IEX Hikes Fees for Sneaky Market Data Guzzlers
Published Date: 10/8/2026
Notice
Summary
IEX is updating its fee schedule starting October 1, 2026, by adding new charges for using its DEEP and DEEP+ market data feeds in non-display ways. This change mainly affects traders and firms who use these data feeds behind the scenes, not just for viewing. The new fees aim to better match how these feeds are used and could impact monthly costs for users.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
New monthly non-display fees for DEEP/DEEP+
If you subscribe to IEX DEEP or DEEP+ and use the feeds for non-display purposes, you must pay an extra flat monthly non-display fee of $2,500 for DEEP and $3,500 for DEEP+, in addition to the existing Real-Time Access Fee of $2,500 (DEEP) or $3,500 (DEEP+). Together this makes total monthly payments of $5,000 for DEEP and $7,000 for DEEP+ starting October 1, 2026.
Majority of current subscribers will incur fees
As of August 31, 2026, about 87% of current DEEP subscribers and 94% of current DEEP+ subscribers report non-display use and would therefore be subject to the new non-display fees when they become operative on October 1, 2026. If you are a current Data Subscriber who uses the feeds on a non-display basis, you will likely face the added monthly charge.
When fees do not apply and alternatives
You will not pay the non-display fee if you use DEEP or DEEP+ solely to display the data or solely to distribute it internally or externally. Alternatives to avoid the non-display fee include using the TOPS data feed, receiving DEEP/DEEP+ on a Delayed basis (which is free), or using consolidated national market system data.
One flat non-display fee per subscriber, not per platform
IEX will charge the non-display fee once per Data Subscriber per data feed each month, regardless of how many trading platforms or non-display uses you operate. That means a subscriber operating multiple trading platforms would pay a single $3,500/month non-display fee for DEEP+ on IEX rather than per-platform non-display fees that some other exchanges assess (other exchanges can charge up to $15,000 in non-display fees for three platforms).
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Department and Agencies
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