Exchange Quietly Fixes 'Data Subscriber' Definition in Fees
Published Date: 7/22/2025
Notice
Summary
Investors Exchange (IEX) is making a small, no-big-deal update to its fee schedule by fixing a definition to match its official agreements. This change won’t affect prices or fees but keeps everything clear and consistent for data users. The update took effect right away on July 14, 2025, so everyone’s on the same page now!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Who Must Sign IEX Data Agreements
IEX changed the Fee Schedule definition of "Data Subscriber" to match its Data Subscriber Agreement and Market Data Policies. The revised wording says only recipients who get Real‑Time IEX Market Data via uncontrolled distribution from a non‑affiliated Data Subscriber are treated as Data Subscribers required to sign the IEX Data Subscriber Agreement, while Controlled Data Recipients are not required to sign that Agreement. This clarification became operative on July 14, 2025.
No Fee Changes; Immediate Effect
IEX states this amendment is non‑substantive and does not change any prices or fees for IEX Market Data. The Commission waived the normal 30‑day operative delay and the change became effective upon filing on July 14, 2025.
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