Top of Book Quote and Last Sale Feed
TOPS is used to receive real-time top of book quotations direct from IEX. The quotations received via TOPS provide an aggregated size and do not indicate the size or number of individual orders at the best bid or ask. Non-displayed orders and non-displayed portions of reserve orders are not represented in TOPS.
TOPS also provides last trade price and size information. Trades resulting from either displayed or non-displayed orders matching on IEX will be reported. Routed executions will not be reported.
Users must complete, execute, and submit an IEX Data Agreement before accessing TOPS.Download agreement
|Market Data Fees||Fee|
|Internal Distribution Fee||Free|
|External Distribution Fee||Free|
IEX will use commercially reasonable efforts to provide at least thirty (30) days’ advance notice to Data Subscriber (delivered via email and/or posted to IEX’s website) of any changes to its fee schedule.
Internal Distribution Fee is charged to any entity that receives the Exchange Market Data product directly from the Exchange or indirectly through another entity and then distributes the Exchange Market Data product internally or to an affiliate.
External Distribution Fee is charged to any entity that receives the Exchange Market Data product directly from the Exchange or indirectly through another entity and then distributes the Exchange Market Data externally to a third party.
Usage Fee is the fee charged for system or individuals’ usage of Exchange Market Data.
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