IEX Updates Rebate Tiers: More Quoting for Better Rewards
Published Date: 11/21/2025
Notice
Summary
Investors Exchange (IEX) is updating its fee rules starting October 1, 2025, to add new minimum quoting requirements for certain Exchange Traded Products (ETPs). This change affects traders who want to earn better rebates when adding liquidity on IEX, encouraging more active quoting. The new rules kick in immediately and could impact how much money traders get back for their trades.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
New Quote-Based Path to Tier 3 Rebate
If you are an IEX Member, starting October 1, 2025 you can qualify for Displayed Liquidity Adding Rebate Tier 3 (a $0.0014 per-share rebate on added displayed liquidity executing at or above $1.00) by having an NBBO Time of at least 50% in at least 250 ETPs on average per day during the month. The NBBO Time equals your Percent Time at the national best bid plus Percent Time at the national best offer, and qualification is calculated daily and averaged monthly.
New Quote-Based Path to Tier 4 Rebate
If you are an IEX Member, starting October 1, 2025 you can qualify for Displayed Liquidity Adding Rebate Tier 4 (a $0.0016 per-share rebate on added displayed liquidity executing at or above $1.00) by having an NBBO Time of at least 50% in at least 750 ETPs on average per day during the month. NBBO Time is the sum of Percent Time at NBB and Percent Time at NBO, measured during regular market hours.
Affiliates May Aggregate Quoting Activity
IEX will allow Members that are affiliated (control, are controlled by, or under common control) to aggregate NBBO Time with prior notice to the Exchange, so affiliated Members can combine quoting activity to meet the 250-ETP or 750-ETP NBBO Time thresholds used to qualify for Tier 3 or Tier 4 rebates.
Calculation Exclusions Protect Members' Qualification
When calculating NBBO Time and related metrics, IEX will exclude trading days with an Exchange system disruption lasting more than 60 minutes and days with scheduled early market closes; it also excludes portions of regular market hours when a security is halted or paused. These exclusions are applied when determining whether a Member meets the NBBO Time thresholds for Tier 3 or Tier 4.
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