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Exchange Membership and Connectivity

Complete the questions below to understand what documents are required for membership and connectivity to Investors Exchange.

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How will your firm connect to IEX? *
Will your firm consume market data from the Exchange? *

Exchange FAQ


Becoming A Member

Who can be a Member of the Investors Exchange?

US registered broker-dealers are eligible to become Members of Investors Exchange (the "Exchange" or "IEX"), subject to the requirements of Chapter 2 of the Exchange Rule Book. Broker-dealers must be a member of another Self-Regulatory Organization (SRO) and maintain an active clearing relationship with an NSCC member clearing firm who is also a Member of the Exchange.

Does the Membership application process cost anything?

No, the Exchange does not charge an application or Membership fee.

How can my firm apply for Membership to IEX?

Our team requires a completed set of application materials to determine your firm's eligibility for membership to the Exchange. Market Operations (646.343.2310) and Sales (646.343.2110) are available to review your firm’s specific needs and provide step-by-step guidance about how to start trading at the Exchange.

Member Application materials:

Firm is a registered broker-dealer
1 Member Application
2 User Agreement
3 Clearing Letter of Guarantee (if your firm is not self-clearing)
4 Most recent signed Form BD
5 A Form U-4 for each officer, director and equity holder who owns 5% or more of Applicant’s outstanding equity interests, if not available on WebCRD
6 Most recent audited annual financial statements, if applicable, and unaudited financial statements as of the last month-end
7 All FOCUS Reports since last annual audit
8 Organizational documents (Articles of Incorporation, LLC Agreement, etc.)
9 List of all traders that your firm will register with the Exchange
10 Routing Agreement (if interested in using the IEX Router)

Does my firm need to be registered with FINRA before it can be a Member of the Exchange?

No, your firm is not required to be a FINRA member in order to apply for Exchange Membership. However, the Exchange may require extra documentation from non-FINRA applicants.

Supplemental Member Application materials (Non-FINRA firms):

Firm is not a FINRA member
1 Pro Forma Financial Statements for next twelve (12) months
2 Anti-Money Laundering - Description of the financial controls employed by the Applicant with respect to IEX Rule 5.160
3 A copy of any decision or order by a federal or state authority or SRO taking permanent or temporary adverse action with respect to a registration or licensing determination regarding the Applicant or an Associated Person
4 Two (2) years of examination reports from the Applicant’s DEA
5 Designation of Accountant Form and Auditor Engagement Letter provided to Applicant’s DEA pursuant to SEC Rule 17a-5(f)

Can I email my application materials to the Exchange?

Yes. Please email your completed application materials to marketops@iextrading.com.

When my firm becomes a Member of the Exchange, what impact does this have on my firm’s registered persons?

When a firm is approved as a Member of the Exchange, all persons associated with the firm that are registered in categories recognized by IEX (see IEX Rule 2.160(n)) must be registered with IEX in the FINRA Central Registration Depository (CRD) by submitting updated U4s for each individual to CRD.

How will a firm know its membership application has been approved?

Market Operations will provide confirmation via email when a decision has been rendered.

Getting Connected

Does connecting to IEX cost anything?

No, the Exchange does not charge any connection installation fees, nor does IEX charge fees for maintaining connections. Additionally, IEX does not charge logical port fees.

How can Member firms or Exchange Data Recipients connect to IEX?

Members can connect to the Exchange via cross-connect to the point of presence (POP) located in Equinix NY5. Alternatively, Members can partner with a recognized software technology provider or an approved Service Bureau to establish connectivity to IEX. To learn more about connecting to IEX, please review the Connectivity Manual and contact Market Operations.

Connectivity materials for order entry:

Setting up a direct cross-connection to the POP. Partnering with a software technology provider. Connecting through an approved Service Bureau.
1 Connectivity Services Agreement 1 Equities Port Request Form 1 Service Bureau Authorization Form
2 Physical Connectivity Order Form
3 Equities Port Request Form

Connectivity materials for market data:

Setting up a direct cross-connection to the POP. Partnering with a software technology provider. Connecting through an approved Service Bureau.
1 Connectivity Services Agreement 1 N/A 1 N/A
2 Physical Connectivity Order Form

Does the Investors Exchange support sponsored access relationships?

Yes. The Sponsoring Member must identify the client(s) for which market access is to be provided.

Sponsored Access materials:

Firm seeking to enter into a sponsored access relationship with a Member of the Exchange.
1 Sponsored Access Application
2 Sponsored Access Agreement

Receiving Exchange Data Products

What data products does the Exchange offer?

Please refer to IEX Rule 11.330 or our Market Data webpage for a list of market data offerings.

Do the IEX data products cost anything?

No, the Exchange does not charge for any of its data products.

How do I request access to the Exchange data products?

The following agreements and forms must be completed and submitted to Market Operations.

Data Recipient and Data Subscriber materials:

Data Recipient Data Subscriber
1 Data Agreement 1 Data Subscriber Agreement (required for firms that distribute data externally)
2 Exchange Data Request Form and System Description
3 List of Affiliates (required for firms that distribute data to affiliates)
4 Service Facilitator List (required for firms that use a service facilitator to disseminate IEX data)

Identifying the Exchange

How is IEX identified on the SIP?

The Exchange is identified in CTA (CQS/CTS feeds) and UTP (UQDF/UTDF legacy feeds; i.e., ASCII feeds) with a Market Center Originator ID of "V". See the CTA or UTP websites for technical specifications, the latest are linked below:

The Exchange will also be identified on the UTP binary feed with a Market Center Originator ID of "V". See the UTP website for technical specifications, the latest is linked below:

How is IEX identified for OATS and Blue Sheets?

  • FINRA has assigned the Exchange a Destination Code of "XV" for OATS reporting purposes.
  • The Blue Sheets Exchange Code and Requestor Code for the Exchange is "3".

How should firms clear and settle against the Exchange?

Trades matched on the Investors Exchange or on away market centers are disseminated to the National Securities Clearing Corporation (NSCC) via the Depository Trust & Clearing Corporation (DTCC), which process clearing and settlement.

  • All clearing records sent to the National Securities Clearing Corporation (NSCC) by the Exchange are submitted in real-time using the Universal Trade Capture (UTC) format.
  • Members and their clearing agent systems should be prepared to handle clearing for the Exchange in UTC format.
  • Client output will carry the Exchange's UTC Market Code of "170".
  • For more information regarding the UTC format, please refer to https://www.dtcclearning.com/learning/clearance/topics/universal-trade-capture.html.

Each Member's Clearing Agent must be a Member of the Investors Exchange and the NSCC, pursuant to IEX Rule 11.250.

How is the Investors Exchange identified by market data providers?

The following is not meant to be a comprehensive list of identifiers for the Exchange on market data providers' feeds:

  • Bloomberg Exchange Code: F
  • ICE Data Services
    • Regional Participant Code (TRADE.PART.CODE, BID.PART.CODE, ASK.PART.CODE): v
    • Listing Market Code (MIC.CODE_REF_MKT): IEXG
  • Thomson Reuters
    • Market Center ID (used to indicate that the trade or quote is from IEX): V
    • Primary RIC: .EI (e.g., <ZIEXT.EI>)
    • Consolidated RIC: .K (e.g., <ZIEXT.K>; note that there will be no extension for symbols with ticker root <=3; e.g., <ABC>,<XYZa>)
    • LIST_MKT (FID 3183) for IEX-listed securities will reflect the value: V
    • RDN_EXCHD2 (FID 1709): 1386 (equates to “IEX” and will continue to be used in the regional/primary exchange data record)
    • RDN_EXCHD2 (FID 1709): 1448 (note this is a new value which will equate to the text string “ICQ” meaning “Consolidated Issues Listed By IEX Exchange”)
    • DSE file codes are as follows:
      • 3419 - IEX Consolidated for IEX-listed securities
      • 2487 - IEX Consolidated Warrants
      • From the effective date, IEX Primary listings data will be supported on Datastream under existing exchange code (EXDSCD) ‘IE’ and IEX Consolidated will be supported under Datastream exchange (EXDSCD) code ‘XI’.

What is the Market Identification Code (MIC) for Investors Exchange?

The MIC for Investors Exchange is "IEXG".

The FIX Trading Community 2016 letter to the SEC regarding Disclosure of Order Handling Information states the following regarding Market Identifier Code (MIC) usage:

"All market centers, including broker crossing systems and alternative trading systems, should register or be encouraged to register for a MIC code. Where a market center has separate segregated order books, such as a ‘Dark’ and a ‘Lit’ order book, run by a single exchange or MTF, the market center should register for a separate MIC for each order book. Where a market centre runs an integrated order book containing both dark and lit orders, then this will have a single MIC."

IEX has a single order book with "Dark" and "Lit" orders, thus IEX only returns a single MIC to Users on execution reports, IEXG. If a User would like to identify "Dark" executions on IEX to their customers, IEX has also registered the MIC IEXD ("Investors Exchange - Dark").

With the changes to FIX tag 9730 described in IEX Trading Alert #2018 - 020, Users can now simply identify when an execution involves non-displayed interest on IEX. When a User receives an execution report with "I" in the first position of FIX tag 9730, such execution may be identified as a "Dark" execution on IEX by replacing IEXG with IEXD before passing the execution to the customer. Note that IEX will never return IEXD on an execution.