IEX Shifts Rebate Rules for High-Priced Trades
Published Date: 6/17/2025
Notice
Summary
Investors Exchange (IEX) is updating its fee schedule starting June 1, 2025, by changing the rules for earning a rebate when adding displayed liquidity on trades priced $1.00 or more per share. This affects traders and members who want to save money by meeting the new criteria for rebates. The change kicks in immediately, aiming to keep trading fair and fees clear.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Tier 6 rebate: new alternative qualification
If you are an IEX Member trading shares priced at $1.00 or more, starting June 1, 2025 you can qualify for Displayed Liquidity Adding Rebate Tier 6 (a $0.0020 per-share rebate) either by adding 20,000,000–30,000,000 ADV of displayed liquidity or by trading at least 20,000,000 non-displayed ADV. The rule adds this alternative path to reach Tier 6 but does not change the dollar-per-share rebate amounts.
Subdollar trades and rebates preserved
The filing says nothing in this rule affects trades below $1.00 per share (subdollar trades). Any subdollar trade that adds displayed liquidity continues to receive a rebate equal to 0.15% of the total dollar value of the execution.
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