IEX Rolls Out Rewards for Visible Best-Price Orders Program
Published Date: 5/7/2025
Notice
Summary
Starting May 1, 2025, Investors Exchange (IEX) is rolling out a new Supplemental Market Quality Program to reward members who add more visible orders at the best prices. This change aims to boost trading activity and improve market quality by giving financial incentives to members who help keep prices fair and liquid. If you trade on IEX, expect some fresh perks and a friendlier fee schedule that encourages better order flow.
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
IEX Pays $125 Per Qualified Symbol
If you are an IEX Member, starting May 1, 2025 you can earn a $125 payment for each IEX-designated security in which you meet the program rules. To qualify you must post at least one displayed round-lot order at the NBB, NBO, or NBBO for at least 40% of regular trading hours, and have that activity in an average of at least 50 designated securities in the month; payments are calculated monthly at $125 per qualified security.
Affiliates May Aggregate Quoting Activity
IEX will allow affiliated Members to aggregate their Percent Time at NBBO for SMQ qualification if they provide prior notice and can demonstrate affiliate status (control relationships). Affiliated groups must keep internal documentation showing the affiliation to support aggregation.
Program Aims to Improve Market Quality
IEX says the SMQ is open to all Members, does not impose two-sided quoting obligations, and is intended to increase displayed liquidity, narrow spreads, and deepen available liquidity in the designated securities—benefits that IEX expects will help all market participants. The Exchange states these improved trading conditions arise from increased quoting at the NBBO in the SMQ securities.
Monthly SMQ Securities List Published
IEX will publish the list of securities eligible for the Supplemental Market Quality (SMQ) payments on its Fee Schedule and will reevaluate and, if needed, update the list before each month. Any updates will be posted at least one day before the start of the month so Members know which symbols are eligible for that coming month.
Fair Qualification Exclusions Built In
When IEX calculates the 40% Percent Time at NBBO for SMQ qualification, it will exclude trading days with system disruptions lasting more than 60 minutes and scheduled early closes, and will exclude times when a security is halted or subject to a Limit Up-Limit Down pause. Those excluded periods will not count toward the numerator or denominator used to determine your Percent Time at NBBO for a given security.
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