IEX Rolls Out New Discounts for Hidden Orders in Fee Update
Published Date: 9/18/2025
Notice
Summary
Investors Exchange (IEX) just updated its fee schedule to add a new pricing deal called "Incremental Fee Tiers" for non-displayed orders. This change affects IEX members and kicks in right away, aiming to make trading fees fairer and more flexible. If you trade on IEX, expect some fresh fee options starting September 10, 2025!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Discounted $0.0001 Fee for Big Volume
IEX will charge a reduced fee of $0.0001 per share for "Incremental non-displayed ADV" if a Member's incremental non-displayed average daily volume is at least 10,000,000 shares compared to its August 2025 Baseline. This reduced fee applies only to executions at or above $1.00 per share for fee codes MI, MIB, TI, TIB, TIY, and TIYB, is capped at the Member's Baseline non-displayed ADV, and the qualification criteria will expire no later than February 28, 2026.
No Discount If You Don’t Reach 10M Threshold
Members whose Incremental non-displayed ADV is less than 10,000,000 will be placed in Incremental Fee Tier 1 and continue to pay the existing fee of $0.0010 per share for non-displayed liquidity adding or removing trades. The Tier 1 fees are the same as the current fees and do not get the $0.0001 discount.
Exclusions: Sub‑Dollar, Retail, and RLP Trades
Trades priced below $1.00 per share (sub-dollar trades) do not count toward the Incremental Fee Tier calculations and are not eligible for the discounted tiers. Trades identified as Retail or Retail Liquidity Provider (RLP) will continue to execute for free and are not changed by this proposal.
Month‑End Billing and Volume Aggregation Allowed
IEX will bill Members at month end based on total fees for that month, and Members may aggregate volume from multiple customers to determine Tier 2 qualification and to implement blended billing with their customers. This allows Members to combine customer orders when assessing eligibility and billing.
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