IEX's real-time non-protected top of book quote feed ("TOPS") information.
|IEX Applications & Agreements||via Direct Connection||via Extranet||via Service Bureau||via Direct Connection||via Extranet||Extranet and other vendors|
|Connectivity Services Agreement|
|Service Bureau Application and Agreement|
|IEX Data Agreement|
|IEX Forms & Documentation|
|Service Bureau Authorization Form|
|Physical Connectivity Order Form|
|Equities Port Request Form|
The IEX System is available for entry and execution of orders by Subscribers with authorized access. To obtain authorized access to the System, each Subscriber will be required to enter into a Subscriber Agreement and must be a registered broker-dealer.
IEX will not unreasonably prohibit or limit any person or entity with respect to accessing services offered by the System by applying its application review standards in an unfair or discriminatory manner.
View our Service Bureau Authorization Form
Any individual may access the data produced by the IEX System. Currently, the only data produced for public consumption is the aggregated top of book quote feed called TOPS. To receive authorized access for TOPS, enter into a Data Agreement and obtain physical access to IEX.
Subscribers of the ATS and/or Service Bureaus acting on behalf of a Subscriber ("Participants") will be permitted to electronically send orders to buy and sell securities traded on the ATS through the use of the FIX API.
Direct access to the ATS will be available to Subscribers at an Internet Protocol ("IP") address via communications that are compliant with the FIX API provided by the ATS. The ATS currently supports FIX 4.2.
Please note that all connectivity options are subject to the possibility of variations in performance, including delays to system access and trade execution resulting from, for example, such phenomena as market volatility, and fluctuations in quote and trading volumes.
View our Connectivity Guide
View our Connectivity Services Agreement
View our Physical Connectivity Order Form
View our FIX Spec
View our Port Request Form
Broker subscribers have access to trade on the IEX ATS platform. We seek to provide a broker-neutral destination that welcomes any broker-dealer registered with the SEC.
Brokers that are currently ready to trade:
|High Touch Access (through a broker trader)||Low Touch Access (electronic)|
|Aegis Capital Corp.|
|APB Financial Group|
|Axiom Capital Management|
|Bank of America Merrill Lynch|
|Bloomberg Tradebook, LLC|
|BMO Capital Markets|
|Brean Capital, LLC|
|Citigroup Global Markets Inc.|
|CLSA Americas, LLC|
|Convergex Execution Solutions LLC|
|Cornerstone Macro, LLC|
|Cowen and Company|
|Credit Suisse Securities, LLC|
|Deutsche Bank Securities Inc.|
|Fidelity Capital Markets|
|First Analysis Securities Corp.|
|Goldman, Sachs & Co.|
|Great Pacific Securities|
|Guzman & Co.|
|International Strategy & Investment|
|Janney Montgomery Scott LLC|
|J.P. Morgan Securities LLC|
|Macquarie Capital (USA) Inc.|
|Morgan Stanley & Co. LLC|
|M.S. Howells & Co.|
|Needham and Company, LLC|
|Northern Trust Securities, Inc.|
|Northland Securities, Inc.|
|Piper Jaffray & Co.|
|RBC Capital Markets, LLC|
|Robert W. Baird & Co.|
|Sanford C Bernstein & Co LLC|
|SunGard Fox River|
|Themis Trading LLC|
|UBS Securities LLC|
|Weeden & Co.|
|Wells Fargo Securities, LLC|
|High Touch Access (through a broker trader)||Low Touch Access (electronic)|
|B. Riley & Co., LLC|
|Cuttone & Co. Inc.|
|DeMatteo Monness LLC|
|Green Street Trading|
|Johnson Rice & Company LLC|
|Keefe, Bruyette & Woods|
|Mischler Financial Group, Inc.|
|Redburn (USA) LLC|
|Scarsdale Equities LLC|
|Southwest Securities, Inc.|
|Sterne Agee CRT|
|Stifel Nicolaus & Co., Inc.|
|SunTrust Robinson Humphrey|
|Trade Manage Capital, Inc.|
|WallachBeth Capital LLC|
|William Blair & Co.|
|Wunderlich Securities, Inc.|
|U.S. Capital Advisors LLC|
|High Touch Access (through a broker trader)||Low Touch Access (electronic)|
|Clearpool Execution Services LLC|
|DASH Financial LLC|
|Global Trading Systems, LLC|
|Sun Trading LLC|
|Virtu Financial LLC|
|Retail Broker||Online Broker|
|Don't see your broker? Use the letter template to direct your broker to trade on IEX. →|
The following brokers are currently in the process of certification and have allowed us to publish their name.
Our Technology Partners include Order Management Systems (OMS), Execution Management Systems (EMS), Datacenter Operators, Network Connectivity Providers, Algorithm and Smart Order Routing Providers, and other software systems providers who connect IEX with our certified broker subscribers and other venues.
Within IEX, we have decades of experience collaborating with top-of-class systems providers. Together, we look forward to maintaining a high standard of technological and operational excellence.
Trading technology partners that are currently ready to trade:
|EMS/OMS Providers||Algo Providers||TOPS Available|
|Omex Systems LLC.|
|Raptor Trading Systems|
|SS&C Technologies, Inc.|
Market data partners:
|Market Data Access||Feed Handler|
|Redline Trading Solutions|
Other Network, Infrastructure, and Software Technology Partners:
|TOPS Access, Usage & Distribution||Free|
|Matching Orders||Fee / Fee||Executed Shares Matched on the IEX ATS||Fee per Executed Share|
|Promotional Rate *||Free|
|Shares Priced Below $1.00||0.30% of the total dollar value|
|Broker Internalized||Free||Executed Shares Routed to Away Venue||Fee per Executed Share|
|Shares Priced $1.00 or above||Away Venue Execution Cost to IEX plus $0.0001|
|Shares Priced Below $1.00||Away Venue Execution Cost to IEX plus $0.0001|
* Displayed shares trade for free for both the resting and the taking Subscriber (i.e. both sides) effective April 1, 2015 through September 30, 2015. See Trading Alert #2015-011 for additional details.
The IEX ATS is an electronic order book for orders to buy and sell National Market System ("NMS") equity securities with a continuous, automated matching function. The ATS currently operates a limit order book with displayed and non-displayed order types, as well as routing functionality with direct connectivity to all venues displaying Protected Quotations as defined by Regulation NMS.
Participation in the ATS will be open to any broker-dealers who (1) are registered under Section 15(b) of the Securities Exchange Act of 1934; (2) meet the standards for participation set forth in the IEX Subscriber Application; and (3) execute an IEX Subscriber Agreement.
All order entry and trade related communications with the ATS will be facilitated via the IEX Financial Information eXchange ("FIX") application protocol interface ("API").
In operating the ATS, IEX will conduct itself strictly in an Agency capacity, and will not have a proprietary business, or an agency business other than the ATS. IEX has no broker affiliates. All Subscribers will have equal access to the ATS and its features and functions.
Orders on IEX will be executable on the ATS or routed away from the ATS during Regular Trading Hours.
|Trading & System Hours||(all times are Eastern)|
|System Start and Connectivity Acceptance||8:00 a.m.|
|Order Entry Acceptance||8:00 a.m.|
|Regular Market Session||9:30 a.m. - 4:00 p.m.|
|System Hours (trade matching)||9:30 a.m. - 4:00 p.m.|
|System Shutdown||4:30 p.m.|
The IEX ATS shall designate securities for trading. Specifically, IEX will offer trading in equity securities, as defined in Section 3(a)(11) of the Securities Exchange Act of 1934, that are also NMS securities, as defined by Regulation NMS Rule 600(b)(47). NMS stocks include NYSE-listed (Tape Plan A), NASDAQ-Listed (Tape Plan C) and other-listed (Tape Plan B) securities.
All securities designated for trading will be eligible for odd-lot, round-lot and mixed-lot executions, unless otherwise indicated by the ATS or expressly limited pursuant to the Subscriber Manual.
The ATS allows posted orders to be fully displayed, partially displayed (i.e., reserve orders), or non-displayed (i.e., hidden) according to Subscriber instructions. Orders submitted to the ATS will be booked at the price specified by the Subscriber submitting the order, subject to regulatory requirements. The IEX Order Book priority will be described as Price – Display – Time, with Broker Priority for Non-Displayed Orders, including reserve portions of Orders. Orders resting on the IEX Order Book receive a timestamp and are given priority at their resting price level at the time when the order is posted to the Order Book, and otherwise as described in the “Book Priority” section below.
"Displayed Orders" are limit orders that have the full order quantity displayed, identified by omitting MaxFloor (FIX Tag #111) or by defining MaxFloor with a value equal to order quantity. Displayed orders must represent a quantity of at least one whole round-lot. When the order quantity is reduced to a value less than a single round-lot amount, the order will no longer be displayed, and will then be prioritized as a Non-Displayed Order.
"Reserve Orders" are limit orders that have a displayed portion; the displayed portion of a reserve order, which is equal to or greater than one full unit of trading (round-lot or mixed-lot) and no larger than the order size, is identified by the MaxFloor field (FIX Tag #111). Both the displayed and non-displayed (“reserve”) portions of a Reserve Order are available for potential execution against incoming orders. If the displayed portion of a Reserve Order is reduced to less than one round-lot, the System will replenish the display portion from reserve up to at least a whole round-lot amount. Each time the displayed portion of the order is replenished from reserve, that portion is prioritized behind other existing displayed portions; the hidden portion, however, retains queue priority at its price based on the original entry time.
"Non-Displayed Orders", including the reserve portion of Reserve Orders, will not be displayed to any Subscriber of the ATS or other market participant, but nevertheless remains available for potential execution against all incoming orders until executed in full or cancelled. Peg Orders are non-displayed.
In general, whenever the order size of a Displayed or Reserve Order is reduced to less than one full unit of trading (an odd lot), the remainder of the order is treated as a Hidden Order.
All orders are matched according to Price-Display-Time priority, with Broker Priority for Non-Displayed Orders, including the reserve portions of orders. The best-priced order in the IEX Order Book (the "Order Book") will always have precedence over all other orders. At the same price a broker’s resting non-displayed orders will have precedence over other brokers’ non-displayed orders, when that broker’s order is testing against the Order Book. Among a broker’s own non-displayed orders, orders marked as Agency or Riskless Principal have precedence over orders marked Principal. Among all orders competing at the same priority level, the oldest order will have precedence. Book Priority is best illustrated as:
Resting orders whose conditions are not met (e.g., Minimum Quantity) surrender their priority against a new Order entering the Order Book. Additionally, working portions of orders do not enjoy Order Book priority while working (e.g., resting or routing away) and are unavailable for execution on the Order Book.
The Displayed Order Book includes: orders not marked hidden or reserve and displayed portions of reserve orders. The Non-Displayed Book includes: orders marked hidden; hidden portions of reserve orders; primary, midpoint, and discretionary peg orders; minimum quantity orders; and odd lots.
IEX has the following order types:
"Limit Orders" are orders to buy or sell a stock at a specified price or better. A Limit Order is marketable when, for a Limit Order to buy, at the time it is entered into the System, the order is priced at the current inside offer or higher, or for a Limit Order to sell, at the time it is entered into the System, the order is priced at the inside bid or lower. Limit Orders may have a Time in Force (or "TIF") of FOK, IOC, DAY, or GTT (all terms defined below), where the GTT time is later than 9:30 a.m. and earlier than 4:00 p.m.
"Market Orders" are un-priced orders to buy or sell a stated amount of a security that is to be executed at the NBBO when the order reaches the ATS. Market Orders shall not trade through Protected Quotations, and IEX will cancel any portion of a Market Order that is unexecuted. Market Orders may have a TIF of IOC or FOK.
"Peg Orders" (3 instructions listed below) are non-displayed limit, or un-priced, orders that, upon entry into the System and while resting on the Order Book, are priced automatically as determined by the System to the "pegged" price. All Peg Orders must be designated as IEX Only.
Upon entry, a Primary Peg Order is priced by the System to be equal to the primary quote, the NBB for buy orders, NBO for sell orders. Unexecuted shares are posted to the Order Book priced equal to the primary quote and automatically adjusted by the System in response to the changes in the NBB or NBO. Primary Peg Orders are not eligible for Book Recheck or routing and must have a TIF of DAY or GTT.
Upon entry, a Midpoint Peg Order is priced by the System to be equal to the midpoint of the NBBO ("Midpoint Price"). Unexecuted shares are posted to the Order Book priced equal to the Midpoint Price and automatically adjusted by the System in response to changes in the NBBO. Midpoint Peg Orders are not eligible for routing and must have a TIF of FOK, IOC, DAY or GTT.
Upon entry, a Discretionary Peg Order is priced by the System to be equal to the Midpoint Price. Unexecuted shares are posted to the Order Book priced equal to the primary quote and automatically adjusted by the System in response to changes in the NBB or NBO. Discretionary Peg Orders can exercise price discretion to the Midpoint Price and respond to quote stability signals from the System. Discretionary Peg Orders are not eligible for routing and must have a TIF of FOK, IOC, DAY, or GTT.
Price Discretion: Discretionary Peg Orders will exercise the least amount of price discretion necessary, from their resting price to the less aggressive of the Midpoint Price or the Discretionary Peg Order’s limit price, to meet the limit price of orders entering the Order Book. When exercising discretion, Discretionary Peg Orders maintain time priority at their resting price and are prioritized behind any resting orders at the discretionary price. Discretionary Peg Orders are eligible to Recheck the Order Book to the Midpoint Price.
Quote Stability: During periods of quote instability, Discretionary Peg Orders are not eligible for Book Recheck and will not exercise price discretion. Quote stability is determined by the System based on an IEX proprietary assessment of relative quoting activity of Protected Quotations over a given period of time.
Market, Limit or Pegged Orders may be submitted with a Minimum Quantity ("MQTY") order parameter. By using MQTY, the Market, Limit or Pegged orders must have at least their minimum indicated share size satisfied in order to be executed. Orders marked MQTY must be IEX Only Orders.
Upon order entry, if the minimum quantity value is larger than an order’s share size at order entry, or subsequently is decremented below its minimum quantity value through execution or Subscriber instruction, the System treats the order as having a minimum quantity value equal to the remaining unexecuted share size.
IEX will determine the satisfaction of MQTY condition of orders in the following methods:
Active: Each time the order is active (i.e. taking liquidity upon order entry, and Book Recheck), the order executes, provided the aggregate execution size it will receive from one or more orders resting on the Order Book is equal to or greater than the minimum quantity defined on the order.
Resting: When resting on the Order Book, the minimum quantity order executes against an inbound order provided each inbound order's remaining shares is equal to or greater than the minimum quantity defined on the order. In the event an active order does not satisfy the resting order’s minimum quantity, the resting order surrenders its precedence in the Order Book for the duration of that book processing cycle.
When open shares fall below "Composite" MQTY: When an order's remaining open shares falls below the effective minimum quantity, the System will treat the order as having a minimum quantity equal to the remaining open shares.
Active: Each time the order is active, the order executes provided the resting order with the highest priority which would trade with the active order would trade shares equal to or greater than the minimum quantity defined on the active order. Minimum Execution is enforced for each subsequent order in the Order Book against which the active order is tested. Upon reaching a resting order which would otherwise trade with the active order, however does not satisfy the active order's minimum quantity, the active order will post to the IEX Book or be cancelled back to the Subscriber, as per the order's TIF instructions.
Resting: When resting on the Order Book, the minimum quantity order executes against an inbound order provided each inbound order's remaining shares is equal to or greater than the minimum quantity defined on the order. In the event an active order does not satisfy the resting order's minimum quantity, the resting order surrenders its precedence in the Order Book for the duration of that book processing cycle.
When open shares fall below MQTY, Minimum Execution Size may be configured with one of the two behaviors below:
The term Time in Force ("TIF") shall mean the period of time that the System will hold an order for potential execution and shall include:
Orders entered into the System marked IOC will be cancelled immediately upon becoming unmarketable or otherwise non-executable based on order instructions, market conditions, and System Guidelines. IOC orders may be entered into the System at any time during System Hours.
Orders entered into the System marked FOK will be executed for their full size or cancelled immediately upon becoming unmarketable or otherwise non-executable based on order instructions, market conditions, and System Guidelines. FOK orders may be entered into the System at any time during System Hours, and must be marked as IEX Only Orders.
Orders entered into the System marked "DAY" will, for any unexecuted portion, rest on the Order Book and be available for execution according to the order instructions, market conditions and System Guidelines, until the earlier of (1) a Subscriber submitted cancellation; or (2) the end of the Regular Market Session. "DAY" orders may be entered into the System at any time from System Start until the end of the Regular Market Session, and are eligible for execution during the Regular Market Session.
Orders entered into the System marked GTT will, for any unexecuted portion, rest on the Order Book and be available for execution and display according to the order instructions, market conditions and System Guidelines, until the earlier of (1) a Subscriber submitted cancellation; or (2) upon reaching the time submitted as part of the GTT instruction, or the end of System Hours. GTT orders may be entered into the System, and are live, any time during System Hours.
For any execution to occur on the IEX ATS during Regular Trading Hours, the applicable order price must be equal to or better than the Protected NBBO, unless the order is marked ISO or unless the execution falls within another exception set forth in Rule 611(b) of Regulation NMS.
Unless otherwise specified by Subscriber order instructions, incoming orders will first be tested for execution matches against the Order Book, and any unexecuted shares will be cancelled, posted on the Order Book, or routed as IOC orders to one (1) or more away Trading Centers. The process of resting against the Order Book and/or routing to away Trading Centers may be repeated, consistent with Subscriber order instructions, order type and routing strategy definitions, and prevailing market conditions.
The IEX Smart Order Router (SOR) is connected to the eleven (11) national securities exchanges.
IEX currently supports five routing strategies: Router, Router+, SweepPost, SweepPost+ and Route to Rest Away.