IEX Tweaks Rebates for High-Priced Liquidity Providers
Published Date: 12/18/2025
Notice
Summary
IEX is updating its fee schedule to change how traders earn rebates when they add displayed liquidity priced at $1.00 or more per share. This tweak affects IEX members who trade stocks and kicks in starting December 1, 2025. The goal? To keep trading fair and rewarding for active market players without changing the overall cost structure.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Top Rebate Tier: New Two‑Way Qualification
IEX changed the qualification rules for its highest Displayed Liquidity Adding Rebate (Tier 7) that applies to executions priced at $1.00 or more per share. Starting December 1, 2025, a Member can qualify for the $0.0022 per‑share Tier 7 rebate either by (1) adding at least 30,000,000 ADV of displayed liquidity or (2) adding at least 25,000,000 ADV of displayed liquidity AND trading at least 30,000,000 non‑displayed ADV. The Exchange said it is not changing the amounts of any rebates or fees.
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