IEX Ditches Error Panel Roster Rule: Meh Update
Published Date: 10/1/2026
Notice
Summary
IEX is changing its rules to remove the minimum number of people needed on the Obvious Error Panel, which reviews big trading mistakes. This update affects traders and the exchange by making the panel more flexible and efficient, with no expected cost changes. The new rule is effective immediately, so the panel can work smoothly without waiting for a full roster.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Removal of 20‑Person Minimum Roster
IEX removed the rule that it must maintain at least ten market‑maker (MM) representatives and at least ten non‑MM representatives (20 total) available to serve on the Obvious Error Panel. The change eliminates that fixed minimum roster requirement and is intended to reduce an administrative burden on the Exchange and its Options Members, while panels will still convene with only four industry representatives when needed.
Panel Composition Protections Preserved
Even after removing the minimum roster requirement, each Obvious Error Panel will still include the Exchange's Chief Regulatory Officer (or designee), two MM representatives, and two non‑MM representatives, and panels may not include a person affiliated with a party to the trade. The eligibility criteria, conflict prohibition, and requirement to call representatives with roughly equal frequency remain in place.
Rule Effective Immediately for IEX Options Launch
The Commission waived the normal 30‑day operative delay so the proposed rule change became operative upon filing and the Exchange stated the rule would be operative on October 2, 2026, the scheduled start date for IEX Options trading. This allows the Obvious Error Panel to operate under the amended rule when IEX Options begins operations.
Applies Uniformly; No New Competitive Burden
The Exchange states the amendment will apply uniformly to all Options Members and will not affect the standards for determining erroneous transactions, the relief available, rights or obligations of Options Members, trading functionality, or members' ability to compete. The Exchange also stated it does not believe the change will impose any burden on intermarket competition.
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