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 Amend the Exchange's Fee Schedule
Published Date: 7/29/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
TOPS monthly fee doubled
The Exchange will raise the monthly Real-Time fee for its TOPS top-of-book data feed from $500 per month to $1,000 per month. The change is filed July 20, 2026 and is planned to be operative beginning October 1, 2026.
Fee is all-inclusive (no extra user charges)
IEX's $1,000 monthly Real-Time TOPS fee covers internal use, external distribution, and non-display uses with no separate external distribution fees, non-display fees, or per-user fees. Delayed access to TOPS remains available free of charge.
Who currently uses TOPS and optional access
Real-Time TOPS is optional and the Exchange continues to offer a 15-minute Delayed TOPS feed for free. As of May 15, 2026, approximately 22% of Members subscribe to TOPS, about 14% of TOPS subscribers distribute it externally in Real-Time, and current reporting indicates 100% of TOPS subscribers use it for internal distribution.
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