Investors Exchange Fee Schedule

Effective August 19, 2016

Membership fees

Membership Fee
Investors Exchange FREE

Connectivity fees

Service Fee
10G Physical Port FREE
1G Physical Port FREE
Logical Port FREE

Market Data fees


  • "Internal Distribution Fee" is the fee charged to any entity that receives the Exchange Market Data product directly from the Exchange or indirectly through another entity and then distributes that data internally or to an affiliate.
  • "External Distribution Fee" is the fee charged to any entity that receives the Exchange Market Data product directly from the Exchange or indirectly through another entity and then distributes the data externally to a third party.
  • "Usage Fee" is the fee charged for a natural person, a proprietorship, corporation, partnership, or entity, or device (computer or other automated service) entitled for the receipt of Exchange data.
Service Fee
Internal Distribution Fee FREE
External Distribution Fee FREE
Usage Fee FREE

Transaction fees

  • All fees identify cost per share executed.
  • Footnotes provide further explanatory text or, where annotated to fee description, indicate variable rate changes, provided the conditions in the footnote are met.
  • To the extent a Member receives multiple Fee Codes on an execution, the lower fee shall apply.
  • To the extent a Member qualifies for lower fees, pursuant to this Fee Schedule, the lower fees shall apply.


  • "Fee Code" is identified on each execution report message from the Exchange in the Trade Liquidity Indicator (FIX tag 9730) field.
  • "Fee" means fees for securities with an execution price at or above $1.00.
  • "Fee < $1.00" means fees for securities with an execution price below $1.00.
  • "TDVT" means the total dollar value of the transaction calculated as the execution price multiplied by the number of shares executed in the transaction.
  • "TMVD" means total monthly volume displayable calculated as the sum of executions from the Member's displayable orders during the calendar month.
  • "Cost" means any fees charged by/rebates received from away venues.
Fee Code Description Fee Fee < $1.00
L Displayed Match Fee FREE
  • Taking Displayed Liquidity
  • Providing Displayed Liquidity
I Non-Displayed Match Fee $0.0009 0.30% of TDVT
  • Taking Non-Displayed Liquidity *
  • Providing Non-Displayed Liquidity
S Internalization Fee FREE
  • Member executes against resting liquidity provided by such Member
Alpha Routing and removing liquidity (all routing options) ** Cost + $0.0001

Registration and processing fees

The following fees will be collected and retained by FINRA via the CRD registration system for the registration of associated persons of IEX Members that are not also FINRA Members:

  1. $100 for each initial Form U4 filed for the registration of a representative or principal;
  2. $110 for the additional processing of each initial or amended Form U4, Form U5 or Form BD that includes the initial reporting, amendment, or certification of one or more disclosure events or proceedings;
  3. $45 annual for each of the Member’s registered representatives and principals for system processing;
  4. $15 for processing and posting to the CRD system each set of fingerprint cards submitted electronically by the Member, plus a pass-through of any other charge imposed by the United States Department of Justice for processing each set of fingerprints;
  5. $30 for processing and posting to the CRD system each set of fingerprint cards submitted in non-electronic format by the Member, plus a pass-through of any other charge imposed by the United States Department of Justice for processing each set of fingerprints; and
  6. $30 for processing and posting to the CRD system each set of fingerprint results and identifying information that has been processed through a self-regulatory organization other than FINRA.

* $0.0009 (0.30% of TDVT for < $1.00), otherwise FREE if Taking Non-Displayed Liquidity with a Displayable Order and at least 90% of TMVD was identified by IEX as Providing Displayed Liquidity (i.e., the Member’s execution reports reflect that the sum of executions with Fee Code L and a Last Liquidity Indicator (FIX tag 851) of '1' (Added Liquidity), divided by the sum of executions with Fee Code L, is at least 90% for the calendar month​).

** The Exchange will pass-through in full any Costs to the Member and add the IEX fee ($​0.0001).


Hours of trading

Orders may be executed on IEX or routed away from IEX during the Pre-Market, Regular Market, and Post-Market Sessions, collectively known as “System Hours”.

Session Start and End Time (all times are Eastern)
Begin Order Entry Acceptance 8:00 a.m.
Pre-Market Session 8:00 a.m. - 9:30 a.m.
Regular Market Session 9:30 a.m. - 4:00 p.m.
Post-Market Session 4:00 p.m. - 5:00 p.m.


  • New Year's Day
  • Dr. Martin Luther King Jr. Day
  • President's Day
  • Good Friday
  • Memorial Day
  • Independence Day
  • Labor Day
  • Thanksgiving Day
  • Christmas

Securities eligible for trading

Pursuant to IEX Rule 11.120, Investors Exchange shall designate securities for trading. Any class of securities listed or admitted to unlisted trading privileges on the Exchange shall be eligible to become designated for trading on the Exchange in accordance with the Rules of Chapters 14 and 16.

See list of eligible symbols

All securities designated for trading are eligible for odd-lot, round-lot and mixed-lot executions, unless otherwise indicated by the Exchange or limited pursuant to IEX Rules.


The following broker-dealers are approved members of Investors Exchange.

Abel Noser Corp.
ABN Amro Clearing Chicago LLC
Albert Fried & Company, LLC
Allen & Company, LLC
Apex Clearing Corporation
Archipelago Securities, LLC
ATM Execution LLC
Auerbach Grayson and Company LLC
Avondale Partners LLC
B. Riley & Co., LLC
Barclays Capital Inc.
Banyan Securities, LLC
BATS Trading, Inc.
Bay Crest Partners LLC
BB&T Securities LLC
Bloomberg Tradebook
Blue Fire Capital LLC
Bluefin Trading LLC
BMO Capital Markets Corp
Brean Capital LLC
Burke & Quick Partners LLC
C&C Trading, LLC
Cabrera Capital Markets, Inc.
Canaccord Genuity Inc.
Cantor Fitzgerald & Co
Capital Institutional Services, Inc.
CF Global Trading, LLC
Chimera Securities LLC
CIMB Securities (USA), Inc.
Citadel Securities LLC
Citigroup Global Markets Inc.
Clearpool Execution Services, LLC
CLSA Americas, LLC
Convergex Execution Solutions LLC
Cornerstone Macro LLC
Cowen and Company, LLC
Craig-Hallum Capital Group LLC
Credit Suisse Securities USA
Cutler Group, LP
D.A. Davidson & Co.
Dash Financial LLC
Davenport & Company, LLC
DeMatteo Monness LLC
Deutsche Bank Securities Inc.
Dowling & Partners Securities, LLC
Electronic Transaction Clearing, Inc.
E*TRADE Securities, LLC
Evercore Group LLC
First Analysis Securities Corporation
FIS Brokerage & Securities Services LLC
Flow Traders U.S. LLC
G1 Execution Services
Global Execution Brokers
Goldman, Sachs and Company
Gordon, Haskett Capital Corp.
Great Pacific Securities
Great Point Capital, LLC
GTS Securities, LLC
Guzman & Company -
Hardcastle Trading USA LLC
Hilltop Securities Inc.
HRT Financial LLC
IEX Services LLC
IMC Chicago LLC
Imperial Capital LLC
Industrial and Commercial Bank of China Financial Services
Instinet, LLC
Interactive Brokers LLC
INTL FCStone Financial Inc.
ITG Inc.
J. P. Morgan Securities LLC
Jane Street Capital, LLC
Jefferies Execution Services, Inc.
JMP Securities LLC
Johnson Rice & Company, LLC
Jump Trading LLC
KCG Americas LLC
Keefe, Bruyette & Woods, Inc.
KeyBanc Capital Markets Inc.
Latour Trading LLC
Leerink Partners
Lek Securities Corp
Lightspeed Trading LLC
Lime Brokerage, LLC
Liquidnet Inc.
Macquarie Capital (USA) Inc.
Maxim Group, LLC
Meridian Equity Partners
Merrill Lynch Professional Clearing Corp.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Mizuho Securities USA LLC
MKM Partners LLC
Morgan Stanley & Co., LLC
NASDAQ Execution Services, LLC
National Financial Services LLC
Needham & Company, LLC
Northern Trust Securities, Inc.
Northland Securities Inc.
Old Mission Capital LLC
Olivetree Financial, LLC
O'Neil Securities
Penserra Securities LLC
Pershing LLC
Pictet Overseas Inc.
Piper Jaffray & Co.
Quantlab Securities LP
RBC Capital Markets LLC
Redburn (USA) LLC
RGM Securities, LLC
Robert W. Baird & Co., Inc.
Robotti & Company LLC
Rosenblatt Securities Inc.
Russell Investments Implementation Services, LLC
Sanford C. Bernstein & Co., LLC
Scarsdale Equities LLC
Scotia Capital (USA) Inc.
Seaport Global Securities LLC
SG Americas Securities, LLC
Sidoti & Company, LLC
SMBC Nikko Securities America, Inc.
SpeedRoute LLC
Stephens Inc.
Stifel Nicolaus & Co., Inc.
Stuart Frankel & Co. Inc.
Summit Securities Group, LLC
Sun Trading LLC
Susquehanna Financial Group, LLP
Susquehanna Securities
Telsey Advisory Group, LLC
TFS Derivatives LLC
The Buckingham Research Group Inc.
Themis Trading LLC
TJM Investments LLC
Trade Informatics LLC
Trade Manage Capital, Inc.
TradeStation Securities, Inc.
Tradition Securities and Derivatives Inc.
Triad Securities Corp.
Two Sigma Securities, LLC
UBS Securities LLC
Virtu Financial BD LLC
Virtu Financial Capital Markets LLC
Wall Street Access
Wedbush Securities
Weeden & Co. L.P
Wells Fargo Prime Services LLC
Wells Fargo Securities, LLC
Wolverine Execution Services, LLC
Xambala Capital LLC
XR Securities LLC

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 Members 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.

Connected service bureaus

Bloomberg SSEOMS
FlexTrade Systems
InfoReach, Inc.
ION Group
Lightspeed Trader
LiquidityBook, LLC
OMEX Systems
Raptor Trading Systems
ROX Systems
SS&C Technologies
Sterling Trader
Takion Technologies, LLC

Market data partners

Market Data Access Feed Handler
ACTIV Financial
Connectivity In a Box (CIB)
Redline Trading Solutions
R2G Services
Vela Trading Technologies

Other network, infrastructure, and software technology partners

  • Arista Networks
  • BT Americas
  • CFN Services
  • Connectivity In a Box (CIB)
  • Coverity, Inc.
  • Equinix
  • GuavaTech, Inc.
  • InfoReach, Inc.
  • IPC Systems, Inc.
  • Kx
  • LaSalle Technology Group LLC
  • Myriad Supply
  • NYSE Technologies Connectivity, Inc. (SFTI Network)
  • Options IT
  • Palo Alto Networks
  • R2G Services
  • Redline Trading Solutions
  • Savvis, a CenturyLink Company
  • Sky Technology Partners
  • Sungard Capital Markets
  • uTrade Solutions
  • Victory Networks