IEX Adds Rebate for Displayed Liquidity in Tape B Stocks
Published Date: 5/1/2026
Notice
Summary
Starting May 1, 2026, Investors Exchange (IEX) is rolling out a new money-saving rebate for traders who add visible orders in Tape B securities (like certain stocks). This change helps members get rewarded for boosting market liquidity, making trading on IEX more attractive and potentially cheaper. If you trade or invest in these securities, this update could put some cash back in your pocket!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
New Tape B displayed rebates
If you trade or invest in Tape B securities on IEX, starting May 1, 2026 the exchange will pay new displayed liquidity adding rebates for executions at $1.00 per share or more. The new Tape B tiers pay: FREE if you added less than 250,000 ADV of displayed liquidity; $0.0014 per share if you added at least 250,000 ADV but less than 500,000 ADV; and $0.0016 per share if you added at least 500,000 ADV (ADV = average daily volume calculated from the prior month).
Sub-dollar trades left unchanged
IEX is not changing fees for sub-dollar trades (executions below $1.00 per share). Sub-dollar displayed liquidity adding executions will continue to receive a rebate equal to 0.15% of the total dollar value of the trade and will not count toward the $1.00-or-more rebate tier calculations.
Members receive the highest applicable rebate
A Member who qualifies for a higher rebate under another existing displayed liquidity tier will receive that higher rebate instead of the Tape B-specific rebate. For example, a Member with 600,000 ADV in Tape B would qualify for the Tape B Tier 3 rebate of $0.0016 per share, but if that Member also met criteria for the existing Tier 5 (e.g., added at least 15,000,000 ADV) they would receive the higher $0.0018 per share rebate.
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