# 2025-10972: IEX Shifts Rebate Rules for High-Priced Trades

2025-10972, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule To Modify the Required Criteria for a Displayed Liquidity Adding Rebate Tier for Executions Priced At or Above $1.00 Per Share, is a Federal Register notice from Securities and Exchange Commission published 2025-06-17, effective 2025-06-01 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-10972
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-10972
- Title: Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule To Modify the Required Criteria for a Displayed Liquidity Adding Rebate Tier for Executions Priced At or Above $1.00 Per Share
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 25663
- Published: 2025-06-17
- Effective: 2025-06-01
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

IEX Shifts Rebate Rules for High-Priced Trades

## Summary

Investors Exchange (IEX) is updating its fee schedule starting June 1, 2025, by changing the rules for earning a rebate when adding displayed liquidity on trades priced $1.00 or more per share. This affects traders and members who want to save money by meeting the new criteria for rebates. The change kicks in immediately, aiming to keep trading fair and fees clear.

## Effects PRIA read

- Tier 6 rebate: new alternative qualification: benefit, medium. If you are an IEX Member trading shares priced at $1.00 or more, starting June 1, 2025 you can qualify for Displayed Liquidity Adding Rebate Tier 6 (a $0.0020 per-share rebate) either by adding 20,000,000–30,000,000 ADV of displayed liquidity or by trading at least 20,000,000 non-displayed ADV. The…
- Subdollar trades and rebates preserved: benefit, low. The filing says nothing in this rule affects trades below $1.00 per share (subdollar trades). Any subdollar trade that adds displayed liquidity continues to receive a rebate equal to 0.15% of the total dollar value of the execution.

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## Sources
- [2025-10972 on federalregister.gov](https://www.federalregister.gov/documents/2025/06/17/2025-10972/self-regulatory-organizations-investors-exchange-llc-notice-of-filing-and-immediate-effectiveness-of)
- [2025-10972 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-06-17/pdf/2025-10972.pdf)

## Related
- [Previous: 2025-10971, Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; N…](https://policyrisk.com/federal-register/2025-10971)
- [Next: 2025-10973, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-10973)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-10972 (as of 2026-06-08).