IEX Announces: IEX Data Agreement and Testing Opportunities for TOPS and Displayed Order Entry
IEX Trading Alert #2014 - 027
Please Route To: Market Data Technology, Legal, Trade Support, and Technology
What you need to know:
- Those parties interested in consuming IEX's real-time non-protected top of book quote feed ("TOPS") must complete, execute and submit an IEX Data Agreement.
- Subscribers can test both (1) TOPS consumption and (2) the entry of displayed orders on the following dates:
- Friday, December 5th: Sample packet capture output file of TOPS will be available for download on IEX's website.
- Monday, December 15th: Subscribers can test the submission of displayed orders in the IEX Certification environment. (TOPS publication will not be available in the Certification environment.)
- Monday, January 12th: Displayed order functionality and TOPS publication will be available in the IEX Production Trading environment on the following test symbols: CBO, CBX, ZBZX, ZJZZT, ZTEST, ZVV, ZVZZT, ZWZZT, ZXZZT.
- The target release date for displayed order functionality and TOPS on non-test symbols remains January 30, 2015.
Who can become a consumer of TOPS?
Any party may become a consumer TOPS by establishing connectivity to IEX and completing an IEX Data Agreement. It is NOT a requirement that consumers of TOPS be an IEX Subscriber.
Who should complete, execute and submit an IEX Data Agreement?
Any direct consumer of TOPS must complete, execute and submit an IEX Data Agreement. Extranet Providers and other redistributors who would like to consume and redistribute TOPS must also complete, execute and submit an IEX Data Agreement with Exhibit C. Completed Data Agreements can be emailed to marketops@iextrading.com or mailed to the IEX office.
What data is in the TOPS packet capture?
The TOPS packet capture (tops.pcap) is a sample of the TOPS protocol encapsulated within the IEX Transport Protocol as would be seen by a network capture tool, in the format defined in the IEX TOPS Specification. The pcap file may be updated from time to time before January 30, 2015.
How do I submit displayed orders?
Starting Monday, December 15th, Subscribers can test the submission of displayed orders in the Certification environment by either sending orders omitting Tag111 (MaxFloor) and can test the submission of reserve orders by sending orders with a MaxFloor value greater than zero (0). Please see the updated IEX FIX Specification for additional details. Note: Because TOPS is distributed via UDP multicast and the Certification environment is accessed over the Internet, the TOPS feed will not be available for testing in the Certification environment.
Where can I learn more?
- IEX Data Agreement
- IEX TOPS Specification
- IEX Fix Specification
- Contact IEX Sales at 646.568.2345 or subscriber@iextrading.com.
- Contact IEX Market Operations at 646.568.2330 or marketops@iextrading.com.
- Visit the IEX Website iextrading.com.
- Become an IEX Subscriber.
- IEX Subscriber Manual
- IEX Frequently Asked Questions
About IEX
Dedicated to institutionalizing fairness in the markets, IEX provides a more balanced marketplace via simplified market structure design and cutting-edge technology. IEX operates a fair-access platform accessible by any qualified broker dealer. IEX is driven by a team of cross-industry experts with backgrounds spanning market venues, electronic trading, and broker-dealers. IEX is the first equity trading venue seeded exclusively by a consortium of buy-side investors, including mutual funds, hedge funds, and family offices. Learn more at: iextrading.com.