IEX to Flag Priority Customer Orders in Data Feeds
Published Date: 7/1/2026
Notice
Summary
Investors Exchange (IEX) is updating its system to clearly show when a customer's order has priority on its trading platform. This change means traders and investors will see priority customer interest through official market data feeds starting right away, making trading info clearer and fairer. No extra costs or delays—just smoother, smarter trading from June 25, 2026.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Priority Customer orders get allocation priority
IEX explains that under its Priority Customer Overlay (Rule 22.170(f)) eligible Priority Customer orders at the best price are allocated before any non-Priority Customer interest at that price, and if multiple Priority Customer orders exist at the same price they are allocated in time-priority order. This allocation framework is described in the June 25, 2026 filing.
IEX will flag priority customer interest
IEX will indicate when a Priority Customer order is present in its best bid or offer (BBO) on the OPRA plan and will mark Priority Customer orders in its proprietary IEX Options TOPS and IEX Options DEEP market data feeds. IEX filed this change on June 25, 2026 and says it will implement the change when it launches its options market (anticipated in October 2026).
Depth feed will show priority customer size
IEX will provide an indication of Priority Customer interest in depth-of-book quotations via its IEX Options DEEP feed, showing when Priority Customer interest is present beyond the top of book. The change was filed on June 25, 2026 and will be implemented when IEX launches options trading (anticipated in October 2026).
No extra fee to add the indicator
IEX says it will not charge additional fees for including the Priority Customer indicator in its Options DEEP and Options TOPS data feeds. This statement appears in the June 25, 2026 filing and applies to the proposed data-feed information.
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