Federal Register #SR-IEX-2026-32

Fee Schedule Proposal for Options Trading Platforms and Data Center Services by IEX and Nasdaq

This opportunity is overseen by the Securities and Exchange Commission (SEC) and involves fee schedule proposals from Investors Exchange LLC (IEX) and The Nasdaq Stock Market LLC for their options trading platforms and data center services. - Government Buyer: - SEC-regulated exchanges: Investors Exchange LLC (IEX) and The Nasdaq Stock Market LLC - OEMs and Vendors: - Investors Exchange LLC (IEX) - The Nasdaq Stock Market LLC - Financial Industry Regulatory Authority (FINRA) (for registration and processing fees) - Products/Services Requested: - Trading permits for Order Entry Firms, Clearing Members, and Market Makers on IEX Options - Monthly fees per permit, with tiered pricing for Market Makers - Premium product fees for seven high-volume options classes (SPY, QQQ, IWM, NVDA, TSLA, AAPL, AMZN) - Connectivity fees for physical and logical ports (10G ultra-low latency Ethernet, order entry, quoting, purge, drop copy) - Includes primary, disaster recovery, and test facility connections - Proprietary market data feed access (Options TOPS and DEEP) and non-display use fees - FINRA CRD registration and processing fees for non-FINRA members - Consolidated Audit Trail (CAT) Funding Fees for executed equivalent shares - Nasdaq liquid-cooled cabinet installation and power fees for NY11-5 data center expansion - Unique or Notable Requirements: - Fee schedule discounts for the first six months of IEX Options operations - Reserved section for transaction fees and credits - Comparisons to fees charged by other major exchanges (MIAX, MEMX, Cboe, Nasdaq PHLX, NYSE Arca, NYSE American) - Launch of IEX Options platform and Nasdaq's liquid-cooled cabinet services planned for Q4 2026 - No specific product quantities; fees are recurring monthly charges for access, connectivity, and services - FINRA and CAT fees incorporated by reference, affecting registration and audit trail compliance

Description

The Investors Exchange LLC (IEX) filed a proposed rule change with the Securities and Exchange Commission to establish a fee schedule for certain non-transaction fees applicable to participants trading options contracts on the exchange. The fee schedule will apply to Options Members and other market participants using IEX products and services. The proposal includes definitions of key terms, transaction fees and credits (reserved for future amendment), trading ports fees, market data fees, and other related charges. The changes are effective upon filing and will be operative beginning October 2, 2026.

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