# 2025-20745: IEX Quietly Adjusts Its Market Fees

2025-20745, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX's Fee Schedule Concerning the Supplemental Market Quality Program, is a Federal Register notice from Securities and Exchange Commission published 2025-11-24, effective 2025-10-01 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-20745
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-20745
- Title: Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX's Fee Schedule Concerning the Supplemental Market Quality Program
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 53037
- Published: 2025-11-24
- Effective: 2025-10-01
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

IEX Quietly Adjusts Its Market Fees

## Summary

IEX is updating its fee schedule to make it easier for members to earn rewards through the Supplemental Market Quality Program. They’re adding a new tier of qualifying securities, which means more chances to save money on fees. These changes kick in on October 1, 2025, and affect all IEX members who trade eligible securities.

## Effects PRIA read

- New higher‑paying SMQ Level 2 tier: benefit, high. IEX is adding a new SMQ Level 2 tier that pays $400 per qualified security per month. To receive the $400 payment, a Member must have an NBBO Time of at least 40% in at least 20 SMQ Level 2 Securities in a month; this change is operative October 1, 2025.
- Quoting calculation counts both sides (NBBO Time): benefit, medium. IEX changed the way qualifying quoting time is measured: NBBO Time equals a Member's Percent Time at the national best bid (NBB) plus Percent Time at the national best offer (NBO). Quoting on either side now counts toward the 40% NBBO Time threshold used to qualify for SMQ payments.
- Higher Level 1 qualifying count (50 → 100): cost, medium. IEX raises the minimum average daily number of SMQ Level 1 Securities in which a Member must meet the NBBO Time threshold from 50 to 100. If a Member meets the threshold in 100 or more SMQ Level 1 Securities during the month, the SMQ Level 1 payment remains $125 per qualified security per month.
- Expanded list of SMQ‑eligible securities: benefit, medium. IEX will expand the number of securities designated as SMQ Securities (renamed SMQ Level 1 and Level 2 Securities) by adjusting threshold values for its objective selection criteria. The Exchange will publish updated lists prior to each month; these changes take effect October 1, 2025.

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## Sources
- [2025-20745 on federalregister.gov](https://www.federalregister.gov/documents/2025/11/24/2025-20745/self-regulatory-organizations-investors-exchange-llc-notice-of-filing-and-immediate-effectiveness-of)
- [2025-20745 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-11-24/pdf/2025-20745.pdf)

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Source: PRIA, https://policyrisk.com/federal-register/2025-20745 (as of 2026-06-08).