Exchange Lets Market Makers Fire Faster Quotes
Published Date: 6/24/2026
Notice
Summary
IEX is letting market makers send quick 'Immediate-or-Cancel' bulk quotes for options trading, speeding up how orders get handled. This change helps traders act faster and could improve market efficiency starting right away. Market makers and options traders on IEX will feel the impact, with no extra costs involved.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Market Makers Can Send IOC Bulk Quotes
IEX now lets Options Market Makers send a single bulk message that contains quotes with a Time‑In‑Force of Immediate‑or‑Cancel (IOC). The rule change was filed June 10, 2026 and applies to IEX Options (IEX anticipates launching its options market in October 2026).
Reduced Message Traffic and Potential Better Prices
IEX expects that allowing IOC bulk quotes will reduce message traffic and let Market Makers manage interactions with resting liquidity more efficiently, which the Exchange says could lead to additional execution opportunities and potentially improved prices for market participants. The Exchange filed the rule change on June 10, 2026 and stated the change is consistent with rules at other options exchanges.
IOC Quotes Don’t Rest or Count Toward Quoting Duties
An IOC quote entered as a bulk message is executed immediately in whole or in part and any unexecuted portion is canceled and will not post to the IEX Options Book. IEX states that IOC bulk-message quotes will not count toward a Market Maker's continuous quoting obligations and will not rest on the book.
IOC Bulk Use Limited Against Non‑Market Makers
IEX limits IOC bulk‑message quotes so they may execute only against resting non‑Market Maker interest on the IEX Options Book and will not execute against resting Market Maker interest. The Exchange said this restriction is intended to preserve Market Makers' core obligation to provide liquidity.
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