Federal Register #SR-IEX-2026-39

IEX proposes changes to displayed-liquidity rebate tiers

This SEC notice describes a proposed change to the Investors Exchange LLC (IEX) Equities Fee Schedule, not a government procurement opportunity. - Government entity: Securities and Exchange Commission (SEC). - Filing party: Investors Exchange LLC (IEX). - Proposed changes: Revise displayed-liquidity average daily volume (ADV) thresholds for several existing rebate tiers; change Tier 7 and Tier 8 rebates and qualification criteria; remove Tier 7’s alternative qualification criteria; and create Tier 9. - Notable rebate detail: For executions priced at or above $1 per share, proposed rebates range from a free base fee at the lowest qualifying level to $0.0023 per share at Tier 9. Tier 9 requires at least 50,000,000 ADV of displayed liquidity. - Qualification basis: Tier qualifications depend on Members’ trading or quoting activity in the immediately preceding month. - Procurement status: No products, services, quantities, or contract period are requested.

Description

Investors Exchange LLC filed a proposed rule change to amend its equities fee schedule for displayed liquidity adding rebates. The proposal revises qualification criteria and rebate amounts for several existing tiers and introduces a ninth rebate tier for executions priced at or above $1.00 per share. The filing states that the changes became effective upon filing and will be operative on November 1, 2026.

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