IEX's mission is to operate a market that works for investors by balancing the interests of traditional investors, brokers, and the market venue. This balance begins with our unique ownership and membership structure and carries through to our technology and infrastructure engineering, our order type selection, and our marketplace design.

IEX is unique in that it is a registered ATS owned by a consortium of investors: mutual funds, hedge funds, family offices, and individuals. However, IEX will only have brokers as Subscribers, recognizing their integral role in the investment process.

IEX will focus on investor protection and performance by creating a market that aims to maximize shares traded at the best available price, decreases information leakage, eliminates informational disadvantages and persistent inefficiencies, and promotes an opportunity for natural interest to interact without unnecessary intermediation. IEX is dedicated to offering fair access to a balanced marketplace, and delivering a defined and objective experience in support of just and equitable principles of trade.

 
How We Operate

The IEX ATS is a fully automated electronic order book for orders to buy and sell National Market System ("NMS") equity securities with a continuous, automated matching function. The ATS operates a limit order book with non-displayed order types, as well as routing functionality with direct connectivity to all venues displaying Protected Quotations as defined by Regulation NMS.

Shortly after its launch, at a date to be announced, the ATS will operate as an Electronic Communications Network ("ECN"). 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.

 
Get Connected

Subscriber and Connection Guide

Subscriber Service Bureau Other
IEX Applications & Agreements via Direct Connection via Extranet via Service Bureau via Direct Connection via Extranet Extranet and other vendors
Subscriber Application
Subscriber Agreement
Connectivity Services Agreement
Service Bureau Application and Agreement
IEX Forms & Documentation
Subscriber Manual
Service Bureau Authorization Form
Connectivity Guide
Physical Port Request Form
Equities Port Request Form
FIX Spec
FIX Certification Tests
FIX Certification Notes

Subscriber Application

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.

For more information on completing a Subscriber Application, please contact IEX Sales at 646.568.2345 or subscriber@iextrading.com.

Service Bureau Application

View our Service Bureau Authorization Form

View our Service Bureau Application & Agreement

Connectivity

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 FIX Certification Tests

View our FIX Certification Notes

View our Port Request Form

 

Broker Subscribers

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:

Retail & Online Brokers

Retail Broker Online Broker
Interactive Brokers
TradeStation Securities

Institutional Brokers (for asset managers)

High Touch Access (through a broker trader) Low Touch Access (electronic)
APB Financial Group
Axiom Capital Management
Bank of America Merrill Lynch
Barclays
Bloomberg Tradebook, LLC
Citigroup Global Markets Inc.
CLSA Americas, LLC
Convergex Execution Solutions LLC
Cowen and Company
Credit Suisse Securities, LLC
Detwiler Fenton & Co.
Deutsche Bank Securities Inc.
Fidelity Capital Markets
Goldman, Sachs & Co.
Instinet LLC
Interactive Brokers
International Strategy & Investment
ITG Inc.
Jefferies
JMP Securities
JonesTrading
J.P. Morgan Securities LLC
Macquarie Capital (USA) Inc.
MKM Partners
Morgan Stanley & Co. LLC
Needham and Company, LLC
Northern Trust Securities, Inc.
Piper Jaffray & Co.
RBC Capital Markets, LLC
Rosenblatt Securities
Sanford C Bernstein & Co LLC
Societe Generale
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
DeMatteo Monness LLC
Stifel Nicolaus & Co., Inc.
TFS Derivatives
William Blair & Co.
High Touch Access (through a broker trader) Low Touch Access (electronic)
BTIG LLC
Great Pacific Securities
KCG
Quantlab Securities, LP
Sun Trading LLC
Virtu Financial LLC

The following brokers are currently in the process of certification and have allowed us to publish their name.

 

Technology Partners

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:

Algorithm Access Direct Route Access
Fidessa Group
Flextrade
SS&C Technologies, Inc.
ATM
Pragma Trading

Other Network, Infrastructure, and Software Technology Partners:

Arista Networks

BT Americas

CFN Services

Coverity, Inc.

Equinix

InfoReach, Inc.

IPC Systems, Inc.

Kx

LaSalle Technology Group LLC

Myriad Supply

NYSE Technologies, SFTI Network

Palo Alto Networks

Redline Trading Solutions

Savvis, a CenturyLink Company

Sky Technology Partners

Sungard Capital Markets

uTrade Solutions

Verdande Technology

 

Pricing

Service Cost
Subscription Free
FIX Port Free
Physical Port Free
Matching Orders Fee / Fee
Executed Shares Matched on the IEX Fee per Executed Share
Standard Rate $0.0009
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
Market Operation
 

IEX Trading

Hours of Trading

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 8:30 a.m.
Order Entry Acceptance 9:00 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.

Holidays

New Year's Day

Dr. Martin Luther King Jr. Day

Presidents Day

Good Friday

Memorial Day

Independence Day

Labor Day

Thanksgiving

Christmas

Securities Eligible for Trading

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.

 

IEX Order Book

All orders submitted to the IEX ATS will be non-displayed. Orders submitted to the ATS will be booked at the price specified by the Subscriber submitting the order, subject to regulatory requirements. Orders will not be displayed to any Subscriber of the ATS or other market participant.

Book Priority

All orders will be matched according to price-broker-time priority. 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 orders will have precedence over other brokers’ orders, when that broker’s order is testing against the Order Book. Among a broker’s own 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.

Broker Priority (patent pending)

Among all orders at a given price, precedence will be given first to orders marked Agency or Riskless Principal, in time priority, and then to orders marked Principal, in time priority, belonging to the same Subscriber as the order being processed, and then to all other orders at that price in time priority; the oldest orders having the higher precedence.

Conditional Order Parameters

Specific order condition parameters, such as Minimum Quantity, may only be elected for non-displayed orders and Immediate Or Cancel ("IOC") orders. In the event that a resting order having precedence on the ATS's Order Book cannot be executed due to its specific conditions, that resting order will surrender its precedence in the Order Book for the duration of that processing cycle.

 

Order Types and Parameters

Order Types

IEX has only four order types

1. Limit Order

"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.

2. Market Order

"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.

3. Midpoint Peg Order

"Midpoint Peg Orders" are limit orders that, upon entry into the System, and while resting on the Order Book, are priced automatically as determined by the System to be equal to the midpoint of the NBBO, up (down) to the orders’ limit prices. Midpoint Peg Orders are not displayed, must be marked IEX Only, and may have a TIF of FOK, IOC, DAY, or GTT, where the GTT time is later than 9:30 a.m. and earlier than 4:00 p.m.

4. IEX Check - Fill or Kill ("FOK")

"IEX Check Orders" are Market, Limit or Midpoint Peg Orders that must be fully filled or will be immediately cancelled back to the Subscriber. They may be considered "All-or-None and IOC". IEX Check Orders are not subject to IEX Minimum Quantity Tiers, and do not have a "Participation" aspect (see "Minimum Quantity" below). When taking liquidity, their total order size may be filled by multiple orders (in aggregate/composite) resting on the Order Book at more than one (1) price. FOK orders may not be marked routable, and may not be marked ISO.

Order Parameters

Non-Displayed Order

"Non-Displayed Orders" are Limit Orders that do not have any displayed portion, also referred to as "Hidden Orders".

Minimum Quantity Order

"Minimum Quantity Orders" ("MQTY") are Market or Limit Orders that must have at least their minimum indicated share size satisfied in order to be executed. Orders marked MQTY must be IEX Only Orders.

Acceptable IEX Minimum Quantity Tiers (patent pending) values include 100, 200, 300, 400, 500, 600, 700, 800, 900, 1,000, 5,000, and 10,000 shares. If an order is entered with a minimum quantity value other than those previously indicated the System will treat the order as having the next lower acceptable minimum quantity value. Upon order entry, the total share size of an order must be equal to or greater than its minimum quantity value. If after order acceptance, an order is decremented below its minimum quantity value through execution or Subscriber instruction, the System will treat the order as having the next lower acceptable minimum quantity value.

"Composite" - When taking liquidity, the order will execute provided the aggregate (composite) 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.

"Participation" (patent pending) - When resting on the Order Book, the minimum quantity order will execute against (participate with) any portion of an inbound order, provided the size of the inbound order at the time it began to be tested against the Order Book was equal to, or greater than, the minimum quantity defined on the order.

 

Order Execution & Routing

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 thirteen (13) national securities exchanges currently operating, and LavaFlow ECN.

 
Documents

View the full IEX Subscriber Manual

View our Subscriber Agreement (all agreements subject to the regulatory approval and effective filing as referenced above)

View our Subscriber Application

View our Service Bureau Authorization Form

View our Service Bureau Application & Agreement

View our Connectivity Guide

View our Connectivity Services Agreement

View our FIX Spec

View our FIX Certification Tests

View our FIX Certification Notes

View our Equities Port Request Form

View our Physical Port Request Form

View our Clearly Erroneous Policy

View our Business Continuity Disclosure Statement