# Federal Register #SR-IEX-2026-39

IEX proposes changes to displayed-liquidity rebate tiers

**Buyer:** Securities and Exchange Commission
**Posted:** October 09, 2026
**Respond By:** October 31, 2026
**Identifier:** SR-IEX-2026-39

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.

[View original listing](https://www.federalregister.gov/documents/2026/10/09/2026-20708/self-regulatory-organizations-investors-exchange-llc-notice-of-filing-and-immediate-effectiveness-of)