IEX Shuffles Stock Trading Fees for Fairer Play
Published Date: 2/12/2026
Notice
Summary
Investors Exchange (IEX) is updating its fee schedule starting March 1, 2026. Members who trade stocks will see a new reward for adding liquidity and a change in fees for taking liquidity. These changes aim to make trading fairer and could save or cost traders money depending on their actions.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
New top-tier liquidity rebate
Starting March 1, 2026, IEX adds a new Displayed Liquidity Adding Rebate Tier (Tier 8) that pays a rebate of $0.0023 per share for executions priced at or above $1.00. To qualify, a Member must have added at least 40,000,000 ADV of displayed liquidity in the immediately preceding month.
Higher percentage fee for sub-$1 trades
Beginning March 1, 2026, IEX will raise the fee for removing displayed liquidity on executions priced below $1.00 from 0.15% to 0.20% of the total dollar value (TDV) for specific fee codes (TL, TLB, TLK, TLBK). This change increases the percent-based charge on sub-$1.00 executions.
Higher fee for removing displayed liquidity (≥ $1)
Starting March 1, 2026, IEX increases the fee for removing displayed liquidity on executions at or above $1.00 from $0.0022 to $0.0024 per share for Members that added at least 25,000 ADV of displayed liquidity in the immediately preceding month. Members that added less than 25,000 ADV will continue to be charged $0.0030 per share.
Fees determinable at execution using prior month activity
As of February 2, 2026, IEX made transaction fees and rebates determinable at the time of execution. Volume-based rebate and fee tier eligibility will be based on a Member's trading or quoting activity in the immediately preceding month (not the current month).
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-10241 — Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the DTC Operational Arrangements (Necessary for Securities to Become and Remain Eligible for DTC Services)
The Depository Trust Company (DTC) is updating its rules to make it easier and clearer for agents handling corporate offers like tenders and subscriptions through its automated systems. This change affects companies and agents using DTC services to process these offers and starts right away with no extra costs. It’s all about smoother, faster, and more reliable processing for everyone involved!
2026-10244 — Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule Applicable to Members Concerning Equities Transaction Pricing
Investors Exchange (IEX) is updating its fee schedule starting June 1, 2026. Members who trade stocks will see changes in how they qualify for rebates and fee discounts based on their trading volume. These tweaks aim to make fees fairer and encourage more trading activity on the exchange.
2026-10245 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 3120 To Increase the Position and Exercise Limits for Options on the iShares Bitcoin Trust ETF
BOX Exchange is raising the limits on how many options traders can hold and exercise for the iShares Bitcoin Trust ETF. This change lets bigger players trade more freely and takes effect immediately, matching similar moves by other exchanges. If you trade these options, get ready for bigger opportunities starting now!
2026-10129 — The Goldman Sachs Group, Inc.
Goldman Sachs is asking the SEC for special permission to create investment funds just for its employees, letting them skip some usual rules. This change mainly affects Goldman Sachs workers and could speed up how these funds work without changing important protections. If no one objects by June 12, 2026, the SEC will approve this request.
2026-10168 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 17a-2
The SEC is asking to keep the rules that require underwriters to keep records about certain stock market activities for three years. About 647 companies spend around 3,235 hours and $530,000 yearly to follow these rules. This extension keeps things running smoothly without adding new costs or changes.
Previous / Next Documents
Previous: 2026-02798 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 5.52 (Market-Maker Quotes) To Adopt Two-Sided Quote Bid/Ask Differentials
Cboe Exchange is updating its rules to set clear limits on how wide market-makers can set their bid and ask prices. This change affects market-makers by making quotes more balanced and transparent, helping traders get fairer prices. The new rule kicks in immediately, aiming to keep the market smooth and competitive without extra costs.
Next: 2026-02800 — Self-Regulatory Organizations; CME Securities Clearing Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the CME Securities Clearing Inc. Rules and Incorporate CME Securities Clearing Inc. Procedures Into the Rules
CME Securities Clearing Inc. is updating its rulebook to move existing procedures into the official rules, making everything clearer and easier to follow. These changes mainly tidy up language and confirm how margin collateral is handled, affecting members and their users. The updates took effect right away on January 29, 2026, with no new fees or costs involved.