IEX Adjusts Transaction Fees to Meet SEC Regulations
Published Date: 1/8/2026
Notice
Summary
Investors Exchange (IEX) is updating its fee schedule starting February 2, 2026, to change how certain transaction fees work for trades priced $1.00 or more per share. This update affects members who trade on IEX by offering two new ways to apply incremental fees, making sure the fees follow new SEC rules. Traders should watch for these changes as they could impact trading costs and fee calculations.
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
Fees must be determinable at execution
Starting February 2, 2026, IEX will make all transaction fees and rebates for executions priced at or above $1.00 per share determinable at the time of execution to comply with Rule 610(d) of Regulation NMS. Trades below $1.00 per share are unchanged because their rebates (based on total dollar value) are already determinable at execution.
ADV calculations will use prior month
IEX will calculate Average Daily Volume (ADV) for eligibility to fee and rebate tiers using the Member's trading or quoting activity in the immediately preceding month, effective for fees operative on February 2, 2026. For new members with no prior month activity, base fee rates will apply for the first month.
Displayed liquidity rebate tiers set by prior month
Rebates for displayed liquidity adding trades priced at or above $1.00 will be determined based on prior-month activity. Examples in the filing: Tier 7 (added at least 30,000,000 ADV) yields a $0.0022 per-share rebate; Tier 6 (added at least 20,000,000 ADV but less than 30,000,000) yields $0.0020; other examples include $0.0018, $0.0014, and $0.0016 per-share rebates tied to specific thresholds and quoting metrics.
Incremental fee tiers: $0.0001 discount and two options
IEX's Incremental Fee Tiers give Members a reduced fee of $0.0001 per share if their Incremental non-displayed ADV exceeds their Baseline non-displayed ADV (August 2025) by at least 10,000,000. The base rate is $0.0010 per share, the reduced fee is capped at the Member's Baseline non-displayed ADV, and Members must choose in advance one of two deterministic application methods (Option 1: prior-month blended rate applied to current month; Option 2: current-month total-accumulated-volume (TAV) method). If a Member does not select an option, Option 1 is the default. The baseline-based criteria will expire no later than February 28, 2026.
Displayed liquidity removing fees tied to prior month
Fees for displayed liquidity removing executions will be set based on prior-month displayed liquidity adding activity. For example, Members that added less than 25,000 ADV will be charged $0.0030 per share for displayed liquidity removing executions, while Members that added at least 25,000 ADV will be charged $0.0022 per share, with next-month fees determined from the prior month's activity.
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