Stock Exchange Ends Free Market Data Lunch for Traders
Published Date: 9/3/2025
Notice
Summary
Starting October 1, 2025, Investors Exchange (IEX) will start charging a fee for real-time access to its DEEP+ market data, which shows detailed order and trade info. This change affects traders and firms who use this data, ending the free trial period that began in December 2024. If you rely on DEEP+ for trading insights, get ready to pay to stay in the know!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Real-time DEEP+ costs $3,500/month
Starting October 1, 2025, IEX will charge $3,500 per month for real-time access to the DEEP+ market data feed. The $3,500 monthly fee is all-inclusive (covers internal and external uses) and IEX says it will not adopt additional non-display, re-distribution, or per-user fees; the DEEP+ feed was offered free during an initial incentive period that began December 9, 2024.
Delayed DEEP+ access remains free
IEX will not charge for delayed access to DEEP+; "Delayed IEX Market Data" means data accessed at least fifteen (15) minutes after it was made available by the Exchange. Delayed DEEP+ remains available at no charge after the October 1, 2025 implementation of the real-time fee.
Lower-cost alternative: real-time DEEP at $2,500
IEX offers a different real-time depth product, DEEP, for $2,500 per month (and DEEP is also available on a delayed basis for no fee). Subscribers can choose real-time DEEP at $2,500/month instead of DEEP+ at $3,500/month if that product meets their needs.
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