rule filings. See here and here for the relevant filings.
|10G Physical Port 1||FREE|
|1G Physical Port 2||FREE|
|Logical Port (except for order entry port)||FREE|
|Order Entry Port 3|
||$100 per port per month 4|
1 10G physical ports are available to connect to IEX’s production systems (i.e., the IEX POP and Disaster Recovery Data Centers) and the IEX Test Facility (“ITF”).
2 1G physical ports are the default connection to the ITF, but Members may also connect to the ITF through a 10G physical port.
3 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 ITF: Secaucus (Non-Production).
4 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).
- Certain executions of Discretionary Limit (“D-Limit”), Discretionary Peg (“D-Peg”) and Midpoint Peg (“M-Peg”) orders are subject to the following fees in lieu of those otherwise specified unless a lower fee applies, with the exception of executions below $1.00, which will continue to be assessed a fee of 0.30% of TDV unless the Fee Code Combination results in a FREE execution:
- A D-Limit order that provides liquidity results in a FREE execution.
- D-Peg and M-Peg orders that provide liquidity will be subject to a discount of $0.0002 per share from the fee that would otherwise be charged for the number of shares of such orders executed up to the number of shares of D-Limit orders that provided liquidity during such time period by the same Member, measured on a monthly basis.
- IEX will aggregate all of a Member's MPIDs to calculate each Member’s D-Peg, M-Peg, and D-Limit liquidity providing orders on a monthly basis. In addition, 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. For purposes of applying the D-Limit fees and associated discounts for certain D-Peg and M-Peg orders, references to Member shall include the Member and any of its affiliates that have been approved for aggregation, and the term “affiliate” shall mean any Member under 75% common ownership or control of that Member.
- "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|
|R12||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|
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|
|IR12||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|
|LR12||Retail order removes displayed liquidity||FREE|
|ISQ1||Member removes non-displayed liquidity provided by such Member during periods of quote instability||FREE|
|ISR12||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|
|LSR12||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.
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.