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IEX Exchange Fee Schedule
Effective April 1, 2021
There are pending changes to the Fee Schedule, which will be implemented on January 3, 2022. Please click here to view the changes.
Membership Fees
| Membership | Fee |
|---|---|
| Investors Exchange | FREE |
Connectivity fees
| Service | Fee |
|---|---|
| 10G Physical Port1 | FREE |
| 1G Physical Port2 | FREE |
| Logical Port (except for order entry port) | FREE |
| Order Entry Port3 | |
| 1-5 ports | FREE |
| 6 or more ports | $100 per port per month4 |
110G physical ports are available to connect to IEX’s production systems (i.e., the IEX POP and Disaster Recovery Data Centers) and the IEX Test Facility (“ITF”).
21G physical ports are the default connection to the ITF, but Members may also connect to the ITF through a 10G physical port.
3Fees for Logical Order Entry Ports are only applicable to such ports at the IEX POP: Secaucus (Hot/Primary) connectivity site. There are no fees for Logical Order Entry Ports at the Disaster Recovery (Cold/Secondary) or ITF: Secaucus (Non-Production).
4Fees for Logical Order Entry Ports are billed to and payable by the Member or Service Bureau maintaining the port based on the number of Logical Order Entry Ports assigned to each Member or Service Bureau as of the first of each month. These fees will be operative beginning October 1, 2019.
Market Data Fees
Definitions
- "Internal Distribution Fee" is the fee charged to any entity that receives the Exchange Market Data product directly from the Exchange or indirectly through another entity and then distributes that data internally or to an affiliate.
- "External Distribution Fee" is the fee charged to any entity that receives the Exchange Market Data product directly from the Exchange or indirectly through another entity and then distributes the data externally to a third party.
- "Usage Fee" is the fee charged for a natural person, a proprietorship, corporation, partnership, or entity, or device (computer or other automated service) entitled for the receipt of Exchange data.
| Service | Fee |
|---|---|
| Internal Distribution Fee | FREE |
| External Distribution Fee | FREE |
| Usage Fee | FREE |
Transaction Fees
- All fees identify cost per share executed unless otherwise specified.
- Footnotes provide further explanatory text or indicate variable rate changes, provided the conditions in the footnote are met.
- The rates listed in the Base Rates table apply unless a Member’s transaction is assigned a Fee Code other than a Base Fee Code (an "Additional Fee Code"). If a Member’s transaction is assigned an Additional Fee Code, the rates listed in the Fee Code Combinations and Associated Fees table will apply.
- Executions below $1.00 are assessed a fee of 0.30% of TDV unless the Fee Code Combination results in a FREE execution.
- The Exchange passes-through in full any fees charged by/rebates received from away venues ("Cost") to the Member and adds the IEX fee (i.e., a $0.0001 charge per share).
Definitions
- "Fee Code" is identified on each execution report message from the Exchange in the Trade Liquidity Indicator (FIX tag 9730) field.
- "MPID" means a market participant identifier.
- "TDV" means the total dollar value of the execution calculated as the execution price multiplied by the number of shares executed in the transaction.
Base Rates:
Base Fee Codes |
Description |
Executions at or above $1.00 |
Executions below $1.00 |
|
MI |
Add non-displayed liquidity | $0.0009 | 0.30% of TDV |
| ML | Add displayed liquidity | FREE | 0.30% of TDV |
| TI | Remove non-displayed liquidity | $0.0009 | 0.30% of TDV |
| TL | Remove displayed liquidity | $0.0006 | 0.30% of TDV |
| X | Opening Process for Non-Listed Securities (“Opening Process”) | $0.0009 | 0.30% of TDV |
| O, C, H, P | Auction Match Fee | $0.0003 | 0.30% of TDV |
| Alpha | Routing and removing liquidity (all routing options) | Cost + $0.0001 | |
Fee Code Modifiers:
| Additional Code Fees | Description | Fee |
|---|---|---|
| S | Internalization Fee: Member executes against resting liquidity added by such Member | See relevant Fee Code Combinations below |
| D | Discounted Single-Price Cross Fee: displayed interest resting on the Continuous Book executes in a cross or auction | FREE |
| R¹ | Retail Order Fee: Retail order removes liquidity | FREE |
| A | Retail Liquidity Provider Order Fee: Member adds liquidity against a Retail order with a Retail Liquidity Provider order | FREE |
Fee Code Combinations and Associated Fees:
| Fee Codes | Description | Fee |
|---|---|---|
| MI | Adds non-displayed liquidity | $0.0009 |
| ML | Adds displayed liquidity | FREE |
| TI | Removes non-displayed liquidity | $0.0009 |
| TL | Removes displayed liquidity | $0.0006 |
| MIS | Member adds resting non-displayed liquidity that executes against the Member’s removing interest | FREE |
| MLS | Member adds resting displayed liquidity that executes against the Member’s removing interest | FREE |
| TIS | Member removes resting non-displayed liquidity added by such Member | FREE |
| TLS | Member removes resting displayed liquidity added by such Member | $0.0006 |
| TIR¹ | Retail order removes non-displayed liquidity | FREE |
| MIA | Retail Liquidity Provider order adds non-displayed liquidity that executes against a Retail order | FREE |
| TLR¹ | Retail order removes displayed liquidity | FREE |
| TISR¹ | Retail order removes non-displayed liquidity added by such Member | FREE |
| MISA | Retail Liquidity Provider order adds non-displayed liquidity to a Retail order added by such Member | FREE |
| TLSR¹ | Retail order removes displayed liquidity added by such Member | FREE |
| X | Opening Process for Non-Listed Securities ("Opening Process") | $0.0009 |
| XD | Displayed interest resting on the Continuous Book executes in the Opening Process | FREE |
| O | Opening Auction, IEX-listed security | $0.0003 |
| OD | Displayed interest resting on the Continuous Book executes in the Opening Auction | FREE |
| C | Closing Auction, IEX-listed security | $0.0003 |
| CD | Displayed interest resting on the Continuous Book executes in the Closing Auction | FREE |
| H | Halt or Volatility Auction, IEX-listed security | $0.0003 |
| P | IPO Auction, IEX-listed security | $0.0003 |
Footnotes:
¹Fee Code R: Fee Code R applies only to a Retail order submitted by an IEX Retail Member Organization that (i) satisfies the criteria set forth in IEX Rules 11.190(b)(15) and 11.232(a)(1) and (ii) is a Discretionary Peg order or Midpoint Peg order with a Time-in-Force of IOC or FOK.
Registration and Processing Fees
The following fees will be collected and retained by FINRA via the CRD registration system for the registration of associated persons of IEX Members that are not also FINRA Members:
- $100 for each initial Form U4 filed for the registration of a representative or principal;
- $110 for the additional processing of each initial or amended Form U4, Form U5 or Form BD that includes the initial reporting, amendment, or certification of one or more disclosure events or proceedings;
- $45 annual for each of the Member’s registered representatives and principals for system processing;
- $15 for processing and posting to the CRD system each set of fingerprint cards submitted electronically by the Member, plus a pass-through of any other charge imposed by the United States Department of Justice for processing each set of fingerprints;
- $30 for processing and posting to the CRD system each set of fingerprint cards submitted in non-electronic format by the Member, plus a pass-through of any other charge imposed by the United States Department of Justice for processing each set of fingerprints; and
- $30 for processing and posting to the CRD system each set of fingerprint results and identifying information that has been processed through a self-regulatory organization other than FINRA.