IEX Starts Charging for Once-Free Real-Time Market Data Access
Published Date: 9/30/2025
Notice
Summary
Starting October 1, 2025, Investors Exchange (IEX) will begin charging a fee for real-time access to its DEEP+ market data, which shows detailed order and trade info. This change affects traders and firms who use DEEP+, which was free during its first year. So, if you want the freshest market data from IEX, get ready to pay up!
Analyzed Economic Effects
4 provisions identified: 1 benefits, 2 costs, 1 mixed.
IEX charges $3,500/mo for DEEP+
Starting October 1, 2025, IEX will charge $3,500 per month for real-time access to its DEEP+ market data feed. The fee applies to all Data Subscribers and covers access to the real-time DEEP+ feed that was offered free during the initial incentive period beginning December 9, 2024.
Delayed DEEP+ access remains free
IEX will not charge for delayed access to DEEP+; delayed market data (accessed 15 minutes or more after release) remains available free of charge. If you can accept a 15-minute delay, you can continue to receive DEEP+ without paying the $3,500 monthly fee.
Fee is all-inclusive for all uses
The $3,500 monthly fee for real-time DEEP+ is an all-inclusive access fee that covers internal use and external distribution; IEX is not adopting additional non-display, redistribution, or per-user fees for DEEP+. The fee amount is the same regardless of whether the subscriber is an Exchange Member or a non-Member.
Subscribers must sign agreement and report usage
Anyone receiving real-time IEX market data must enter into an IEX Data Subscriber Agreement and the Exchange requires Data Subscribers to report their market data usage. These contractual and reporting rules apply to recipients of real-time DEEP+ who choose to subscribe.
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