Federal Register #SR-IEX-2026-22

SEC Notice: IEX Rebate Program for External Distribution of Real-Time Market Data

This notice details a proposed rule change by the Securities and Exchange Commission (SEC) regarding a new rebate program for IEX market data products: - Government Buyer: - U.S. Securities and Exchange Commission (SEC) - OEM/Vendor: - Investors Exchange LLC (IEX) is the sole OEM and provider of the market data products - Products/Services Requested: - Real-time IEX market data feeds: - DEEP+ (order-by-order depth of book data) - DEEP (aggregated depth of book data) - TOPS (top of book data) - External Distribution Rebate Program: - Data redistributors who bring in new external subscribers for these IEX data feeds are eligible for a rebate equal to 75% of the subscription fees paid by those new subscribers - Notable Requirements: - Only applies to new external data subscribers who were not entitled to receive real-time IEX market data as of the program's start date - Data redistributors must provide monthly reporting - New subscribers must execute the IEX Data Subscriber Agreement - The rebate expires upon subscription termination or at the end of the program period - Program Duration: - Effective for two years, with a defined start and end date

Description

The Securities and Exchange Commission has published a notice regarding a proposed rule change by Investors Exchange LLC. The rule change involves establishing a rebate for the external distribution of real-time IEX market data products, pursuant to IEX Rule 15.110(a) and (c). The rebate program aims to incentivize data redistributors to enlist new external data subscribers by offering a 75% rebate on subscription fees paid by new subscribers. The rebate program is set to be effective starting September 1, 2026, and will expire on August 31, 2028, or upon termination of the subscription.

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