# 2026-12638: Exchange Lets Market Makers Fire Faster Quotes

2026-12638, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX Rule 22.100 To Allow Market Makers To Submit Immediate-or-Cancel Bulk Message Quotes, is a Federal Register notice from Securities and Exchange Commission published 2026-06-24, effective 2026-06-10; PRIA reads it as touching household money (as of 2026-07-01).

- Canonical: https://policyrisk.com/federal-register/2026-12638
- As of: 2026-07-01
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-12638
- Title: Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX Rule 22.100 To Allow Market Makers To Submit Immediate-or-Cancel Bulk Message Quotes
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 38051
- Published: 2026-06-24
- Effective: 2026-06-10
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-07-01

## In one line

Exchange Lets Market Makers Fire Faster Quotes

## 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.

## Effects PRIA read

- Market Makers Can Send IOC Bulk Quotes: benefit, medium. 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).
- IOC Quotes Don’t Rest or Count Toward Quoting Duties: mixed, low. 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…
- IOC Bulk Use Limited Against Non‑Market Makers: cost, low. 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.
- Reduced Message Traffic and Potential Better Prices: benefit, medium. 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 fil…

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## Sources
- [2026-12638 on federalregister.gov](https://www.federalregister.gov/documents/2026/06/24/2026-12638/self-regulatory-organizations-investors-exchange-llc-notice-of-filing-and-immediate-effectiveness-of)
- [2026-12638 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-06-24/pdf/2026-12638.pdf)

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Source: PRIA, https://policyrisk.com/federal-register/2026-12638 (as of 2026-07-01).