Exchange Updates Market Program Fee Schedule
Published Date: 12/11/2025
Notice
Summary
IEX is making it easier for its members to qualify for extra rewards through the Supplemental Market Quality Program by lowering the requirements. These changes start on December 1, 2025, and could help members save money or earn more incentives. If you trade on IEX, this update is designed to make the market more rewarding and accessible!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Easier SMQ Qualification for IEX Members
If you are an IEX Member, the Exchange will count your qualifying quoting activity in SMQ Level 1 and SMQ Level 2 securities together when determining whether you met the Program requirement of having qualifying activity in at least 100 SMQ securities for the month. To qualify you must enter displayed trading interest of at least one round lot at the NBB, NBO, or NBBO for at least 40% of regular market hours; qualifying Members receive $125 per SMQ Level 1 qualified security and $400 per SMQ Level 2 qualified security. This change is operative on December 1, 2025 and may increase the number of Members who receive SMQ Payouts.
Market Liquidity and Price-Quality Benefits
IEX expects the revised SMQ to incentivize Members to post more displayed liquidity, which the Exchange says will deepen IEX's liquidity pool, narrow spreads, and improve price discovery and execution opportunities for investors. These market-quality benefits are tied to the SMQ changes that become operative on December 1, 2025 and apply across the SMQ securities lists.
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