IEX Offers Free Peek at Real-Time Market Data
Published Date: 6/17/2025
Notice
Summary
Investors Exchange (IEX) is rolling out a free 30-day trial for their real-time market data products, letting users test the info before paying. They’re also cleaning up their fee schedule by removing outdated notes. This change kicks in right away, making it easier and risk-free for traders and investors to explore IEX’s data.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
30-Day Free Trial for TOPS and DEEP
IEX will offer a one-time free trial of up to 30 days for Real-Time TOPS and/or DEEP to any first-time recipient. Real-Time is defined as data accessed, used, or distributed less than 15 minutes after it was made available; current monthly fees are $500 for Real-Time TOPS and $2,500 for Real-Time DEEP, but the free trial does not change those fees after the trial ends.
Connectivity Fee and Trial Start Timing
If you obtain a free trial directly from IEX and have no existing connectivity, you must establish a connection and pay the monthly connectivity fee (the free trial does not cover connectivity). Trials obtained directly from the Exchange start two business days after full execution of the Data Subscriber Agreement and Market Data Trial Addendum; trials via a Data Subscriber start two business days after IEX written approval.
Who Is Ineligible for the Free Trial
Certain recipients are not eligible for the free trial: internal users at any Data Subscriber, affiliates of any Data Subscriber, non-affiliated entities that receive IEX data via Controlled Distribution (Controlled Data Recipients), and products already offered free (DEEP+, DROP, HIST, and Delayed IEX Market Data). Data Subscribers distributing a trial must obtain IEX pre-approval to confirm first-time status.
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