IEX Shuffles Stock Trading Fees for Fairer Play
Published Date: 2/12/2026
Notice
Summary
Investors Exchange (IEX) is updating its fee schedule starting March 1, 2026. Members who trade stocks will see a new reward for adding liquidity and a change in fees for taking liquidity. These changes aim to make trading fairer and could save or cost traders money depending on their actions.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
New top-tier liquidity rebate
Starting March 1, 2026, IEX adds a new Displayed Liquidity Adding Rebate Tier (Tier 8) that pays a rebate of $0.0023 per share for executions priced at or above $1.00. To qualify, a Member must have added at least 40,000,000 ADV of displayed liquidity in the immediately preceding month.
Higher percentage fee for sub-$1 trades
Beginning March 1, 2026, IEX will raise the fee for removing displayed liquidity on executions priced below $1.00 from 0.15% to 0.20% of the total dollar value (TDV) for specific fee codes (TL, TLB, TLK, TLBK). This change increases the percent-based charge on sub-$1.00 executions.
Higher fee for removing displayed liquidity (≥ $1)
Starting March 1, 2026, IEX increases the fee for removing displayed liquidity on executions at or above $1.00 from $0.0022 to $0.0024 per share for Members that added at least 25,000 ADV of displayed liquidity in the immediately preceding month. Members that added less than 25,000 ADV will continue to be charged $0.0030 per share.
Fees determinable at execution using prior month activity
As of February 2, 2026, IEX made transaction fees and rebates determinable at the time of execution. Volume-based rebate and fee tier eligibility will be based on a Member's trading or quoting activity in the immediately preceding month (not the current month).
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