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.

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 Connectivity Order Form
Equities Port Request Form
FIX Spec
FIX Certification Tests

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
Lightspeed Trading
TradeStation Securities
Don't see your broker? Use the letter template to direct your broker to trade on IEX. →

Institutional Brokers (for asset managers)

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
Barclays
Bloomberg Tradebook, LLC
BMO Capital Markets
BTIG 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.
Great Pacific Securities
Guzman & Co.
Instinet LLC
Interactive Brokers
International Strategy & Investment
Itau BBA
ITG Inc.
Janney Montgomery Scott LLC
Jefferies
JMP Securities
JonesTrading
J.P. Morgan Securities LLC
KCG
LEK Securities
Macquarie Capital (USA) Inc.
MKM Partners
Morgan Stanley & Co. LLC
M.S. Howells & Co.
Needham and Company, LLC
Northern Trust Securities, Inc.
Omex Systems LLC.
Piper Jaffray & Co.
Raymond James
RBC Capital Markets, LLC
Robert W. Baird & Co.
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
Keefe, Bruyette & Woods
Mischler Financial Group, Inc.
Redburn (USA) LLC
Scarsdale Equities LLC
Sterne Agee
Stifel Nicolaus & Co., Inc.
SunTrust Robinson Humphrey
TFS Derivatives
Trade Manage Capital, Inc.
WallachBeth Capital LLC
William Blair & Co.
U.S. Capital Advisors LLC
High Touch Access (through a broker trader) Low Touch Access (electronic)
APB Financial Group, LLC
DASH Financial LLC
Global Trading Systems, LLC
SpeedRoute LLC
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:

EMS/OMS Providers Algo Providers
Fidessa Group
Flextrade
Raptor Trading Systems
SS&C Technologies, Inc.
ATM
Pragma Trading

Other Network, Infrastructure, and Software Technology Partners:

Arista Networks

BT Americas

CFN Services

Coverity, Inc.

Equinix

GuavaTech, Inc.

InfoReach, Inc.

IPC Systems, Inc.

Kx

LaSalle Technology Group LLC

Myriad Supply

NYSE Technologies Connectivity, Inc. (SFTI Network)

Palo Alto Networks

Redline Trading Solutions

Savvis, a CenturyLink Company

Sky Technology Partners

Sungard Capital Markets

uTrade Solutions

 

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 8:00 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.

Holidays

New Year's Day

Dr. Martin Luther King Jr. Day

Presidents Day

Good Friday

Memorial Day

Independence Day

Labor Day

Thanksgiving Day

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 (e.g. price, broker self-cross, then time)

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.

 

Order Types and Parameters

Order Types

IEX has the following 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. 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.

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. Peg Order

"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.

Primary Peg Order

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.

Midpoint Peg Order

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.

Discretionary Peg Order

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.

 

Order Parameters

Minimum Quantity

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:

Composite

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 falls below 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.

Minimum Execution Size

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 falls below MQTY: When an order's remaining open shares falls below the order's effective minimum quantity, the System will cancel the order back to the Subscriber.

Time in Force

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:

"Immediate or Cancel" ("IOC")

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.

"Fill or Kill" ("FOK")

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.

"Market Hours Day" ("DAY")

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.

"Good Till Time" ("GTT")

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.

 

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 eleven (11) national securities exchanges and LavaFlow ECN.

IEX currently supports three routing strategies: Route to Take, Route to Take with Re-sweep and Route to Rest Away.

 
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 Equities Port Request Form

View our Physical Connectivity Order Form

View our Clearly Erroneous Policy

View our Business Continuity Disclosure Statement