Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Pursuant to IEX Rule 15.110(a) and (c) To Establish a Rebate for the External Distribution of Real-Time IEX Market Data Products
Published Date: 7/28/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
75% Rebate for Data Redistributors
If you are a Data Subscriber who signs up new External Data Subscribers for real-time IEX market data (DEEP+, DEEP, or TOPS), you can receive a rebate equal to 75% of the subscription fees paid to IEX by those new customers. The rebate is paid starting the first full month of the new customer's subscription (or after a 30-day free trial, if used).
Limited-Time Rebate Program Window
The external distribution rebate program is scheduled to begin operating on September 1, 2026 and will automatically expire on August 31, 2028 (or earlier if an enlisted External Data Subscriber's subscription ends). Only External Data Subscribers who, as of July 1, 2026, were not already entitled to receive real-time IEX market data are eligible to be counted as new for the rebate.
Opt-in, Reporting, and Agreement Requirements
To receive the rebate, a Data Subscriber must opt into the program via an updated Exhibit A (Data Request Form), report monthly any new External Data Subscribers enlisted during the prior month, and each new External Data Subscriber must execute the IEX Data Subscriber Agreement. The rebate will not apply to a Data Subscriber's existing External Data Subscriber customers.
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