IEX Launches Rewards Program for Top-Tier Stock Orders
Published Date: 6/2/2025
Notice
Summary
IEX is rolling out a new Supplemental Market Quality Program to reward members who post visible buy or sell orders at the best prices on their exchange. This change aims to boost trading activity and improve market liquidity starting immediately, with financial perks for those who join in. Traders and firms using IEX will see these updates reflected in the fee schedule right away.
Analyzed Economic Effects
6 provisions identified: 3 benefits, 1 costs, 2 mixed.
IEX pays $125 per qualifying symbol
If you are an IEX Member and you meet the program requirements, IEX will pay you $125 for each SMQ Security in which you satisfy the Program's requirements during the month. Payments are calculated monthly as a lump sum (for example, 76 qualifying symbols would produce a $9,500 payment at $125 per symbol).
How you qualify: 40% time, 50 symbols
To get the $125 payment, you must post at least one displayed order or quote of at least one round lot at the NBB, NBO, or NBBO for at least 40% of regular trading hours in at least 50 SMQ Securities on average per day during the month. If you meet that 50-security threshold, you are paid $125 for each SMQ Security you qualified in that month.
What days and times are excluded from calculations
When IEX calculates your Percent Time at NBBO, it will exclude days with system disruptions that last more than 60 minutes and scheduled early closes. IEX will also exclude any period when a specific SMQ Security is halted or paused under Limit Up-Limit Down when computing percent time for that security.
Affiliates can combine quoting activity
IEX allows affiliated Members to aggregate their Percent Time at NBBO for SMQ qualification if they give prior notice and maintain documentation showing the affiliation (control relationship as defined by Rule 12b-2).
Which securities are eligible and when they’re published
IEX will publish the list of SMQ Securities on its Fee Schedule and will reevaluate and update the list prior to each month. Updates will be published no later than one day before the start of the month, and IEX will endeavor to post updates up to five trading days before the next month. IEX selects SMQ Securities using objective factors like its relative quote presence, number of market-wide daily price changes, average market-wide quote size, share price, and average notional traded.
Program effective immediately; possible SEC suspension
IEX filed this fee change on May 16, 2025 and the change is effective upon filing, so the SMQ is available immediately. The SEC may, however, temporarily suspend the rule change within 60 days of filing if it appears necessary for investor protection or the public interest.
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