About IEX Exchange
The Speed Bump
The IEX Speed Bump is the Exchange’s fundamental innovation: a 38-mile cable that is designed to create a level playing field for trading on the exchange.
The Speed Bump imposes a 350-microsecond delay on all orders and other messages entering the exchange. This delay gives the exchange time to gather the most up-to-date pricing information—which is not delayed—from the broader market, so trades aren’t executed based on stale information.
The Signal
The IEX Signal – also known as the Crumbling Quote Indicator, or CQI – is a mathematical formula that powers some of IEX Exchange’s signature order types, including Discretionary Peg (D-Peg) and Discretionary Limit (D-Limit).
The Signal detects when a price is “unstable,” or likely about to change to a better price for the resting order. It then “signals” certain order types to behave more conservatively based on this information.
Industry Collaboration
We've built strong relationships across the financial services industry, partnering with brokers and investors to help them achieve their performance goals and address trading challenges.
We also look to our clients and other industry stakeholders to partner with us to build a stronger, more aligned financial system. Our advisory committees convene a diverse set of partners from across the investing ecosystem to inform our priorities and thinking around industry topics.
Retail Trading Advisory Committee
Market Policy
IEX Exchange is committed to building a system that aligns the interests of the entire trading ecosystem, from investors to brokers to public companies. We are known for our advocacy and transparency on key market structure issues, from market data to exchange rebates.
