Market Data and Connectivity
IEX Exchange provides the ability for our broker-dealer Members to connect and send orders to the exchange directly. Additionally, we offer our proprietary data feeds directly and via third-party market data providers.
Connectivity
IEX Exchange offers connectivity to the exchange via physical ports as well as logical ports (also called trading sessions), which are used by broker-dealers to submit orders. IEX Exchange offers physical connectivity for free and charges $100 per month for each extra port after a user’s first five ports.
Market Data
Market data is a critical product provided to market participants that allows them to understand the orders on the IEX Exchange book and trades executed. IEX Exchange’s proprietary market data feeds are designed to provide transparency and enable a high level of performance without leaking information.
Depth of Book and Last Sale (DEEP) Feed
DEEP is used to receive real-time depth of book quotations direct from IEX Exchange. The depth of book quotations received via DEEP provide an aggregated size of resting displayed orders at a price and side, and do not indicate the size or number of individual orders at any price level. Non-displayed orders and non-displayed portions of reserve orders are not represented in DEEP.
DEEP also provides last trade price and size information. Trades resulting from either displayed or non-displayed orders matching on IEX Exchange are reported. Routed executions are not reported.
Access real-time DEEP feed direct from IEX Exchange >
Top of Book Quote and Last Sale (TOPS) Feed
TOPS is used to receive real-time top of book quotations direct from IEX Exchange. 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 Exchange are reported. Routed executions are not reported.
Access real-time TOPS feed direct from IEX Exchange >
Historical Data (HIST) Download
HIST is used to download historical data from IEX Exchange. Data is available for free download on a T+1 basis. Additionally, the most recent twelve months of data are also available to download. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use.
The IEX API, TOPS Viewer, and Stocks App were retired on November 18, 2021. Please see SR-IEX-2021-13 or IEX Trading Alert #2021 - 039 for more information.
Fees
At IEX Exchange, we believe that exchange fees should be charged fairly and transparently.
We believe it is critical that market data and connectivity fees be based on costs incurred by the provider (with a reasonable markup) because exchanges’ monopolistic positions create a potential for abusive pricing practices. Where we have determined that fees are appropriate, we have led the industry in providing data and analysis demonstrating how those fees are related to our costs, and provided sufficient time for the industry to evaluate the potential impact of those fees and comment publicly if they choose.