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IEX Market Makers

IEX is a unique market that provides a competitive trading environment, a rich midpoint trading experience, and efficient, low-cost execution of orders. There are multiple market participants, including market makers, full service broker dealers, agency brokers, and retail firms that use IEX.

In addition to low-cost execution of orders, IEX provides the following products and services for FREE to all IEX members:

  • Membership and Trading Rights
  • Regulatory Fees
  • Physical Connectivity
  • Order Entry Sessions
  • Top of Book Market Data (TOPS)
  • Depth of Book Market Data (DEEP)
  • Auction Information, Including Imbalance Data

Definition of a Market Maker

A market maker is an IEX member firm that buys and sells securities at prices it displays on the IEX Order Book for its own account (principal trades) and for customer accounts (agency trades).

IEX offers a market making program where IEX members can register as a market maker in a particular security. Registered Market Makers will be obligated to enter and maintain two-sided quotes at prices that meet the designated percentage, as defined in Exchange Rule 11.151. Firms can register as a market maker by submitting the IEX Market Maker Application. See below for further details.

Registered Market Makers can qualify as an Enhanced Market Maker by registering as a market maker and meeting tighter quoting requirements with principal orders in each IEX-listed security. Registered Market Makers do not need to register for the IEMM Program – firms qualify for the program based on their quoting behavior in IEX-listed securities.

  • Quoting 20% of the day at the NBBO will qualify for the Inside Tier
  • Quoting 75% of the day at the greater of 1 MPV or 3 bps away from the NBBO (or more aggressive) will qualify for the Depth Tier

See IEX Enhanced Market Maker Program for additional details.

Market Maker Peg Order Type

To support Market Makers with their quoting obligations for registered securities, IEX offers a Market Maker Peg order type. This order type essentially functions as a displayed Peg order that will allow for quoting at an offset to a defined Reference Price identified by the Exchange. A Market Maker Peg order is repriced by the System when the Reference Price has moved a defined percentage away or towards the order. See the IEX Market Maker Specification for further details about the Market Maker Peg functionality.

Benefits for IEX Enhanced Market Makers

Market makers that qualify for the IEX Enhanced Market Making ("IEMM") Program at the end of a calendar month receive a discount on trading fees for all securities, not just those registered. By submitting an Application to Aggregate Activity of Affiliated Members, the discount received by the market maker can be extended to the affiliated Members’ trading activity.

Members that qualify can earn a 1 mil (i.e., $0.0001) discount for satisfying either tier (2 mils for satisfying both). The discount is applicable to the transaction fees of all securities traded on IEX priced at or above $1.00, excluding trades subject to the Crumbling Quote Remove Fee (i.e., 30 mils) or the Internalization Fee (i.e., free), as well as any executions resulting from an IEX Auction. See IEX Enhanced Market Maker Program for additional details.

Requirements for UTP Trading of Commodity-Based Securities

Market Makers that trade commodity-based securities must submit the following to IEX:

  1. a completed disclosure report, and
  2. written procedures addressing information barriers, books and records, and handling of material non-public information in order to make markets in these securities.

Registration Process

A prospective market making firm must be or must apply to be an IEX member. Firms can be in a pending status when starting their connection process to IEX. For information pertaining to membership requirements, please visit Becoming a Member.

If you are an IEX member, and do not yet have connectivity to the IEX system, contact IEX Market Operations at marketops@iextrading.com to choose an appropriate market participant identifier (MPID) and to establish connectivity.

For all IEX members that already have access to IEX, please follow the steps outlined below:


  1. Complete the Market Maker Registration Application (including documentation required for UTP Trading of Commodity-Based Securities, if applicable) and email it to IEX Market Operations at marketops@iextrading.com. If new services or ports are required, also complete the IEX Equities Port Request Form.
  2. IEX will review the application materials and, if necessary, may request additional documentation during the application review process.
  3. An IEX Market Operations representative will notify when you are approved to make markets and will activate any additional services.