IEX Adjusts Trading Rebates to Woo More Volume
Published Date: 5/22/2026
Notice
Summary
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.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Higher volume required for rebate tiers
If you are an IEX Member, you will now need larger amounts of non-displayed trading volume to qualify for several displayed-liquidity rebate tiers. For example, Tier 2's non-displayed ADV minimum increases from 5,000,000 to 10,000,000 (maximum 10,000,000 to 20,000,000); Tier 3 from 10,000,000 to 20,000,000; Tier 5 from 15,000,000 to 30,000,000; Tier 6 from 20,000,000 to 40,000,000; and Tier 7 from 30,000,000 to 50,000,000.
Standardized Incremental Fee Tier threshold
IEX now requires all Members to exceed their Baseline non-displayed ADV by at least 15,000,000 in the prior month to qualify for the reduced Incremental Fee Tier 2 rate of $0.0001 per share. The prior exception that allowed Members who had qualified for Displayed Liquidity Adding Rebate Tier 7 or 8 to qualify with only 10,000,000 incremental non-displayed ADV is removed.
Sub-dollar trades unchanged and protected
Trades with an execution price below $1.00 per share will continue to receive a rebate equal to 0.15% of the total dollar value for displayed-liquidity adding executions. Those sub-dollar trades will also continue to have no impact on rebate or fee-tier calculations for trades priced at $1.00 per share or more.
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