IEX Updates Fees to Reward Big Stock Liquidity Adds
Published Date: 8/18/2025
Notice
Summary
Investors Exchange (IEX) is updating its fee schedule starting August 1, 2025, by changing the rules for a special rebate that rewards members who add liquidity on trades priced $1 or more per share. This means some traders could see different fees or rebates when they trade on IEX. The change kicks in immediately and aims to keep trading fair and competitive.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Tier 5 Eligibility Expanded
If you are an IEX Member, you can now qualify for Displayed Liquidity Adding Rebate Tier 5 either by adding between 15,000,000 and 20,000,000 ADV of displayed liquidity in a month or by trading at least 15,000,000 non-displayed ADV in a month, effective August 1, 2025.
Potential Market Liquidity Benefit
IEX states that by offering an additional way to qualify for higher rebate incentives, the change may attract more displayed orders and increase displayed liquidity, which could improve price discovery and execution opportunities for market participants.
Rebate Amounts Not Changed
IEX is not changing the dollar amounts of any rebates or fees; the proposal only adds an alternative way to qualify for the existing Tier 5 rebate, with the change operative on August 1, 2025.
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