A Fair, Simple,
The Investors Exchange
Brad Katsuyama, CEO
To our Sell-Side and Buy-Side Partners,
On behalf of the entire IEX team, I would like to sincerely thank you all for supporting us throughout our application to become an exchange. We are thrilled that the SEC has approved our Exchange Filing which puts us on track to commence a symbol-by-symbol roll-out on August 19th, concluding on September 2nd.
It's been quite a journey from working in a windowless room with no money in 2012, to launching our ATS, and now completing the lengthy (and I'm sure for many…tiring) Form 1 process.
We have faced several obstacles along the way and we learned along the way, but we hope our partners realize that our team's hearts and minds are in the right place – our goal is to bring real competition to the exchanges by challenging the rising cost model for data and technology while also protecting investors and delivering superior execution quality.
The IEX team is extremely excited about the road ahead, and we are grateful to be in the position to improve fairness, simplicity and transparency in our industry.
Thank you again for your support.
Become a Member
US-registered broker dealers are eligible to become a Member of Investors Exchange. Broker-dealers must be registered with a Self-Regulatory Organization (SRO) and maintain an active clearing relationship with an NSCC-member clearing firm.
Your firm does not need to be an IEX ATS Subscriber in order to apply for membership to Investors Exchange.Become a Member now
Investors Exchange Launch Timeline
Check back for updates to this timeline.
Form 1 Public on sec.gov
Begin Accepting Member Waive-in Applications
Form 1 publishes to the Federal Register; 45-day public comment period begins
Public comment period ends
- SEC institutes proceedings to determine whether to grant or deny IEX's exchange application
- Form 1, as amended by Amendment Nos. 1-4, public on sec.gov
- SEC publishes Notice of Proposed Commission Interpretation Regarding Automated Quotations Under Regulation NMS
IEX files Amendment No. 5 to Form 1, including updates to Exhibits J and K
Deadline for SEC's final determination on whether to grant or deny IEX's Form 1 application for registration as a national securities exchange
3rd Member Testing Opportunity
Final day to submit ATS Subscriber Applications
Recommended target for Member Waive-in Applications
4th Member Testing Opportunity
5th Member Testing Opportunity
Final day to submit Member Waive-in Applications
*The security-by-security phase-in begins on August 19th and concludes on September 2, 2016. The SEC order, approving IEX as an automated trading center, requires that market participants have reasonably designed policies and procedures to treat IEX’s best bid and best offer as a protected quotation in symbols that have transitioned to Investors Exchange as soon as possible (beginning with August 19, 2016 phase-in), but no later than 90 days from the approval order (September 15, 2016). Thus, market and industry participants have until September 15, 2016 to test and certify with IEX in order to satisfy the obligations of IEX rules and SEC regulations in connection with IEX, including Regulation NMS.