# 2025-15623: IEX Updates Fees to Reward Big Stock Liquidity Adds

2025-15623, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule Concerning Transaction Pricing, is a Federal Register notice from Securities and Exchange Commission published 2025-08-18, effective 2025-08-01; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-15623
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-15623
- Title: Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule Concerning Transaction Pricing
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 40087
- Published: 2025-08-18
- Effective: 2025-08-01
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

IEX Updates Fees to Reward Big Stock Liquidity Adds

## Summary

Investors Exchange (IEX) is updating its fee schedule starting August 1, 2025, by changing the rules for a special rebate that rewards members who add liquidity on trades priced $1 or more per share. This means some traders could see different fees or rebates when they trade on IEX. The change kicks in immediately and aims to keep trading fair and competitive.

## Effects PRIA read

- Tier 5 Eligibility Expanded: benefit, medium. If you are an IEX Member, you can now qualify for Displayed Liquidity Adding Rebate Tier 5 either by adding between 15,000,000 and 20,000,000 ADV of displayed liquidity in a month or by trading at least 15,000,000 non-displayed ADV in a month, effective August 1, 2025.
- Rebate Amounts Not Changed: mixed, low. IEX is not changing the dollar amounts of any rebates or fees; the proposal only adds an alternative way to qualify for the existing Tier 5 rebate, with the change operative on August 1, 2025.
- Potential Market Liquidity Benefit: benefit, medium. IEX states that by offering an additional way to qualify for higher rebate incentives, the change may attract more displayed orders and increase displayed liquidity, which could improve price discovery and execution opportunities for market participants.

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## Sources
- [2025-15623 on federalregister.gov](https://www.federalregister.gov/documents/2025/08/18/2025-15623/self-regulatory-organizations-investors-exchange-llc-notice-of-filing-and-immediate-effectiveness-of)
- [2025-15623 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-08-18/pdf/2025-15623.pdf)

## Related
- [Previous: 2025-15622, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immedi…](https://policyrisk.com/federal-register/2025-15622)
- [Next: 2025-15624, Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immedi…](https://policyrisk.com/federal-register/2025-15624)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-15623 (as of 2026-06-08).