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Investors Exchange Fee Schedule

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Effective June 12, 2024

Membership Fees

Membership
Fee
Investors Exchange
FREE

Connectivity Fees

Service
Fee
10G Physical Port Connection to Primary Data Center
$4,000 per month1
10G Physical Port Connection to Disaster Recovery Data Center
Included with 10G Physical Port Connection at Primary Data Center
1G or 10G Physical Port Connection to IEX Test Facility (“ITF”)2
Included with 10G Physical Port Connection at Primary Data Center
Logical Port (except for Primary Data Center Order Entry Port)
FREE
Order Entry Port3
     1-5 ports
FREE
     6 or more ports
$250 per port per month4

1Physical connectivity fees are billed to and payable by the Member, Service Bureau, Data Recipient, or Extranet Provider maintaining the physical port connection at the Primary Data Center based on the number of physical connections to the Primary Data Center as of the first of each month.

21G physical ports are the default connection to the ITF, but Members and Service Bureaus 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 Primary Data Center Logical Order Entry Ports are billed to and payable by the Member or Service Bureau maintaining the port based on the number of Primary Data Center Logical Order Entry Ports assigned to each Member or Service Bureau as of the first of each month.

Definitions

Fee Schedule

Market Data Fees

Definitions

  • “Real-Time” means IEX market data that is accessed, used, or distributed less than fifteen (15) milliseconds after it was made available by the Exchange. IEX provides only Real-Time IEX market data to Data Subscribers. A Data Subscriber may redistribute Real-Time IEX market data that it receives from the Exchange on a Real-Time basis to a natural person or entity. Receipt of IEX market data on a Real-Time basis by an affiliate of a Data Subscriber is not subject to additional Fees beyond those paid by such Data Subscriber.1
  • “Delayed” means IEX market data that is accessed, used, or distributed at least fifteen (15) milliseconds after it was made available by the Exchange. A Data Subscriber may redistribute Real-Time IEX market data that it receives from the Exchange on a Delayed basis to a natural person or entity. In addition, a recipient of Delayed IEX market data may further redistribute such Delayed IEX market data to a natural person or entity.
  • “Data Subscriber” means any natural person or entity that receives Real-Time IEX market data either directly from the Exchange or from another non-affiliated Data Subscriber. A Data Subscriber must enter into a Data Subscriber Agreement with IEX in order to receive Real-Time IEX market data. A natural person or entity that receives Real-Time IEX market data from an affiliated Data Subscriber is subject to the Data Subscriber Agreement of such affiliated Data Subscriber.

The following fees2 are assessed by IEX on market data recipients:

Service
Fee
DEEP Feed (Real-Time)
$2,500 per month3
TOPS Feed (Real-Time)
$500 per month3
DEEP Feed (Delayed)
FREE
TOPS Feed (Delayed)
FREE

1The terms “affiliate” and “affiliated” have the meaning specified in Rule 12b-2 of the Exchange Act.

2The fees set forth below include only fees charged by IEX. Receipt of Real-Time IEX market data from a Data Subscriber or Delayed IEX market data from a Data Subscriber or other person may also be subject to fees agreed to between the Data Subscriber and recipient of such IEX market data.

3These fees will be operative beginning July 1, 2022.

Fee Schedule

Transaction Fees

  • All fees identify cost or rebate per share executed unless otherwise specified.  Rebates are indicated by parentheses ().
  • 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.
  • 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
$0.0010
0.10% of TDV
ML
Add displayed liquidity
($0.0014)
FREE
TI
Remove non-displayed liquidity
$0.0010
0.10% of TDV
TL
Remove displayed liquidity
$0.0020
0.09% of TDV
X
Opening Process for Non-Listed Securities ("Opening Process")
$0.0010
0.10% 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 Fee Codes
Description
Fee
Y
Post Only order executes on entry
See Relevant Fee Code Combinations Below
W
Resting order removes against Post Only order
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
B2
Tape B Security
See Relevant Fee Code Combinations Below
K
Discretionary Peg, Fixed Midpoint Peg, Midpoint Peg, or Primary Peg order removes displayed liquidity
See Relevant Fee Code Combinations Below

Fee Code Combinations and Associated Fees:

Fee Codes
Description
Executions at or above $1.00
Executions below $1.00
MI
Adds non-displayed liquidity
$0.0010
0.10% of TDV
MIB2
Adds non-displayed liquidity (Tape B)
$0.0010
0.10% of TDV
ML
Adds displayed liquidity
($0.0014)
FREE
MLB2
Adds displayed liquidity (Tape B)
($0.0014)
FREE
MLY
Post Only order adds liquidity against resting non-displayed order
($0.0014)
N/A
MLYB2
Post Only order adds liquidity against resting non-displayed order (Tape B)
($0.0014)
N/A
TI
Removes non-displayed liquidity
$0.0010
0.10% of TDV
TIB2
Removes non-displayed liquidity (Tape B)
$0.0010
0.10% of TDV
TIY
Post Only order removes non-displayed liquidity
$0.0010
N/A
TIYB2
Post Only order removes non-displayed liquidity (Tape B)
$0.0010
N/A
TL
Removes displayed liquidity
$0.0020
0.09% of TDV
TLB2
Removes displayed liquidity (Tape B)
$0.0020
0.09% of TDV
TLK3
Discretionary Peg, Fixed Midpoint Peg, Midpoint Peg, or Primary Peg order removes displayed liquidity
$0.0010
0.09% of TDV
TLBK23
Discretionary Peg, Fixed Midpoint Peg, Midpoint Peg, or Primary Peg order removes displayed liquidity (Tape B)
$0.0010
0.09% of TDV
TLY
Post Only order removes displayed liquidity
$0.0020
N/A
TLYB2
Post Only order removes displayed liquidity (Tape B)
$0.0020
N/A
ձ¹
Retail order removes non-displayed liquidity
FREE
FREE
TLW
Resting non-displayed order removes liquidity against incoming Post Only order
$0.0020
N/A
TLWB2
Resting non-displayed order removes liquidity against incoming Post Only order (Tape B)
$0.0020
N/A
MIA
Retail Liquidity Provider order adds non-displayed liquidity that executes against a Retail order
FREE
FREE
ճ¹
Retail order removes displayed liquidity
FREE
FREE
X
Opening Process for Non-Listed Securities ("Opening Process")
$0.0010
0.10% of TDV
XD
Displayed interest resting on the Continuous Book executes in the Opening Process
FREE
FREE
O
Opening Auction, IEX-listed security
$0.0003
0.30% of TDV
OD
Displayed interest resting on the Continuous Book executes in the Opening Auction
FREE
FREE
C
Closing Auction, IEX-listed security
$0.0003
0.30% of TDV
CD
Displayed interest resting on the Continuous Book executes in the Closing Auction
FREE
FREE
H
Halt or Volatility Auction, IEX-listed security
$0.0003
0.30% of TDV
P
IPO Auction, IEX-listed security
$0.0003
0.30% of TDV

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.

2Fee Code B: Fee Code B applies to all executions of Tape B securities, other than executions of Retail and Retail Liquidity Provider orders and executions with Base Fee Codes X, O, C, H, and P.

3TLBK and TLK will not apply to Midpoint Peg and Fixed Midpoint Peg orders with Trade Now functionality enabled that take liquidity from an incoming Post Only order; such executions will be assigned Fee Code Combination TLWB and TLW, respectively.

Fee Schedule

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:

  1. $125 for each initial Form U4 filed for the registration of a representative or principal;
  2. $155 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;
  3. $70 annually for each of the Member’s registered representatives and principals for system processing;
  4. $20 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;
  5. $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
  6. $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.