IEX Adds New Trading and Routing Fees for Options Members
Published Date: 10/30/2026
Notice
Summary
Starting October 2, 2026, IEX is rolling out new transaction and routing fees for Options Members trading on its platform. These fees are part of an updated fee schedule that also clarifies key terms to keep things clear and fair. The changes took effect right after filing, so Options Members should get ready for these updates impacting their trading costs.
Analyzed Economic Effects
5 provisions identified: 0 benefits, 2 costs, 3 mixed.
Penny‑Class per‑contract fees and credits
For options that trade in penny increments, IEX will pay credits or charge fees per contract depending on your role. Effective upon the filing on October 14, 2026, Priority Customers adding liquidity receive a $0.32 credit per contract (and pay $0.34 to remove liquidity); Professionals receive a $0.28 credit to add and pay $0.40 to remove; Market Makers receive a $0.26 credit to add and pay $0.43 to remove; Away Market Makers receive a $0.22 credit to add and pay $0.45 to remove; Firms/Broker‑Dealers receive a $0.26 credit to add and pay $0.40 to remove.
Non‑Penny class fees vary by counterparty
For options that do not participate in the Penny Interval Program, IEX sets per‑contract fees and credits that depend on both your role and whether your counterparty is a Priority Customer or Non‑Priority Customer. For example, a Priority Customer adding liquidity against a Non‑Priority Customer gets a $0.70 credit per contract (and gets $0.85 to remove liquidity against a Non‑Priority Customer) but pays $0.00 when transacting with another Priority Customer; Professionals, Market Makers, Away Market Makers, and Firms face differing $0.00, $0.10, $0.25, or $0.95 rates depending on the counterparty and whether they add or remove liquidity.
Linkage routing fees for routed contracts
IEX will charge a routing fee when it routes orders to other options exchanges: $1.20 per Penny Class contract routed away and $1.63 per Non‑Penny Class contract routed away. The Exchange says these Linkage Routing Fees reflect clearing, administrative, technical, and third‑party routing broker costs.
Monthly invoice rounding up to whole cents
IEX will sum an Option Member's monthly volume, apply the applicable rate, and when a fractional cent occurs the Exchange will round up to the nearest whole cent for invoicing. This rounding rule is added to the Preface of the Options Fee Schedule and applies when computing monthly invoices.
Step Up and Opening Process fee treatments
IEX will treat executions that occur via the Step Up Mechanism as liquidity‑removing (they receive the remove fee or credit) and executions against an order exposed via the Step Up Mechanism as liquidity‑adding (they receive the add fee or credit). Also, transaction fees and credits for executions that occur as part of the Opening Process (Rule 22.160) are waived.
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