Notice2026-19867
Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Pursuant to IEX Rule 15.110(a) and (c) To Establish a Fee Schedule for Certain Non-Transaction Fees Applicable to Participants Trading Options Contracts on and Products and Services To Be Provided by the Exchange
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 29, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 187 (Tuesday, September 29, 2026)</title>
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[Federal Register Volume 91, Number 187 (Tuesday, September 29, 2026)]
[Notices]
[Pages 61530-61545]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-19867]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106480; File No. SR-IEX-2026-32]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Pursuant to
IEX Rule 15.110(a) and (c) To Establish a Fee Schedule for Certain Non-
Transaction Fees Applicable to Participants Trading Options Contracts
on and Products and Services To Be Provided by the Exchange
September 24, 2026.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on September 10, 2026, the Investors Exchange LLC (``IEX''
or the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Pursuant to the provisions of Section 19(b)(1) under the Act,\4\
and Rule 19b-4 thereunder,\5\ the Exchange is filing with the
Commission a proposed rule change pursuant to IEX Rules 15.110(a) and
(c) to establish a Fee Schedule for certain non-transaction fees
applicable to participants trading options contracts on and products
and services to be provided by the Exchange. Changes to the Fee
Schedule pursuant to this proposal are effective upon filing,\6\ and
will be operative beginning on October 2, 2026.
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\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
\6\ 15 U.S.C. 78s(b)(3)(A)(ii).
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The text of the proposed rule change is available at the Exchange's
website at <a href="https://www.iexexchange.io/resources/regulation/rule-filings">https://www.iexexchange.io/resources/regulation/rule-filings</a>
and at the principal office of the Exchange.
[[Page 61531]]
II. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of and basis for the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in Sections A, B, and C below, of the
most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
On September 18, 2025, the Commission approved IEX's rule change
proposal to adopt rules governing the trading of options on the
Exchange in a new facility called ``IEX Options''; \7\ IEX Options has
announced its plan to commence trading options on October 2, 2026.\8\
The Exchange proposes to establish a fee schedule for IEX Options
(``Fee Schedule'') that would apply to Options Members \9\ and other
market participants that use Exchange products and services. The
proposed Fee Schedule would be separate from the existing IEX Equities
Fee Schedule that applies to products and services associated with the
Exchange's equities market (``IEX Equities'').\10\ Specifically, the
Exchange proposes to establish (i) the initial structure of the Fee
Schedule, including a Preface section covering billing disputes and
definitions of terms used throughout the Fee Schedule; (ii) a proposed
Section I, Transaction Fees and Credits, which the Exchange is
proposing to reserve to be amended by a later proposed rule filing
pursuant to Section 19(b) of the Act; (iii) a proposed Section II,
Trading Permit and Premium Product Fees; \11\ (iv) a proposed Section
III, Connectivity Fees; \12\ (v) a proposed Section IV, Market Data
Fees; \13\ and (vi) a proposed Section V, Additional Fees,
incorporating the FINRA registration and processing fees and CAT
Funding Fees as set forth on the existing Additional Fees schedule for
IEX Equities.\14\ The Exchange also proposes an initial discount on
fees for Trading Permits, Premium Products, Connectivity, and Market
Data during the first six calendar months of IEX Options operations,
which will be stated in the respective sections for each of the
aforementioned proposed fees in the Fee Schedule. The Exchange notes
that none of these proposed changes would amend any existing fee
applicable to IEX Equities.
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\7\ See Securities Exchange Act Rel. No. 103998 (September 18,
2025), 90 FR 45861 (September 23, 2025) (SR-IEX-2025-02).
\8\ See <a href="https://www.iex.io/options/resources#important-dates">https://www.iex.io/options/resources#important-dates</a>.
\9\ See Rule 17.100.
\10\ The IEX Equities Fee Schedule (``IEX Equities Fee
Schedule'') is available here: <a href="https://www.iex.io/resources/trading/fee-schedule">https://www.iex.io/resources/trading/fee-schedule</a>.
\11\ See Rule 18.140 (Trading Permits).
\12\ See Rule 22.100(k) (Definitions--Port).
\13\ See Rule 22.240(b) (Data Dissemination--Exchange Data
Products).
\14\ See Fee Schedule: Additional Fees (``Additional Fees
Schedule''), available at <a href="https://www.iex.io/documents/fee-schedule-additional-fees">https://www.iex.io/documents/fee-schedule-additional-fees</a>.
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Table of Contents and Preface
The Exchange proposes to include a Table of Contents at the
beginning of the Fee Schedule listing the various types of fees and
credits the Exchange proposes to offer. The Exchange believes this will
make the Fee Schedule easier to use and will allow readers to quickly
locate the specific category of fees they are most interested in. As
described below, the Exchange also proposes a Preface section
containing a billing disputes provision and a Definitions section for
defined terms used throughout the Fee Schedule.
Billing Disputes
The Exchange proposes to add a ``Billing Dispute'' paragraph
stating that all fee disputes concerning fees billed by the Exchange
must be submitted to the Exchange in writing and accompanied by
supporting documentation. Furthermore, Options Members must submit all
fee disputes no later than 60 days after receipt of a billing invoice.
The Exchange believes this information will inform Options Members
about the process and timeline for disputing any Exchange billing.
Requiring Members to submit any billing disputes within a 60-day time
period after receipt of an invoice will encourage Members to review
their invoices promptly so that any potential disputes may be resolved
in a timely manner, thereby reducing the administrative burden of such
disputes on the Exchange. These provisions are consistent with billing
dispute provisions included in the fee schedules of other options
exchanges.\15\
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\15\ See, e.g., NYSE American Options Fee Schedule, Effective as
of August 18, 2026, available at <a href="https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf">https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf</a>; Securities Exchange Act Rel.
No. 72972 (September 3, 2014), 79 FR 53482 (September 9, 2014) (SR-
NYSEMKT-2014-71) (proposing to add billing dispute language to fee
schedule); NYSE Arca Options Fee Schedule (``NYSE Arca Options Fee
Schedule''), Effective as of August 18, 2026, available at <a href="https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf">https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf</a>; Securities Exchange Act Rel. No.
72971 (September 3, 2014), 79 FR 53488 (September 9, 2014) (SR-
NYSEARCA-2014-92) (proposing to add billing dispute language to fee
schedule).
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Definitions
The Exchange has included a Definitions section at the beginning of
the proposed Fee Schedule for terms that are used throughout the Fee
Schedule. Defined terms that are also defined or otherwise explained in
the Exchange Rules contain a cross reference to the relevant Exchange
Rule. For ease of reference and readability, the Exchange proposes to
include these previously defined terms in the Fee Schedule. The
Definitions section would read as follows:
<bullet> A ``Clearing Member'' means an Options Member that has
been admitted to membership in the Options Clearing Corporation (OCC)
pursuant to the provisions of the Rules of the OCC and is self-clearing
or that clears IEX Options Transactions for other Options Members. See
Rule 17.100.
<bullet> A ``Market Maker'' refers to an Options Member registered,
pursuant to Rule 23.100, as either a ``Registered Market Maker'' or a
``Specialist.''
<bullet> An ``MPID'' means the unique market participant identifier
assigned to an Options Member. See Rule 17.100.
<bullet> ``Order Entry Firms'' or ``OEFs'' are those Options
Members representing as agent Customer orders on IEX Options and those
non-Market Maker Members conducting proprietary trading. See Rule
17.100.
IEX notes that other exchanges have similar Definitions sections in
their respective fee schedules.\16\
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\16\ See, e.g., MIAX Sapphire Options Exchange Fee Schedule as
of August 17, 2026 (``MIAX Sapphire Fee Schedule''), available at
MIAX_Sapphire_Fee_Schedule_08172026.pdf; Securities Exchange Act
Rel. No. 100683 (August 9, 2024), 89 FR 66467 (August 15, 2024) (SR-
SAPPHIRE-2024-13) (proposing to establish fee schedule, including a
Table of Contents); MIAX Emerald Options Exchange Fee Schedule as of
August 1, 2026 (``MIAX Emerald Fee Schedule''), available at <a href="https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX__Emerald__Fee__Schedule__08012026.pdf">https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX__Emerald__Fee__Schedule__08012026.pdf</a>; Securities Exchange Act
Rel. No. 85393 (March 21, 2019), 84 FR 11599 (March 27, 2019) (SR-
EMERALD-2019-15) (same).
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Section I. Transaction Fees and Credits
The Exchange proposes to include a section for Transaction Fees and
Credits which the Exchange is proposing to reserve to be amended by a
later proposal.
[[Page 61532]]
Section II. Trading Permit and Premium Product Fees
The Exchange is proposing a discount on permit fees and premium
product fees during the first six calendar months of the operations of
IEX Options to provide an incentive to prospective market participants
to become a Member of IEX Options. Permit fees and premium product fees
will be discounted 100% during the first three calendar months of IEX
Options' operations.\17\ For the three calendar months thereafter
(i.e., months four through six of IEX Options' operations), permit fees
and premium product fees will be discounted 50%. Notwithstanding the
initial discount of 100% for the first three calendar months of
operations, the Exchange proposes to establish an initial fee structure
to communicate the Exchange's intent to charge trading permit and
premium product fees upon the expiration of the discount. In addition,
the Exchange will provide Members with advance notice via Trading Alert
of the proposed Fee Schedule, including the proposed discounts.
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\17\ IEX Options launch is currently scheduled for October 2,
2026. See IEX Options Information Hub, available at <a href="https://www.iex.io/options/resources">https://www.iex.io/options/resources</a>.
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A. Monthly Order Entry Firm and Clearing Member Permit Fees
The Exchange is proposing to charge Order Entry Firms \18\ and
Clearing Members \19\ permit fees of $1,000 per month for each permit.
The fee for an IEX Options Member that is approved as an Order Entry
Firm will be charged for any month the Order Entry Firm is certified in
the membership system and is credentialed to use one or more Financial
Information Exchange 4.2 (``FIX'') or binary order entry (``IBOP'' or
``binary'') ports in the production environment.\20\ The Exchange
proposes to assess a monthly clearing firm permit fee on a Clearing
Member in any month the clearing firm is certified in the membership
system to clear transactions on the Exchange. As discussed further in
the Statutory Basis section, the proposed order entry firm and clearing
member permit fees are comparable to the same fees charged by other
options exchanges.\21\
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\18\ An Order Entry Firm is an Options Member representing as
agent Customer orders on IEX Options and those non-Market Maker
Members conducting proprietary trading. See Rule 17.100.
\19\ A ``Clearing Member'' is an Options Member that has been
admitted to membership in the OCC pursuant to the provisions of the
Rules of the OCC and is self-clearing or that clears IEX Options
Transactions for other Options Members. See Rule 17.100.
\20\ In addition, a Market Maker engaged in both order entry,
clearing, and quoting activity would be liable for Order Entry Firm
Permit fees, Clearing Firm Permit fees, and Market Maker permit
fees, as applicable.
\21\ See infra, notes 70-76 and text accompanying such notes.
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B. Monthly Market Maker Permit Fees
The Exchange is proposing to charge monthly Market Maker \22\
permit fees based on the maximum number of permits assessed during the
month. The Exchange proposes that monthly Market Maker permit fees will
be assessed in any month a Market Maker or Specialist \23\ is appointed
to quote in one or more classes as a Market Maker and/or Specialist. A
Market Maker also engaged in order entry and clearing activity would
also be subject to the Order Entry Firm Permit fees and Clearing Firm
Permit fees, as applicable.\24\
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\22\ See Rule 23.100(a).
\23\ See Rules 23.100(c) and 23.130(b).
\24\ Other exchanges also charge a market maker for additional
trading permits required for its activity on the exchange. See C2
Options Fee Schedule, infra, note 70 (``a Trading Permit Holder with
one Market-Maker Permits and one Electronic Access Permit would be
assessed a total of $6,000 per month ($5,000 for a Market-Maker
Permit and $1,000 for an Electronic Access Permit'').
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The Exchange proposes to assess monthly Market Maker Permit fees
based on the number of classes in which a Market Maker (including as a
Specialist) was appointed during the month in question pursuant to
Rules 23.120(a) and/or 23.130(a)(2).\25\ The ``Market Maker Permit
Assessment'' table on the Fee Schedule sets forth the number of permits
an MPID of a Member would be charged for according to the number of
classes in which the Market Maker is appointed. To quote in all classes
listed on the Exchange, an MPID would require three permits.
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\25\ The Exchange appoints Market Makers to options classes
traded on the Exchange based on their submission to the Exchange of
the options classes they intend to quote in pursuant to IEX Rule
23.120. The Exchange may appoint one Specialist to each options
class traded on the Exchange pursuant to IEX Rule 23.130.
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The ``Permit Costs Per Market Maker Membership'' table on the Fee
Schedule sets forth the fees applicable to a Member for each permit.
The Exchange proposes to adopt the following monthly Market Maker
Permit fees: (i) $5,000 for one permit that would allow quoting in up
to 50 classes; (ii) $3,000 for the second permit that, together with
the first permit, would allow quoting in up to 200 classes; (iii)
$2,000 for a third permit that would allow quoting in 201 classes up to
and including all classes listed on the Exchange; (iv) $1,000 for a
fourth permit; (v) $1,000 for a fifth permit; (vi) $1,000 for a sixth
permit; and (vii) any additional permits would be free. Thus, if a
Market Maker seeks to enter quotes from more than one MPID in one or
more classes,\26\ it would be assessed $1,000 for up to three
additional permits, and any additional permits would be free. Thus, the
maximum amount an IEX Market Maker would pay for Market Maker permits
is $13,000 ($5,000 + $3,000 + $2,000 + $1,000 + $1,000 + $1,000).
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\26\ ``MPID'' is the unique market participant identifier
assigned to an Options Member. See Rule 17.100. A Market Maker with
multiple MPIDs may choose to register for more than three permits in
order to enter more than one quote in particular options on the
Exchange.
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As discussed further in the Statutory Basis section, the proposed
monthly Market Maker Permit fees are comparable to market maker permit
fees charged by other options exchanges.\27\
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\27\ See infra, notes 80-90 and text accompanying such notes.
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C. IEX Options Market Maker Monthly Premium Product Fees
The Exchange proposes a monthly Premium Product Fee, in addition to
the Market Maker Permit Fees, that would be charged to any IEX Options
Market Maker appointed to transact \28\ in certain specified options
classes, which the Exchange expects will be among the most actively
traded options classes. As proposed, the initial Premium Products would
be SPY, QQQ, IWM, NVDA, TSLA, AAPL, and AMZN. The Exchange proposes a
monthly fee of $300 each for options classes SPY, QQQ, and IWM, and a
monthly fee of $200 each for options classes NVDA, TSLA, AAPL, and
AMZN. To the extent the Exchange determines to change the list of
classes subject to the Premium Product fee, it would do so through a
fee filing with the Commission. As discussed further in the Statutory
Basis section, the proposed monthly Premium Product fees are lower than
similar fees charged by one other options exchange.\29\
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\28\ See supra, note 25. The proposed Premium Product fee would
apply per MPID. As proposed, for example, a Market Maker dual
quoting in SPY would pay $600 in Premium Product fees.
\29\ See infra, note 91 and accompanying text.
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Section III. Connectivity Fees
A. Physical Connectivity Fees
The Exchange will offer the ability to physically connect to the
Exchange at its Primary Data Center and Disaster Recovery Data
Center.\30\ The number of physical connections to IEX's Primary Data
Center assigned to each Member or non-Member is determined by each such
entity based on the scope and scale of its trading and quoting activity
on the Exchange (or other activity on the
[[Page 61533]]
Exchange, in the case of market data recipients, Service Bureaus,\31\
Sponsored Participants,\32\ and Extranet Providers \33\).
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\30\ The IEX Primary Data Center is located in Secaucus, NJ.
\31\ Rule 11.130(d).
\32\ Rule 11.130(b).
\33\ Rule 11.130(e).
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The Exchange is proposing a discount on physical connectivity fees
during the first six calendar months of the operations of IEX Options
to provide Members an initial ramp up period for Members to scale
operations on IEX Options. During the initial three calendar months of
operations, the Exchange proposes to provide a 100% discount on fees
for up to two connections at the Primary Data Center and up to two
connections to the Disaster Recovery Data Center. During the three
calendar months thereafter, the Exchange proposes to provide a 50%
discount on fees for up to two connections at each Data Center. The
proposed discount would only apply to the first two physical
connections at each Data Center; additional connections would be
charged at full price.
The following describes the proposed fees for physical connectivity
to the Exchange.
(i) 10G Ultra-Low Latency (ULL) Ethernet Physical Port Connection to
the Primary Data Center
The Exchange proposes to offer physical connections to the Primary
Data Center through a 10G ULL Ethernet connection. The proposed 10G
connection will provide infrastructure for IEX Options logical port
connectivity at the Primary Data Center.\34\ Members will be able to
use the 10G connection for both order and quote entry and to receive
IEX Options' proprietary market data feeds. The Exchange proposes to
charge a monthly fee of $7,000 per physical port connection to the
Primary Data Center. The Exchange also proposes to add a footnote to
the line setting forth the fee for 10G connectivity to the Primary Data
Center, which will clarify that these fees are billed to and payable by
the Options Member, Service Bureau, Data Recipient, or Extranet
Provider maintaining the physical port connection at the Primary Data
Center or Disaster Recovery Data Center based on the highest quantity
of ports provisioned during the month.
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\34\ Physical connectivity to the IEX Equities market cannot be
used to connect to IEX Options.
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As discussed in more detail in the Statutory Basis section below,
the proposed fee is comparable to, or lower than, fees charged by other
options exchanges for similar connectivity.\35\
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\35\ See infra, notes 94-100 and text accompanying such notes.
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(ii) 10G Ultra-Low Latency (ULL) Ethernet Physical Port Connection to
the Disaster Recovery Data Center
The Exchange proposes to offer physical connections to the
Exchange's Disaster Recovery Data Center through a 10G ULL Ethernet
connection. The Disaster Recovery Data Center is located in Chicago,
IL. The Exchange proposes to charge a monthly fee of $3,000 for each
physical port connection to the Disaster Recovery Data Center.\36\ IEX
notes that maintaining direct connectivity to the Disaster Recovery
Data Center is optional for all Options Members. Even Options Members
designated to participate in mandatory testing of backup systems may
connect to the Disaster Recovery Data Center directly or indirectly
through a third-party.\37\ As discussed in more detail in the Statutory
Basis section below, the proposed fee is comparable to, or lower than,
fees charged by other options exchanges for similar connectivity.\38\
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\36\ As it does for its Equities market, the Exchange will offer
logical order entry ports at the Disaster Recovery Data Center free
of charge.
\37\ See Rule 2.250 (Mandatory Participation in Testing of
Backup Systems).
\38\ See infra, notes 101-111 and text accompanying such notes.
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(iii) 1G or 10G Physical Port Connection to the IEX Test Facility
(``ITF'')
The ITF is accessed through the Primary Data Center located in
Secaucus, NJ and supports order entry certification and non-production
testing. The Exchange offers 1G and 10G physical port connections as
well as internet connectivity to the ITF.\39\ The Exchange proposes to
offer 1G and 10G port connectivity to the ITF free of charge in order
to encourage testing at the ITF. The Exchange also proposes adding a
footnote to the line setting forth the fee for connectivity to the ITF,
which will clarify that 1G physical ports are the default connection to
the ITF, but Options Members and Service Bureaus may also connect to
ITF through a 10G physical port. As discussed in more detail in the
Statutory Basis section below, the proposed fee is lower than
comparable physical connectivity fees charged by other options
exchanges for access to their testing environments.\40\
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\39\ 10G physical ports provide ultra-low latency and wider
bandwidth connections than a 1G port, which IEX understands is not
as necessary when conducting testing in the ITF. Thus, 1G
connectivity will be sufficient for most Options Members when
connecting to the ITF, but those seeking ultra-low latency and wider
bandwidth connections may connect to a 10G physical port.
\40\ See infra, notes 112-116 and text accompanying such notes.
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B. Port Connectivity Fees
The Exchange will offer logical port access, also known as ``port
connections'' or ``sessions,'' for order entry, Market Maker quoting
(including Purge ports), and receipt of trade execution reports and
order messages (including Drop Copy ports). Options Members can also
choose to connect to IEX indirectly through a port connection
maintained by a third-party Service Bureau. The number of port
connections to IEX's Primary Data Center assigned to each Options
Member or non-Options Member is determined by each entity based on the
scope and scale of its trading and quoting activity on the Exchange (or
other activity on the Exchange, in the case of Service Bureaus and
Sponsored Participants).
As set forth below, the Exchange proposes certain fees for port
connectivity to the Primary Data Center. Logical port fees would be
charged based on the highest quantity of ports provisioned during the
month. The Exchange would not charge fees for logical ports at the
Disaster Recovery Data Center or ITF. Thus, IEX proposes to add a
footnote at the end of each logical port fee in the Fee Schedule
specifying that the fees for logical ports are only applicable to such
ports at the IEX point-of-presence (``POP'') in Secaucus (Hot/Primary)
connectivity site, and that there are no fees for logical ports at the
Disaster Recovery Center (Cold/Secondary) or ITF: Secaucus (Non-
Production). The footnote will also explain that fees for Primary Data
Center logical ports are billed to and payable by the Options Member or
Service Bureau maintaining the port based on the number of Primary Data
Center Logical Ports assigned to each Member or Service Bureau based on
the highest quantity provisioned during the month.
The Exchange is proposing an initial discount on port connectivity
fees during the first six calendar months of IEX Options operations to
provide an incentive to market participants to connect to and trade on
the Exchange. As proposed, fees for up to two sets \41\ and up to two
individual ports receive a 100% discount per service for the first
three calendar months of IEX Options' operations. For the three
calendar months thereafter, port connectivity fees would be discounted
50%. The proposed discount would apply only to
[[Page 61534]]
the first two sets and up to two individual ports; additional ports
would be charged at full price.
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\41\ As described in Section III.B.ii. below, a ``set'' refers
to a collection of ten Market Maker Quoting Ports distributed across
the ten trading rings.
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(i) Order Entry FIX or Binary Ports
Options Members will be able to send and receive order messages to
the System \42\ through either the FIX or binary ports. The Exchange
proposes a monthly fee of $450 for each Order Entry FIX and binary port
at the Primary Data Center. As discussed in more detail in the
Statutory Basis section below, the proposed fees are lower than fees
charged by other options exchanges for order entry ports.\43\
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\42\ ``System'' means the automated trading system used by IEX
Options for the trading of options contracts, as described in Rule
22.100(a).
\43\ See infra, notes 117-120 and text accompanying such notes.
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(ii) Market Maker Quoting Ports
Market Maker quote entry will be supported by the IBOP protocol.
Market Makers will be able to pay to access Market Maker binary quoting
ports that connect directly to the System to transmit bulk order entry
and cancellation messages. The IEX Options matching engine architecture
will be comprised of ten trading rings.\44\ All listed options classes
will be assigned to specific trading rings. A Market Maker would obtain
full coverage of all ten trading rings by purchasing a ``set'' of ten
quoting ports, which will enable Market Makers to quote in classes
allocated to all ten trading rings, i.e., all classes listed on the
Exchange. The Fee Schedule would define a ``set'' as 10 individual
sessions distributed to each of the 10 trading rings. Alternatively, a
Market Maker could pay for individual sessions to connect to specific
trading rings.
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\44\ IEX Options leverages a multi-ring architecture intended to
maximize performance at scale. The architecture includes multiple
Client Gateway Rings, to which Order Entry sessions connect, and
multiple Trading Rings, to which Market Maker Quoting and Purge
Sessions connect. See IEX Options User Manual, available at <a href="https://www.iex.io/documents/iex-options-user-manual">https://www.iex.io/documents/iex-options-user-manual</a>.
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The Exchange proposes a monthly fee of $4,000 for a set of 10
Market Maker quoting ports and $650 for each individual session. As
discussed in more detail in the Statutory Basis section below, the
proposed fees are comparable to, or lower than, fees charged by other
options exchanges for market maker quoting ports.\45\
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\45\ See infra, notes 121 and 122 and text accompanying such
notes.
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(iii) Market Maker Purge Ports
A purge port is a dedicated, high-priority communication channel
used by a Market Maker to send messages canceling and optionally
blocking quote interest submitted through Market Maker quoting
sessions. Purge ports will be supported by the IBOP protocol and
allocated by the Exchange per trading ring. The Exchange proposes to
charge a monthly fee of $2,500 for a set of 10 Market Maker purge
ports, each of which will connect to one of the ten trading rings. A
Market Maker would also be able to pay for individual sessions to
connect to specific trading rings for $450 each. As discussed in more
detail in the Statutory Basis section below, the proposed fees are
comparable to, or lower than, fees charged by other options exchanges
for market maker purge ports.\46\
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\46\ See infra, notes 125-127 and text accompanying such notes.
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(iv) Drop Copy Ports
The Exchange will offer drop copy ports supported by FIX 4.2.\47\
The Exchange proposes a monthly fee of $450 per drop copy port. As
discussed in more detail in the Statutory Basis section below, the
proposed fee is comparable to, or lower than, fees charged by other
options exchanges for drop copy ports, which are used in the same
manner as IEX Options drop copy ports.\48\
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\47\ Confirmations of orders and execution reports are
transmitted by the Exchange over the Order Entry Port that was used
to enter the order. A ``drop copy'' contains redundant information
that a Member chooses to have ``dropped'' to another destination
(e.g., to allow the Member's back office and/or compliance
department, or another Member--typically the Member's clearing
broker--to have immediate access to the information). Drop copies
can only be sent via a drop copy port. Drop copy ports cannot be
used to enter orders.
\48\ See infra, notes 128-130 and text accompanying such notes.
---------------------------------------------------------------------------
Section IV. Market Data Fees
As proposed, the Exchange will offer two proprietary market data
feeds: Options TOPS and Options DEEP. Options TOPS is an uncompressed
data feed that offers top of book quotations and execution information
based on options orders entered into the System.\49\ Options DEEP is an
uncompressed data feed that offers depth of book quotations and
execution information based on options orders entered into the
System.\50\
---------------------------------------------------------------------------
\49\ See Rule 22.240(b)(2). The quotations (including orders)
disseminated via Options TOPS do not indicate the number or size of
individual orders and quotes at the top of book.
\50\ See Rule 22.240(b)(1). The quotations (including orders)
disseminated via Options DEEP include the number and size of
individual orders and quotes entered into the System.
---------------------------------------------------------------------------
A. Market Data Definitions
The Exchange proposes to include in the Market Data Fees section of
the proposed Fee Schedule definitions of certain key terms applicable
to the distribution of IEX market data: Real-Time, Data Subscriber, and
Non-Display. As proposed, the Fee Schedule would include the
definitions of these terms as follows in order to provide clarity
regarding how the proposed fees would apply: \51\
---------------------------------------------------------------------------
\51\ These defined terms also appear in the Market Data Fees
section of the IEX Equities Fee Schedule with the same definitions
as proposed here. See IEX Equities Fee Schedule, supra, note 10.
---------------------------------------------------------------------------
<bullet> ``Real-Time'' means IEX market data that is accessed,
used, or distributed less than fifteen (15) minutes after it was made
available by the Exchange. IEX provides only Real-Time IEX market data
to Data Subscribers. A Data Subscriber may redistribute Real-Time IEX
market data that it receives from the Exchange on a Real-Time basis to
a natural person or entity. Receipt of IEX market data on a Real-Time
basis by an affiliate of a Data Subscriber is not subject to additional
Fees beyond those paid by such Data Subscriber.\52\
---------------------------------------------------------------------------
\52\ The terms ``affiliate'' and ``affiliated'' have the meaning
specified in Rule 12b-2 of the Exchange Act.
---------------------------------------------------------------------------
<bullet> The term ``Data Subscriber'' means any natural person or
entity that receives Real-Time IEX market data either directly from the
Exchange or from another non-affiliated Data Subscriber. A Data
Subscriber must enter into a Data Subscriber Agreement with IEX in
order to receive Real-Time IEX market data. A natural person or entity
that receives Real-Time IEX market data from an affiliated Data
Subscriber is subject to the Data Subscriber Agreement of such
affiliated Data Subscriber.
<bullet> ``Non-Display'' use means accessing, processing, or
consuming Real-Time IEX Market Data for a purpose other than (i) solely
facilitating a Data Subscriber's display of the Real-Time IEX Market
Data or (ii) solely internally or externally distributing the Real-Time
IEX Market Data. Non-Display use may include, but is not limited to:
operating a trading platform; automated trading; order routing; order
management; investment analysis; risk management; surveillance;
compliance; portfolio valuation. For more information, see the IEX
Market Data Policies.
B. Market Data Fees
In general, the Exchange believes that exchanges, in setting fees,
should meet very high standards of transparency to demonstrate why each
new fee or fee increase meets the Exchange Act requirements. The
Exchange believes this high standard is especially important when an
exchange imposes
[[Page 61535]]
fees for its market data because each exchange is the exclusive source
of its market data.
The Exchange is proposing a discount on market data fees during the
first six calendar months of the operations of IEX Options to provide
an incentive to prospective market participants to become a Data
Subscriber of the market data feeds offered by IEX Options. Market data
fees will be discounted 100% during the first three calendar months of
IEX Options' operations. For the three calendar months thereafter,
market data fees will be discounted 50%.
(i) Access Fees
The Exchange proposes a monthly access fee of $750 for Options TOPS
and $2,500 for Options DEEP to each Data Subscriber that is
credentialed to receive the applicable data feed. A ``Data Subscriber''
is any natural person or entity that receives Real-Time \53\ IEX market
data either directly from the Exchange or from another non-affiliated
Data Subscriber. All Data Subscribers are required to enter into a Data
Subscriber Agreement with IEX to receive Real-Time access to the
applicable data feed. The proposed access fee would cover accessing,
processing, or consuming the applicable data feed to facilitate the
Data Subscriber's display of the data feed, or to distribute the data
feed internally or externally.\54\ The Exchange requires Data
Subscribers to regularly report their usage of IEX Market Data.\55\
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\53\ ``Real-Time IEX Market Data'' is IEX Market Data that is
accessed, used or distributed less than fifteen (15) minutes after
it was made available by the Exchange. See IEX Fee Schedule--Market
Data Fees, available at <a href="https://www.iex.io/resources/trading/fee-schedule#market-data-fees">https://www.iex.io/resources/trading/fee-schedule#market-data-fees</a>. IEX only provides Real-Time IEX Market
Data and will not itself delay the dissemination of IEX Market Data
to Data Subscribers.
\54\ See IEX Market Data Policies, Section 13--Non-Display Use,
available at <a href="https://www.iex.io/documents/iex-market-data-policies-rev202408">https://www.iex.io/documents/iex-market-data-policies-rev202408</a>.
\55\ See IEX Data Subscriber Agreement, Section 7, available at
<a href="https://www.iex.io/documents/iex-data-subscriber-agreement">https://www.iex.io/documents/iex-data-subscriber-agreement</a>.
---------------------------------------------------------------------------
(ii) Non-Display Fees
The Exchange proposes to charge a monthly non-display fee of $750
for Options TOPS and $2,500 for Options DEEP to each Data Subscriber
that is credentialed to receive the applicable data feed for non-
display use. ``Non-Display'' use includes, but is not limited to,
operating a trading platform; automated trading; order routing; order
management; investment analysis; risk management; surveillance;
compliance; portfolio valuation.\56\
---------------------------------------------------------------------------
\56\ See IEX Market Data Policies, supra, note 54, Section 13.
``Trading Platforms'' include, but are not limited to, alternative
trading systems (ATS's), broker crossing networks, broker crossing
systems not filed as ATS's, dark pools, multilateral trading
facilities, exchanges, and systematic internalization systems. See
id.
---------------------------------------------------------------------------
The Exchange notes that Real-Time access to Options TOPS and
Options DEEP is optional. The Exchange is not required to make Real-
Time access to Options TOPS and Options DEEP available to Options
Members or market data customers, nor is any customer or Member of the
Exchange required, either by any Exchange rule or the federal
securities laws, to purchase Real-Time access to the TOPS data feed.
Section V. Additional Fees
The Exchange proposes to incorporate by reference into the Fee
Schedule the Exchange's ``Additional Fees Schedule,'' which already
contains Central Registration Depository (``CRD'') registration and
processing fees,\57\ and Consolidated Audit Trail (``CAT'') Funding
Fees. The Financial Industry Regulatory Authority (``FINRA'') charges a
single fee to register any representative or principal of a member firm
in the CRD system irrespective of if the member firm is also a member
of FINRA. Because FINRA separately collects the CRD system fee for any
IEX Member \58\ that is also a FINRA member,\59\ the registration and
processing fees on the Additional Fees Schedule apply only to IEX
Members who are not FINRA members.
---------------------------------------------------------------------------
\57\ See Securities Exchange Act Rel. No. 106058 (August 7,
2026), 91 FR 52097 (August 12, 2026) (SR-IEX-2026-26) (re-organizing
the IEX Fee Schedule to establish the Additional Fees Schedule as a
stand-alone fee schedule containing CRD registration and processing
fees and CAT Funding Fees).
\58\ See IEX Rule 1.160(s).
\59\ IEX Members that are also FINRA members are charged CRD
system fees according to Section (4) of Schedule A to the FINRA By-
Laws.
---------------------------------------------------------------------------
The CAT Funding Fees are related to reasonably budgeted CAT costs
of the National Market System Plan Governing the Consolidated Audit
Trail (the ``CAT NMS Plan'' or ``Plan'') \60\ for the period from May
1, 2026 through December 31, 2026.\61\ The CAT Funding fees comprise
(i) the fee rate for CAT Fee 2026-1, which is $0.000001 per executed
equivalent share; \62\ and (ii) Historical CAT Assessment 1A, which is
$0.000002 per executed equivalent share.\63\ Under the CAT NMS Plan,
for purposes of calculating CAT Fees, with respect to the trading of
listed options contracts, the executed equivalent shares in a
transaction in Eligible Securities is counted as follows: each executed
contract for a transaction in Listed Options will be counted based on
the multiplier applicable to the specific Listed Options (i.e., 100
executed equivalent shares or such other applicable multiplier).\64\
---------------------------------------------------------------------------
\60\ Securities Exchange Act Rel. No. 79318 (Nov. 15, 2016), 81
FR 84696 (Nov. 23, 2016) (Commission Order approving CAT NMS Plan).
\61\ See Securities Exchange Act Rel. No. 105396 (May 7, 2026),
91 FR 26100 (May 12, 2026) (SR-IEX-2026-11).
\62\ See id.
\63\ Securities Exchange Act Rel. No. 105407 (May 7, 2026), 91
FR 26252 (May 12, 2026) (SR-IEX-2026-12).
\64\ Section 11.3(a)(i)(B) of the CAT NMS Plan.
---------------------------------------------------------------------------
The Exchange proposes to incorporate the Web CRD registration and
processing fees and the CAT Funding Fees into proposed Section V of the
Fee Schedule by referencing the Exchange's Additional Fees Schedule.
2. Statutory Basis
IEX believes that the proposed rule change is consistent with the
provisions of Section 6(b) of the Act \65\ in general and furthers the
objectives of Section 6(b)(4) of the Act,\66\ in particular, in that it
is designed to provide for the equitable allocation of reasonable dues,
fees, and other charges among its Members and other persons using its
facilities. In addition, the Exchange believes that the proposed fees
are consistent with the purposes of Section 6(b)(5) \67\ of the Act in
that they are designed to promote just and equitable principles of
trade, to foster cooperation and coordination with persons engaged in
regulating, clearing, settling, processing information with respect to,
and facilitating transactions in securities, to remove impediments to a
free and open market and national market system, and, in general, to
protect investors and the public interest, and particularly, are not
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------
\65\ 15 U.S.C. 78f(b).
\66\ 15 U.S.C. 78f(b)(4).
\67\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Table of Contents and Preface
The Exchange believes that including a Table of Contents and
Preface section is reasonable, equitable, and not designed to permit
unfair discrimination because these features are designed to make the
Fee Schedule more logical and comprehensive and, therefore, easier for
market participants to navigate and digest, which is in the public
interest. In particular, the proposed Preface section, which includes
billing disputes and a Definitions sections, is designed to enable
market participants to better understand how the Exchange imposes fees
on each market participant, which should make the overall Fee Schedule
[[Page 61536]]
more transparent and comprehensive to the benefit of the investing
public. As set forth below, each of these provisions is based on
substantially similar rules of other options exchanges. Thus, IEX does
not believe that any aspect of the proposed Table of Contents and
Preface section raises new or novel issues not already considered by
the Commission.
Billing Disputes
The Exchange believes the requirement to submit any fee dispute in
writing with supporting documentation and no later than 60 days after
receipt of an invoice is reasonable because it provides Members a set
period of time to review the various charges for a given month on their
invoices. The proposed provision is equitable because it applies to all
Members equally and promotes the protection of investors and the public
interest by providing a clear and concise mechanism for Members to
dispute fees and thereby enable the Exchange to review and resolve such
disputes in a timely manner. In addition, the proposed language is
substantially similar to billing dispute language adopted by other
exchanges.\68\
---------------------------------------------------------------------------
\68\ See Securities Exchange Act Rel. No. 72972, 79 FR 53482
(September 9, 2014) (SR-NYSEMKT-2014-71), supra, note 15; Securities
Exchange Act Rel. No. 72971 (September 3, 2014), 79 FR 53488
(September 9, 2014) (SR-NYSEARCA-2014-92), supra, note 15.
---------------------------------------------------------------------------
Definitions
The Exchange believes that it is consistent with the Act to provide
a Definitions section in its Fee Schedule for terms that are used in
that section of the Fee Schedule. The Exchange believes that providing
a Definition section is designed to protect investors and the public
interest by clarifying terms and locating them in a dedicated section
of the Fee Schedule for ease of reference, thereby reducing the
possibility of confusion. The Exchange believes the proposal is
equitable and is not designed to permit unfair discrimination because
all Members and market participants would be subject to the same
defined terms set forth in the proposed Definitions section.
Section II. Trading Permit and Premium Product Fees
For the reasons set forth below, the Exchange believes that the
proposed Trading Permit and Premium Product fees are reasonable,
equitable, and not designed to permit unfair discrimination.
Further, the Exchange believes that it is reasonable and equitable
to provide a discount to the proposed Trading Permit and Premium
Product Fees as described in the Purpose section in order to provide
incentives to market participants to trade on the Exchange, providing
the Exchange with potential order flow and liquidity providers as it
ramps up operations. The proposed discount will be equally available
and will apply uniformly to all similarly situated Members during the
specified six month discount period.
A. Monthly Order Entry Firm and Clearing Member Permit Fees
The Exchange believes that the proposed fees for Order Entry Firm
and Clearing Member permits are reasonable, equitable, and not designed
to permit unfair discrimination because the fees apply equally to all
Order Entry Firms and Clearing Members, as well as to Market Makers
engaged in Order Entry Firm and/or Clearing Member activities.\69\ In
addition, the Exchange believes that the proposed fees are reasonable,
equitable, and not designed to permit unfair discrimination because
they are comparable to the fees charged for similar permit fees by
other options exchanges, and lower than fees charged for similar
permits by four such exchanges. Further, the fees are fair, equitable,
and not designed to permit unfair discrimination because they are
assessed on Options Members solely based upon the Options Members'
activities on IEX Options in a particular month. As set forth below,
the Exchange compared the proposed Order Entry Firm permit fees and
Clearing Member permit fees with similar fees charged by other options
exchanges.
---------------------------------------------------------------------------
\69\ IEX notes that other exchanges also charge a market maker
for additional trading permits required for its activity on the
exchange. See C2 Options Fee Schedule, Effective August 7, 2026
(``C2 Fee Schedule''), Access Fees Section, available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/ctwo/">https://www.cboe.com/us/options/membership/fee_schedule/ctwo/</a> (``a Trading
Permit Holder with one Market-Maker Permits and one Electronic
Access Permit would be assessed a total of $6,000 per month ($5,000
for a Market-Maker Permit and $1,000 for an Electronic Access
Permit''). Note that C2 uses the term ``Electronic Access Permit,''
(``EAP'') which ``[e]ntitles the holder to access to the Exchange.
Holders must be broker-dealers registered with the Exchange and are
allowed to submit orders to the Exchange.'' Id. Thus, C2's EAP is
functionally equivalent to the Exchange's proposed Order Entry Firm
Permit.
---------------------------------------------------------------------------
(i) Order Entry Firm Permit Fees
As set forth in the table below, the proposed fee of $1,000 per
month is the same as the order entry permit fees charged by C2 Options
\70\ (``C2'') and NYSE American,\71\ and less than order entry permit
fees charged by BOX Exchange (``BOX''),\72\ MIAX Options Exchange
(``MIAX''),\73\ MIAX Emerald Options Exchange (``MIAX Emerald''),\74\
and Cboe Options Exchange (``Cboe'').\75\
---------------------------------------------------------------------------
\70\ See C2 Options Fee Schedule, supra, note 69.
\71\ See NYSE American Options Fee Schedule, Section III(A)
Monthly ATP Fees, supra, note 15. NYSE American defines ``ATP'' or
``ATP Holder'' as ``a registered Broker-Dealer who is a permit
holder on the Exchange, per Rule 900.2NY(4), (5).'' Id.
\72\ BOX Fee Schedule, as of July 2, 2026 (``BOX Fee
Schedule''), Section I (B)--Participant Fee, available at <a href="https://boxoptions.com/resources/fee-schedule/">https://boxoptions.com/resources/fee-schedule/</a>.
\73\ MIAX Options Exchange Fee Schedule, as of August 1, 2026
(``MIAX Fee Schedule''), Section 3(b)--Monthly Trading Permit Fee--
Electronic Exchange Member, available at <a href="https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Options_Fee_Schedule_08012026.pdf">https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Options_Fee_Schedule_08012026.pdf</a>. MIAX Rule 100 defines an
Electronic Exchange Member as ``the holder of a Trading Permit who
is not a Market Maker.''
\74\ MIAX Emerald Fee Schedule, Section 3(b)--Monthly Trading
Permit Fee--Electronic Exchange Member, supra, note 16. MIAX Emerald
Rule 100 defines an Electronic Exchange Member as ``the holder of a
Trading Permit who is not a Market Maker.''
\75\ Cboe Options Fee Schedule, as of August 7, 2026 (``Cboe Fee
Schedule''), Electronic Trading Permit Fees, available at <a href="https://cdn.cboe.com/resources/membership/Cboe_FeeSchedule.pdf">https://cdn.cboe.com/resources/membership/Cboe_FeeSchedule.pdf</a>.
----------------------------------------------------------------------------------------------------------------
MIAX, MIAX
C2, NYSE American IEX (proposed) BOX Emerald Cboe
----------------------------------------------------------------------------------------------------------------
$1,000................................ $1,000 $1,500 (plus $2,500 $2,000 $3,000
initiation fee).
----------------------------------------------------------------------------------------------------------------
(ii) Clearing Member Permit Fees
As set forth in the table below, the proposed fee of $1,000 per
month is the same as the clearing member permit fees charged by C2,
NYSE American, and NYSE Arca, and less than clearing member permit fees
charged by BOX, MIAX, MIAX Emerald, and Cboe.\76\
---------------------------------------------------------------------------
\76\ C2 Fee Schedule, supra, note 69; NYSE American Options Fee
Schedule, supra, note 15; NYSE Arca Options Fee Schedule, supra,
note 15; BOX Fee Schedule, supra, note 72; MIAX Fee Schedule, supra,
note 73; MIAX Emerald Fee Schedule, supra, note 16.
[[Page 61537]]
----------------------------------------------------------------------------------------------------------------
IEX
C2, NYSE American, NYSE Arca (proposed) BOX MIAX, MIAX Emerald, Cboe
----------------------------------------------------------------------------------------------------------------
$1,000.................................... $1,000 $1,500 (plus $2,500 $2,000
initiation fee).
----------------------------------------------------------------------------------------------------------------
B. Monthly Market Maker Permit Fees
The proposed fee structure is based on the number of options
classes to which a Market Maker (including a Specialist) is appointed
by the Exchange and the number of permits a Market Maker requires based
on those appointments. For example, a Market Maker that makes markets
in only a limited number of options classes (i.e., 50 or fewer) would
only be assessed for one Market Maker permit for a total monthly fee of
$5,000. Market Makers that make markets in all options classes listed
on the Exchange would be assessed for three permits, for a total
monthly fee of $10,000 ($5,000 for the first permit up to 50 classes,
$3,000 for the second permit up to 200 classes, and $2,000 for the
third permit up to 201 classes and including all classes listed on the
Exchange).\77\ Market Makers requiring more than three permits (for
example, for dual quoting by multiple MPIDs) would pay an additional
$1,000 for each permit in excess of three permits. For example, a
Market Maker with two MPIDs that enters dual quotes in all classes
listed on the Exchange would be assessed for a total of six permits for
a total cost of $13,000. Additionally, the Exchange notes that other
exchanges also charge a market maker for additional types of trading
permits such as order entry or clearing firm permits.\78\
---------------------------------------------------------------------------
\77\ In addition, a Market Maker quoting in all classes listed
on the Exchange would incur $1,700 in the proposed Premium Product
fees. See Section II.B., supra.
\78\ See supra, note 20.
---------------------------------------------------------------------------
The Exchange believes this fee structure is reasonable because it
aligns permit costs with the number of classes in which a Market Maker
is appointed: the more options classes a Market Maker is appointed to,
the lower the permit fee it pays on an effective per-class basis. The
proposed fee structure thus makes it cost effective for a Market Maker
to maximize the number of classes in which they are appointed because
the incremental cost of each additional permit decreases as the number
of classes in which a Market Maker is appointed increases. Thus, the
Exchange believes it is reasonable, equitable, and not designed to
permit unfair discrimination to charge a higher aggregate fee for
Market Makers quoting in a higher number of classes because such
activity will result in higher message traffic and consumption of
bandwidth and other technological resources on the Exchange's systems.
In addition, it is reasonable, equitable and not designed to permit
unfair discrimination for the Exchange to charge Market Makers that
make markets in a more limited number of classes less in aggregate
Market Maker permit fees, as those Market Makers would generate less
message traffic and consume less bandwidth on the Exchange.
The Exchange believes that the proposed fee structure allows the
Exchange to charge Market Makers based on the amount of quoting
capacity they require as determined by the Market Maker; for example,
charging lower permit fees to Market Makers quoting in fewer classes.
Reducing the per-class quoting fees for Market Makers as they increase
the number of classes they quote is reasonable, equitable, and not
designed to permit unfair discrimination because it applies equally to
all Market Makers, each of which may be incentivized to quote in more
classes because the per-class quoting fee decreases as they are subject
to more Market Maker permits. The Exchange notes that at least one
other exchange, BOX, similarly reduces its per-class quoting fee as the
number of permits increases.\79\
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\79\ See BOX Fee Schedule, supra, note 72 (BOX charges $4,000 to
quote up to 10 classes, or $400 to quote per class; $6,000 to quote
up to 40 classes, or $150 to quote per class; and $8,000 to quote up
to 100 classes, or $80 to quote per class).
---------------------------------------------------------------------------
The Exchange believes the proposed fee structure will allow the
Exchange to attract and retain a diverse array of Market Makers which
is designed to protect investors and the public interest by supporting
the entry of liquidity on the Exchange. The Exchange also believes the
proposed fee structure is designed to remove impediments to a free and
open market and national market system by incentivizing quote coverage
by Market Makers in options classes listed by the Exchange, supporting
liquidity on the Exchange, and thereby making the Exchange more
attractive to incoming order flow. The Exchange notes that other
options exchanges employ similar fee structures for market maker
permits.\80\
---------------------------------------------------------------------------
\80\ See, e.g., NYSE Arca Options Fee Schedule, supra, note 15;
NYSE American Options Fee Schedule, supra, note 15; MIAX Emerald Fee
Schedule, supra, note 16.
---------------------------------------------------------------------------
The Exchange believes the proposed fees are equitable and not
designed to permit unfair discrimination because the fees would apply
equally to all Market Makers. All similarly situated Market Makers
appointed in the same number of classes would pay the same amount of
permit fees.
As set forth below, the Exchange believes that the proposed Market
Maker Permit fees are reasonable, equitable, and not designed to permit
unfair discrimination because they are comparable to, and in some cases
lower than, the fees charged for similar permit fees by other options
exchanges.
The proposed monthly Market Maker permit fee to quote up to 50
classes is $5,000. The proposed fee is lower than fees charged by other
exchanges for market maker permits providing similar quoting capacity.
To quote up to 40 classes on BOX, a market maker would pay $6,000,\81\
which is the same amount a market maker would pay to quote up to 50
classes on MIAX Sapphire; \82\ on MIAX Emerald, a market maker would
pay $8,000 in permit fees to quote in only 10 classes.\83\
---------------------------------------------------------------------------
\81\ See BOX Fee Schedule, supra, note 72.
\82\ See MIAX Sapphire Fee Schedule, supra, note 16.
\83\ See MIAX Emerald Fee Schedule, supra, note 16.
\84\ See BOX Fee Schedule, Section 1.C., supra, note 72.
\85\ See NYSE American Options Fee Schedule, Section III.A.,
supra, note 15; NYSE Arca Options Fee Schedule, supra, note 15.
\86\ See MIAX Emerald Fee Schedule, supra, note 16.
---------------------------------------------------------------------------
The proposed monthly fee for two Market Maker permits to quote in
up to 200 classes would be $8,000 ($5,000 for the first permit plus
$3,000 for the second permit). The proposed fee is lower than fees
charged by other exchanges for market maker permits providing similar
quoting capacity. To quote up to 200 classes on BOX, a market maker
would pay $10,000 in permit fees.\84\ For the same quoting capacity on
either NYSE American or NYSE Arca, a Market Maker would pay $14,000 in
permit fees.\85\ For the same quoting capacity on MIAX Emerald, a
market maker would pay $26,000.\86\ As proposed, a Market Maker would
pay permit fees of $10,000 ($5,000 for the first permit, $3,000 for the
second, and $2,000 for the third) to quote in all
[[Page 61538]]
classes listed on the Exchange.\87\ The proposed fee is equal to or
lower than fees charged by other exchanges for market maker permits to
quote all classes. Additionally, IEX caps the fees charged for Market
Maker permits at $13,000 as discussed in the Purpose section. To quote
in all classes on NYSE American, NYSE Arca, and MIAX Emerald, a market
maker would pay $26,000.\88\
---------------------------------------------------------------------------
\87\ The Exchange anticipates listing approximately 1,500
options classes at launch of IEX Options. Market Makers quoting in
all classes would also incur Premium Product Fees, as described in
Section II.C., supra.
\88\ See NYSE American Options Fee Schedule, Section III.A.,
supra, note 15; NYSE Arca Options Fee Schedule, supra, note 15; MIAX
Emerald Fee Schedule, supra, note 16.
---------------------------------------------------------------------------
Taken as a whole, IEX's proposed Market Maker Permit and Premium
Product fees to quote in all classes listed on the Exchange are lower
than the same fees charged by NYSE American. As proposed, this would
cost $11,700 on IEX ($10,000 in permit fees plus $1,700 in Premium
Product fees). It would cost $33,000 on NYSE American ($26,000 for five
permits and $7,000 in Premium Product fees).\89\
---------------------------------------------------------------------------
\89\ See NYSE American Options Fee Schedule, Section III.A.,
supra, note 15
---------------------------------------------------------------------------
No MPID would be assessed for more than three permits since three
permits entitle a Market Maker's MPID to enter quotes in all classes
listed on IEX Options. More than three permits would be applicable to a
Market Maker wishing to enter quotes across multiple MPIDs. Market
Makers could add an unlimited number of additional permits for $1,000
per permit. For example, if the Market Maker seeks to dual quote in up
to 50 classes, it would be assessed for one additional permit for a
cost of $1,000. If the Market Maker dual quotes across all classes, it
would be assessed for three additional permits for a cost of $3,000 and
an aggregate of $16,400 ($11,700 for permit and premium product fees
for the first MPID plus $4,700 for permit and premium product fees for
the second MPID). The Exchange believes these proposed fees are
reasonable, equitable and not designed to permit unfair discrimination
because, in the aggregate, the cost of two full quotes on IEX would be
less than the cost of two full quotes on NYSE American or NYSE Arca,
where a market maker would pay $28,000 ($26,000 for the first five
permits plus $2,000 for the sixth permit).\90\
---------------------------------------------------------------------------
\90\ See NYSE American Options Fee Schedule, Section III.A.,
supra, note 15; NYSE Arca Options Fee Schedule, supra, note 15.
---------------------------------------------------------------------------
C. IEX Options Market Maker Monthly Premium Product Fees
The Exchange proposes Market Maker Monthly Premium Product fees for
seven options classes with the following symbols: SPY, QQQ, IWM, NVDA,
TSLA, AAPL, and AMZN. The Exchange believes that the Premium Product
fees are reasonable, equitable, and not designed to permit unfair
discrimination. The Exchange understands that these Premium Products
are among the most actively traded options classes, with deep
liquidity, and are expected to generate materially higher message
traffic volume than other options classes. The Exchange believes that
the proposed fees will encourage Market Makers who participate in
quoting and trading these symbols to do so deliberately and without
nonmarketable quotes. Accordingly, the Exchange believes it is
consistent with the Act to charge a supplemental fee to Market Makers
in such products. IEX also notes that different pricing for premium
options classes on an exchange is not novel and is offered on NYSE
American.
The Exchange believes that the proposed Market Maker Monthly
Premium Product fees are reasonable, equitable, and not designed to
permit unfair discrimination because they are lower than similar fees
charged by one other options exchange on a per options class and
aggregate basis. NYSE American charges market makers a monthly fee of
$1,000 per symbol for quoting in ten Premium Products, including the
seven symbols covered by the Exchange's proposed fees with a monthly
cap of $7,000.\91\
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\91\ See NYSE American Options Fee Schedule, Section III.A.,
supra, note 15. As of the date of this filing, NYSE American is the
sole options exchange that charges premium product fees. The three
additional Premium Product symbols that NYSE American charges for
are META, AMD, and VXX.
------------------------------------------------------------------------
IEX monthly fee NYSE American
Premium symbol (proposed) monthly fee
------------------------------------------------------------------------
SPY............................... $300 $1,000
QQQ............................... 300 1,000
IWM............................... 300 1,000
NVDA.............................. 200 1,000
TSLA.............................. 200 1,000
AAPL.............................. 200 1,000
AMZN.............................. 200 1,000
------------------------------------------------------------------------
As proposed, an IEX Market Maker would be subject to lower per-
class and aggregate fees for quoting in the Premium Products on IEX. An
IEX Market Maker would pay monthly per-class fees of $200 or $300,
compared to $1,000 on NYSE American, and monthly fees of $1,700, to
quote in the same Premium Products compared to $7,000 on NYSE American.
Section III. Connectivity Fees
For the reasons set forth below, the Exchange believes that the
proposed physical and logical port connectivity fees are reasonable,
equitable, and not designed to permit unfair discrimination.
The Exchange believes that it is reasonable and equitable to
provide a discount to physical and port connectivity fees as described
in the Purpose section in order to provide an initial start up type
period for Members to ramp up operations on IEX Options. The Exchange
believes further that the level of port connectivity covered by the
proposed discount (i.e., up to two free physical connections and up to
two sets and two individual logical ports) is a reasonable approach to
limit the connectivity fees for Members as they ramp up operations on
IEX Options. The proposed discount will be equally available and will
apply uniformly to all market participants during the specified six-
month discount period.
The Exchange further believes that the proposed connectivity fees
are not designed to permit unfair discrimination because they would
apply to all Members in the same manner and are not targeted at a
specific type or category of market participant engaged in any
particular trading strategy.
Further, as a national securities exchange, IEX is subject to
Regulation Systems Compliance and Integrity (``Reg
[[Page 61539]]
SCI'').\92\ Reg SCI Rule 1001(a) requires that the Exchange
establishes, maintains, and enforces written policies and procedures
reasonably designed to ensure that its Reg SCI systems have adequate
capacity levels to maintain the Exchange's operational capability and
promote the maintenance of fair and orderly markets.\93\ By encouraging
users to be efficient with their usage of connectivity services, the
proposed port connectivity fees will increase overall system efficiency
and support the Exchange's Reg SCI obligations by ensuring that unused
application sessions are available to be allocated based on individual
User needs and as the Exchange's options quote and trade volumes
increase.
---------------------------------------------------------------------------
\92\ 17 CFR 242.1000-1007.
\93\ 17 CFR 242.1000(a).
---------------------------------------------------------------------------
As set forth in the tables below, the Exchange believes that the
proposed physical and port connectivity fees are reasonable, equitable,
and not designed to permit unfair discrimination because they are
comparable to, and in some cases lower than, the fees charged for
comparable connectivity (with comparable functionality) by other
options exchanges.
A. Physical Connectivity Fees
(i) 10G Physical Port Connection to Primary Data Center
The Exchange believes that the proposed monthly fee of $7,000 per
physical port connection to the Primary Data Center is reasonable
because, as set forth in the table below, while it is higher than fees
charged for comparable physical connectivity by BOX \94\ and MEMX,\95\
it is lower than fees charged for comparable physical connectivity by
Cboe,\96\ C2,\97\ Cboe BZX Options (``BZX''),\98\ Cboe EDGX Options
(``EDGX''),\99\ and Nasdaq PHLX.\100\
---------------------------------------------------------------------------
\94\ BOX Fee Schedule, Section III.A.2, supra, note 72.
\95\ MEMX Connectivity Fee Schedule (effective April 12, 2024)
(``MEMX Connectivity Fee Schedule''), available at <a href="https://info.memxtrading.com/connectivity-fees/">https://info.memxtrading.com/connectivity-fees/</a>.
\96\ Cboe Fee Schedule, supra, note 75.
\97\ C2 Fee Schedule, supra, note 69.
\98\ Cboe BZX Options Fee Schedule, Effective August 7, 2026
(``BZX Fee Schedule''), available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/bzx/">https://www.cboe.com/us/options/membership/fee_schedule/bzx/</a>.
\99\ Cboe EDGX Options Fee Schedule, Effective August 7, 2026
(``EDGX Fee Schedule''), available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/edgx/">https://www.cboe.com/us/options/membership/fee_schedule/edgx/</a>.
\100\ Nasdaq PHLX Rule General 8, Connectivity Section 1(b)
(``Nasdaq PHLX Fee Schedule''), available at <a href="https://listingcenter.nasdaq.com/rulebook/phlx/rules/Phlx%20General%208">https://listingcenter.nasdaq.com/rulebook/phlx/rules/Phlx%20General%208</a>.
----------------------------------------------------------------------------------------------------------------
IEX
BOX MEMX (proposed) Cboe C2, BZX, EDGX Nasdaq PHLX
----------------------------------------------------------------------------------------------------------------
$6,000........................ $6,000 *......... $7,000 $8,000 $8,500 *......... $11,000 *
* connectivity * connectivity * connectivity
can be shared can be shared can be shared
across markets. across multiple across multiple
exchanges. exchanges.
----------------------------------------------------------------------------------------------------------------
Although some exchanges (e.g., MEMX, C2, BZX, EDGX and Nasdaq PHLX)
offer multi-venue access through their 10G physical port connections,
the Exchange understands that most market participants with a need for
multi-venue connectivity would likely pay for multiple instances of 10G
connectivity. More than one physical connection on any of those
exchanges would result in total fees ranging from $12,000 (two
connections at MEMX) to $22,000 (two connections at Nasdaq PHLX)--in
other words, significantly higher than the Exchange's proposed fee of
$7,000.
(ii) 10G Physical Port Connection to Disaster Recovery Data Center
The Exchange believes that the proposed monthly fee of $3,000 per
physical port connection to the Disaster Recovery Data Center is
reasonable because, as set forth in the table below, it is lower than
fees charged by MIAX,\101\ MIAX Emerald,\102\ MIAX Sapphire,\103\
Cboe,\104\ C2,\105\ BZX,\106\ EDGX,\107\ Nasdaq PHLX,\108\ NYSE
Arca,\109\ and NYSE American,\110\ and equal to MEMX's \111\ fee for
comparable connectivity.
---------------------------------------------------------------------------
\101\ MIAX Fee Schedule, supra, note 73.
\102\ MIAX Emerald Fee Schedule, supra, note 16.
\103\ MIAX Sapphire Fee Schedule, supra, note 16.
\104\ Cboe Fee Schedule, supra, note 75.
\105\ C2 Fee Schedule, supra, note 69.
\106\ BZX Fee Schedule, supra, note 98.
\107\ EDGX Fee Schedule, supra, note 99.
\108\ Nasdaq PHLX Fee Schedule, supra, note 100.
\109\ NYSE Arca Options Fee Schedule, supra, note 15.
\110\ NYSE American Options Fee Schedule, supra, note 15.
\111\ MEMX Connectivity Fee Schedule, supra, note 95.
----------------------------------------------------------------------------------------------------------------
MIAX, MIAX Emerald, Cboe, C2, BZX, NYSE Arca, NYSE
IEX (proposed) MEMX MIAX Sapphire EDGX Nasdaq PHLX American
----------------------------------------------------------------------------------------------------------------
$3,000 $3,000 $4,000 $6,000 $8,250 $15,000
----------------------------------------------------------------------------------------------------------------
(iii) 1G or 10G Physical Port Connection to ITF
The Exchange believes that its proposal to offer free 1G or 10G
port connectivity to the ITF is reasonable because, as set forth in the
table below, that proposed fee of ``free'' is lower than fees charged
by MIAX,\112\ MIAX Emerald,\113\ MIAX Sapphire,\114\ and Nasdaq PHLX
\115\ for access to their testing environments, and is equal to the fee
of ``free'' charged by MEMX.\116\
---------------------------------------------------------------------------
\112\ MIAX Fee Schedule, supra, note 73.
\113\ MIAX Emerald Fee Schedule, supra, note 16.
\114\ MIAX Sapphire Fee Schedule, supra, note 16.
\115\ Nasdaq PHLX Fee Schedule, supra, note 100.
\116\ MEMX Connectivity Fee Schedule, supra, note 95.
----------------------------------------------------------------------------------------------------------------
MIAX, MIAX Emerald,
IEX (proposed) MEMX MIAX Sapphire Nasdaq PHLX
----------------------------------------------------------------------------------------------------------------
FREE with 10G connection to Primary FREE................... Dedicated cross- $1,100 per hand-off,
Data Center. connect: $1,000/month. per month plus a one-
Note: these exchanges time $1,100
offer free VPN installation fee.
connectivity to their
test environments.
----------------------------------------------------------------------------------------------------------------
[[Page 61540]]
B. Port Connectivity Fees
(i) Order Entry FIX or Binary Port
The Exchange believes that its proposed fee of $450 for logical
port connectivity is reasonable and not designed to permit unfair
discrimination because, as set forth below, it is the same as MEMX's
fee, and lower than fees charged by C2, Nasdaq Options Market, and Cboe
for order entry ports with comparable functionality.
----------------------------------------------------------------------------------------------------------------
C2, Nasdaq Options
MEMX IEX (proposed) Market Cboe
----------------------------------------------------------------------------------------------------------------
$450 per order entry port............ $450 per FIX or Binary $650 per FIX port...... 1 to 5: $750 per BOE or
port. FIX port.
6 or more: $800 per BOE
or FIX port.
----------------------------------------------------------------------------------------------------------------
MEMX. The proposed fee for a FIX or Binary order entry port is
equal to the $450 fee currently charged by MEMX for an equivalent
port.\117\
---------------------------------------------------------------------------
\117\ MEMX Connectivity Fee Schedule, supra, note 95.
---------------------------------------------------------------------------
C2. The proposed fee is lower than the $650 per port fee that C2
charges for its BOE and FIX logical ports, which are equivalent to
IEX's binary and FIX logical ports.\118\
---------------------------------------------------------------------------
\118\ C2 Fee Schedule, supra, note 69.
---------------------------------------------------------------------------
Nasdaq Options Market. The proposed fee is lower than the $650 per
port fee that Nasdaq Options Market charges for a FIX port, which is
equivalent to IEX's FIX logical ports.\119\
---------------------------------------------------------------------------
\119\ Nasdaq Options Market, Options 7, Section 3(i), available
at <a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/Nasdaq%20Options%207">https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/Nasdaq%20Options%207</a>.
---------------------------------------------------------------------------
Cboe. The proposed fee is lower than the $750 per port fee that
Cboe charges for 1 through 5 order entry ports and the $800 per port
fee that Cboe charges for any ports greater than 5, which are
equivalent to IEX's binary and FIX logical ports.\120\
---------------------------------------------------------------------------
\120\ Cboe Fee Schedule, supra, note 75.
---------------------------------------------------------------------------
(ii) Market Maker Quoting Port
The Exchange believes that its proposed fees for Market Maker
Quoting Ports are reasonable, equitable, and not designed to permit
unfair discrimination because, as set forth below, they are lower than
fees charged by BOX and MIAX for their equivalent market maker quoting
ports. Market Makers use special Binary protocol quoting ports that
connect directly to an exchange's matching engines to enter quotes and
cancellations of quotes. Market Makers will need at least one quoting
port to connect to each trading ring on which it seeks to enter quotes.
Because IEX will have ten trading rings, a Market Maker seeking to
enter quotes on all options traded in IEX will be subject to fees for a
set of 10 quoting ports to connect to all 10 trading rings.
------------------------------------------------------------------------
IEX (proposed) BOX MIAX
------------------------------------------------------------------------
$4,000 for one set of 10 quoting $1,080 per month $6,500 (up to 5
ports (gives ability to quote for all Ports. classes).
in all classes). All-in cost is $13,500 (up to 10
$650 each for individual quoting $17,280 because classes).
port. BOX requires $19,000 (up to 40
Market Makers to classes).
connect to 16 $23,500 (up to 100
SAIL ports. classes).
$27,500 (over 100
classes).
------------------------------------------------------------------------
BOX. The proposed fee of $4,000 for one set is lower than the
$17,280 BOX charges for the 16 SAIL ports, which BOX requires to quote
in all classes.\121\
---------------------------------------------------------------------------
\121\ See BOX Fee Schedule, Section III.B.2., supra, note 72.
BOX's SAIL Port enables market makers to submit quotes to the
exchange and BOX requires market makers to connect to sixteen SAIL
Ports. See Securities Exchange Act Rel. No. 83197 (May 9, 2018), 83
FR 22567 (May 15, 2018) (SR-BOX-2018-15).
---------------------------------------------------------------------------
MIAX. The proposed fee of $4,000 for one set is lower than the
$27,500 fee charged by MIAX to quote in all classes.\122\ On an
individual basis, the proposed fee of $650 for each individual session
is lower than the lowest priced port at MIAX, which costs $6,500 and
allows quoting in up to 5 classes.
---------------------------------------------------------------------------
\122\ See MIAX Fee Schedule, Section 5(d)(ii), supra, note 73.
---------------------------------------------------------------------------
(iii) Market Maker Purge Port
The Exchange proposes to charge a monthly fee of $2,500 for a set
of 10 Market Maker Purge Ports,\123\ or $450 each for individual
sessions.
---------------------------------------------------------------------------
\123\ Purge Ports are designed to assist Market Makers in the
management of, and risk control over, their quotes, particularly if
the firm is dealing with a large number of options. For example, if
a Market Maker detects market indications that may impact the
execution potential of their outstanding quotes, the Market Maker
may use Purge Ports to reduce uncertainty and to manage risk by
purging all quotes in a number of options with one message through
the Purge Port.
---------------------------------------------------------------------------
A ``set'' is defined as 10 individual sessions, with one such
session distributed to each of the 10 trading rings for IEX Options.
One set will enable Market Makers to send quote purge messages in all
classes listed on the Exchange. Members will have the ability to
combine sets with individual ports on certain trading rings if they
choose. The Exchange believes that the proposed fees are reasonable,
equitable, and not designed to permit unfair discrimination because, as
set forth below, they are lower than fees charged by MIAX Sapphire,
MIAX Options, and C2.
----------------------------------------------------------------------------------------------------------------
MIAX IEX (proposed) Sapphire C2
----------------------------------------------------------------------------------------------------------------
$400 (per matching engine)............... $2,500 for one set of 10 $600 per matching engine $850
sessions; $450 each for (max 2 per matching
individual session. engine).
----------------------------------------------------------------------------------------------------------------
The Exchange's ability to compare its proposed fees to the fees
charged by other exchanges for the equivalent number of market maker
purge ports is limited because a thorough comparison would require the
Exchange to obtain competitively sensitive information about other
exchanges' architecture and how their members logically connect. While
most options exchanges do not publicize the number of matching engines
they operate, there are a few exchange filings that provide that
information (at least as of the time of this filing). For example, as
of October
[[Page 61541]]
2024, MIAX Options maintained 24 matching engines, MIAX Sapphire
maintained 8 matching engines, and MIAX Pearl Options and MIAX Emerald
Options maintained 12 matching engines.\124\
---------------------------------------------------------------------------
\124\ See Securities Exchange Act Rel. No. 101460 (October 29,
2024), 89 FR 87708, 87709 fn. 9 (November 4, 2024) (SR-SAPPHIRE-
2024-34).
---------------------------------------------------------------------------
Additionally, in a practical sense, the Exchange can surmise that a
market participant would require multiple market maker purge ports to
access an exchange's entire market as a single port might not connect
to all matching engines or provide the latency benefits that the market
participant's trading behavior requires.
MIAX. The IEX proposed fee of $2,500 for one set (i.e., 10
sessions, which would provide quote purge capacity for all classes
listed on the Exchange) is lower than the $9,600 fee (24 matching
engines times $400 per matching engine fee for purge ports) charged by
MIAX to be able to purge quotes in all classes.\125\ On an individual
basis, the IEX proposed fee of $450 for each individual session (which
would be used on one trading ring) is higher than the $400 fee MIAX
charges per purge port.
---------------------------------------------------------------------------
\125\ See MIAX Fee Schedule, supra, note 73.
---------------------------------------------------------------------------
MIAX Sapphire. The IEX proposed fee of $2,500 for one set (i.e., 10
sessions, which would provide quote purge capacity for all classes
listed on the Exchange) is lower than the $4,800 fee (8 matching
engines times $600 per matching engine fee for purge ports) charged by
MIAX Sapphire to be able to purge quotes in all classes.\126\ On an
individual basis, the IEX proposed fee of $450 for each individual
session (which would be used on one trading ring) is lower than the
lowest priced purge port at MIAX Sapphire, which costs $600.
---------------------------------------------------------------------------
\126\ See MIAX Sapphire Fee Schedule, Section 5(d)(iii), supra,
note 16.
---------------------------------------------------------------------------
C2. On an individual basis, the IEX proposed fee of $450 for each
individual purge port (which would be used on one trading ring) is
lower than the $850 fee C2 charges per purge port. Further, while C2
does not publicly disclose its number of matching engines, it has made
announcements that indicate it supports at least 30 matching
engines.\127\ If C2 offered 30 matching engines, it would cost $25,500
to have purge ports on all matching engines, which is higher than the
$2,500 fee IEX proposes to charge for a set of purge ports on every
matching engine.
---------------------------------------------------------------------------
\127\ See C2 Options Exchange Matching Engine Enhancements,
available at <a href="https://www.cboe.com/notices/content/?id=56832">https://www.cboe.com/notices/content/?id=56832</a>
(describing enhancements to matching units number 28 and 30).
---------------------------------------------------------------------------
(iv) Drop Copy Port
The Exchange believes that the proposed fee of $450 per port for
drop copy ports is reasonable, equitable, and not designed to permit
unfair discrimination because, as set forth below, it is the same as
MEMX's fee, and lower than fees charged by Nasdaq PHLX, BOX, and MIAX
for drop copy ports.
----------------------------------------------------------------------------------------------------------------
MEMX IEX (proposed) Nasdaq PHLX BOX MIAX
----------------------------------------------------------------------------------------------------------------
$450 per port................... $450 per port..... $500 per port..... $540 per port, $675 per port.
capped at $2000.
----------------------------------------------------------------------------------------------------------------
MEMX. The proposed fee of $450 per drop copy port is the same as
the fee charged by MEMX for drop copy ports.\128\
---------------------------------------------------------------------------
\128\ MEMX Connectivity Fee Schedule, supra, note 95.
---------------------------------------------------------------------------
Nasdaq PHLX. The proposed fee is lower than the $500 per port fee
charged by Nasdaq PHLX for drop copy ports.\129\
---------------------------------------------------------------------------
\129\ Nasdaq PHLX Fee Schedule, supra, note 100.
---------------------------------------------------------------------------
BOX. The proposed fee is lower than the $540 per port fee charged
by BOX; however, BOX caps fees for drop copy ports at $2,000.\130\ The
proposed fee would only be higher than BOX's fees if a Member
registered five (or more) drop copy ports, which would cost $2,250 on
IEX and $2,000 on BOX.
---------------------------------------------------------------------------
\130\ See BOX Fee Schedule, Section III.B.3., supra, note 72.
---------------------------------------------------------------------------
MIAX. The proposed fee is lower than the $675 per port fee charged
by MIAX for drop copy ports.\131\
---------------------------------------------------------------------------
\131\ See MIAX Fee Schedule, supra, note 73.
---------------------------------------------------------------------------
Section IV. Market Data Fees
A. Market Data Definitions
The Exchange believes it is consistent with the Act to include a
``Market Data Definitions'' section at the beginning of the proposed
Market Data section of the Fee Schedule for terms that are used in that
section of the Fee Schedule. The Exchange also believes that including
three definitions of certain key terms applicable to the distribution
of IEX market data furthers the objectives of Section 6(b)(5) of the
Act in that it is designed to promote just and equitable principles of
trade, to remove impediments to and perfect the mechanism of a free and
open market and a national market system, and, in general to protect
investors and the public interest and is not designed to permit unfair
discrimination between customers, issuers, brokers and dealers. The
Exchange believes providing definitions of Real-Time, Data Subscriber,
and Non-Display in its Fee Schedule is designed to protect investors
and the public interest by clarifying terms and locating them in the
Market Data section of the Fee Schedule for ease of reference, thereby
reducing the possibility of confusion. The Exchange also believes the
proposal is equitable and is not designed to permit unfair
discrimination because all Data Subscribers would be subject to the
same defined terms set forth in the proposed Definitions section.
B. Market Data Fees
The Exchange believes that its proposed monthly fees for Real-Time
access to the Options TOPS and Options DEEP data feeds are reasonable,
fair, equitable, and not designed to permit unfair discrimination.
Subscribing to the Options TOPS and Options DEEP data feeds is optional
and the proposed fees would apply uniformly to all Data Subscribers,
irrespective of their relationship with the Exchange (i.e., Member,
non-Member, etc.) or the type of business they operate. Moreover, the
proposed monthly fees would apply equally to all Data Subscribers.
The decision to subscribe to Real-Time access to Options TOPS,
Options DEEP, or any other market data feed offered by IEX is within
the control of any particular market participant, and each market
participant has the ability to choose the market data product (or
combination of products) best suited to its business objectives. As a
result, the proposed fees do not favor certain categories of market
participants in a manner that would impose a burden on competition
because each market participant can select the market data product best
suited to its needs. Thus, the Exchange believes that the proposed fees
are not designed to permit unfair discrimination.
The proposed IEX Options TOPS and DEEP market data feeds are
designed to facilitate transactions in securities, and remove
impediments to and perfect the
[[Page 61542]]
mechanisms of a free and open market and a national market system by
providing timely market data and thereby enhancing the subscriber's
ability to make decisions on trading strategies on the Exchange. The
proposed data feeds are also designed to protect investors and the
public interest by making the IEX Options market more transparent and
accessible to market participants.
Moreover, the proposed discount will enable Data Subscribers to
become familiar with the features and functionality of the data feeds
for a limited time with no, or limited, financial commitment. The
benefit of the proposed discount would be available to any market
participant; access would not be a function of, nor conditioned on, the
use they plan to make of the data feed.
(i) Real-Time Access Fees--Options TOPS, Options DEEP
The Exchange believes that the proposed fees for Options TOPS are
reasonable because, as set forth below, they are the same as, or lower
than, fees charged by other options exchanges for their proprietary
top-of-book market data feeds. IEX notes that like MEMX, (but unlike
MIAX Sapphire, Nasdaq PHLX, and Cboe BZX) IEX only proposes to charge
one fee for external distribution, internal distribution, or both. The
fees in the below table reflect the lower of the internal or external
distribution fees charged by each exchange, unless otherwise indicated.
----------------------------------------------------------------------------------------------------------------
IEX Options TOPS MEMX MEMOIR Options MIAX Sapphire Top of Nasdaq PHLX Top of
(internal and/or Top (internal and/or Market (``ToM'') PHLX Options Cboe BZX Options Top
external) (proposed) external) (internal) (internal) (external)
----------------------------------------------------------------------------------------------------------------
$750 $750 $1,200 $2,500 $2,000
----------------------------------------------------------------------------------------------------------------
MEMX. The proposed monthly fee of $750 for Real-Time access to
Options TOPS is the same amount that MEMX charges for its MEMOIR
Options Top data feed, which is comparable to IEX Options TOPS.\132\
---------------------------------------------------------------------------
\132\ See MEMX Options Fee Schedule, Market Data Fees (Effective
July 14, 2026), available at <a href="https://info.memxtrading.com/us-options-trading-resources/us-options-fee-schedule/">https://info.memxtrading.com/us-options-trading-resources/us-options-fee-schedule/</a>.
---------------------------------------------------------------------------
MIAX Sapphire. The proposed fee is less than the $1,200 charged by
MIAX Sapphire for its ToM data feed, which is comparable to IEX Options
TOPS.\133\ In addition, the Exchange is not proposing additional fees
for external distribution of Options TOPS, but MIAX Sapphire charges an
additional fee for external distribution of its ToM data feed.
---------------------------------------------------------------------------
\133\ See MIAX Sapphire Fee Schedule, Section 6(a), supra, note
16.
---------------------------------------------------------------------------
Nasdaq PHLX. The proposed fee is less than the $2,500 charged by
Nasdaq PHLX for its Top of PHLX Options data feed.\134\ In addition,
the Exchange's Options TOPS includes last sale information, whereas the
Top of PHLX Options does not include such data, even though the
proposed fee of $750 is less than the $2,500 charged by Nasdaq PHLX.
---------------------------------------------------------------------------
\134\ See Nasdaq PHLX Options Rules, Options 7, Section 10
(``Nasdaq PHLX Options--Market Data Fees''), available at <a href="https://listingcenter.nasdaq.com/rulebook/phlx/rules/Phlx%20Options%207">https://listingcenter.nasdaq.com/rulebook/phlx/rules/Phlx%20Options%207</a>.
---------------------------------------------------------------------------
Cboe BZX. The proposed fee is less than the $3,000 charged by Cboe
BZX for its Options Top data feed, which is comparable to IEX Options
TOPS.\135\ In addition, the Exchange is not proposing additional fees
for external distribution of Options TOPS, but Cboe BZX charges an
additional fee for external distribution of its Options Top data feed.
---------------------------------------------------------------------------
\135\ See BZX Fee Schedule, supra, note 98.
---------------------------------------------------------------------------
The Exchange is also not proposing to charge user fees for Options
TOPS, although at least one other exchange charges user fees to access
its top of book data feed.\136\
---------------------------------------------------------------------------
\136\ See BZX Fee Schedule, supra, note 98.
---------------------------------------------------------------------------
The Exchange believes that the proposed Real-Time access fee for
Options DEEP is reasonable because, as set forth below, it is the same
as, or lower than, fees charged by other options exchanges for their
proprietary depth-of-book market data feeds.
----------------------------------------------------------------------------------------------------------------
IEX Options DEEP (internal Nasdaq PHLX Depth Nasdaq ISE Depth
and/or external) (proposed) C2 Options Depth (internal) (internal)
----------------------------------------------------------------------------------------------------------------
$2,500 $2,500 $4,412 $5,500
----------------------------------------------------------------------------------------------------------------
C2. The proposed fee of $2,500 is the same as the fee charged by C2
for its Options Depth data feed, which is comparable to IEX Options
DEEP.\137\
---------------------------------------------------------------------------
\137\ See C2 Fee Schedule, supra, note 69.
---------------------------------------------------------------------------
Nasdaq PHLX. The proposed fee is less than the fee charged by
Nasdaq PHLX for its Depth data feed, which is comparable to IEX Options
DEEP. In addition, the Exchange is not proposing additional fees for
external distribution of Options DEEP, but Nasdaq PHLX charges an
additional $4,963 fee for external distribution of its Options Depth
data feed.\138\
---------------------------------------------------------------------------
\138\ See Nasdaq PHLX Options--Market Data Fees, supra, note
134.
---------------------------------------------------------------------------
Nasdaq ISE. The proposed fee is less than the fee charged by Nasdaq
ISE for its Depth data feed, which is comparable to IEX Options DEEP.
In addition, the Exchange is not proposing additional fees for external
distribution but Nasdaq ISE charges an additional fee for external
distribution of its Depth data feed.\139\
---------------------------------------------------------------------------
\139\ See Nasdaq ISE Options Rules, Options 7, Section 10
(``Nasdaq ISE Options--Market Data Fees''), available at <a href="https://listingcenter.nasdaq.com/rulebook/ise/rules/ISE%20Options%207">https://listingcenter.nasdaq.com/rulebook/ise/rules/ISE%20Options%207</a>.
---------------------------------------------------------------------------
In addition, the Exchange is not proposing to charge user fees for
Options DEEP, although C2, Cboe BZX, and Nasdaq ISE charge user fees to
access their depth of book data feeds.\140\
---------------------------------------------------------------------------
\140\ See C2 Fee Schedule, supra, note 69; BZX Fee Schedule,
supra, note 98; Nasdaq ISE Options--Market Data Fees, supra, note
139.
---------------------------------------------------------------------------
Accordingly, based on the foregoing analysis, IEX believes that the
proposed fees for Real-Time access to Options TOPS and Options DEEP are
consistent with the Act.
(ii) Non-Display Fees: Options TOPS, Options DEEP
As discussed in the Purpose section, the Exchange proposes a
separate non-display fee that would apply to any ``Non-Display'' use of
the Options TOPS and Options DEEP data feeds. The Exchange believes the
proposed non-
[[Page 61543]]
display fees are equitably allocated and not designed to permit unfair
discrimination because fees would be based on Subscribers' usage of the
market data in a wide range of profit-generating purposes. Non-display
usage could also include purposes that do not directly generate
revenues but could nonetheless substantially reduce the Data
Subscriber's costs by automating certain functions.\141\ In addition,
the proposed non-display fees would cover an unlimited number of
different types of non-display uses by a Data Subscriber from a single
data feed.
---------------------------------------------------------------------------
\141\ Examples of non-display uses that do not directly generate
revenue include risk management, surveillance, compliance, and
portfolio valuation.
---------------------------------------------------------------------------
The Exchange believes that the proposed non-display fees for the
data feeds are reasonable because, as set forth below, they are lower
than fees charged by other options exchanges for non-display use of
their comparable market data feeds.
----------------------------------------------------------------------------------------------------------------
IEX non-display fee for MIAX Sapphire non-display MIAX Emerald non-display MIAX Options non-display
Options TOPS (proposed) fee for ToM fee for ToM fee for ToM
----------------------------------------------------------------------------------------------------------------
$750 $1,500 $1,500 $1,500
----------------------------------------------------------------------------------------------------------------
MIAX Sapphire, MIAX Emerald, MIAX. The proposed non-display fee for
Options TOPS is less than the fees charged by each of MIAX Sapphire,
MIAX Emerald, MIAX for non-display use of their top-of-book data
feeds.\142\
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\142\ See MIAX Sapphire Fee Schedule, supra, note 16; MIAX
Emerald Fee Schedule, supra, note 16; MIAX Fee Schedule, supra, note
73.
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IEX non-display fee: Options DEEP Nasdaq Texas Options non-display Nasdaq Options Market non-display
(proposed) fee: NTX Depth fee: Depth of Market
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$2,500 $2,761 $10,942
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Nasdaq Texas Options. The proposed fee for non-display use of
Options DEEP is less than the fee charged by Nasdaq Texas Options for
non-display use of its NTX Depth data feed.\143\
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\143\ Nasdaq Texas Options offers Depth and TOP in a combined
feed, which is $261 more than IEX's proposed fee. But if a customer
wants just depth from Nasdaq Texas Options, they still have to pay
for the combined product. Nasdaq Texas Options also charges per
subscriber fees. See Nasdaq Texas Options Rules, Options 7, Section
4 (``Nasdaq Texas Options--Market Data Fees''), available at <a href="https://listingcenter.nasdaq.com/rulebook/nasdaqtx/rules/NTX%20Options%207">https://listingcenter.nasdaq.com/rulebook/nasdaqtx/rules/NTX%20Options%207</a>.
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Nasdaq Options Market. The proposed fee for non-display use of
Options DEEP is less than the fees charged by Nasdaq Options Market for
non-display use of its Depth of Market data feed.\144\
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\144\ The Nasdaq Options Market fee reflects its depth and top
of book feeds and is an enterprise license. While it is therefore
not exactly comparable to IEX's proposed fee, IEX includes these
fees because they are illustrative of other ways that exchanges
price these products. See Nasdaq Options Market Rules, Options 7,
Section 4, available at <a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/Nasdaq%20Options%207">https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/Nasdaq%20Options%207</a>.
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Section V. Additional Fees
The Exchange believes it is reasonable, equitable, and not designed
to permit unfair discrimination for the FINRA CRD registration and
processing fees, and the CAT Funding Fees to be included by reference
in the Fee Schedule.\145\ The Exchange already established these fees
in its Additional Fees Schedule and because IEX Options will operate as
a facility of the Exchange, the fees will apply to market participants
on IEX Options in the same manner the fees currently apply to IEX
Equities.
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\145\ For reference, the Exchange refers to its most recent rule
filings concerning the FINRA CRD registration and processing fees
and the CAT Funding Fees: Securities Exchange Act Rel. No. 104634
(January 20, 2026), 91 FR 2976 (January 23, 2026) (SR-IEX-2026-01);
Securities Exchange Act Rel. No. 105396 (May 7, 2026), 91 FR 26100
(May 12, 2026) (SR-IEX-2026-11); Securities Exchange Act Rel. No.
105407 (May 7, 2026), 91 FR 26252 (May 12, 2026) (SR-IEX-2026-12).
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B. Self-Regulatory Organization's Statement on Burden on Competition
IEX does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
Billing Disputes
The Exchange does not believe that the proposed provision about the
process and timeline for disputing any Exchange billing will impose any
burden on intramarket competition that is not necessary or appropriate.
The proposed rule change is intended to encourage Members to review
invoices received from the Exchange promptly so that any billing
disputes may be resolved in a timely manner, which will reduce
administrative burden for the Exchange. The Exchange notes that other
options exchanges have adopted rules that are substantially similar to
the proposed rule change.\146\ Accordingly, the Exchange does not
believe that the proposed billing disputes provision would impose any
burden on intramarket or intermarket competition that is not necessary
or appropriate in furtherance of the purposes of the Act.
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\146\ See supra, note 15.
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Definitions
The Exchange does not believe that its proposal to adopt a
Definition section in the proposed Fee Schedule imposes any burden on
intramarket or intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
Definitions will clarify terms used throughout the Fee Schedule and are
not competitive in nature.
Trading Permit and Premium Product Fees
Intramarket Competition
The Exchange believes the proposed Trading Permit fees would not
impose a burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
fees are designed to correspond to a Member's activity on the Exchange
as determined by the Member, and therefore would not place particular
market participants at a relative disadvantage to other market
participants. With respect to the proposed Market Maker permit fees,
the proposed fee structure takes into account the number of classes
quoted by each individual Market Maker, as determined by the Market
Maker. The Exchange believes that Market Makers quoting in a relatively
higher number of classes will generate higher message traffic volume
and consume greater network resources than Market Makers quoting in
fewer classes, and therefore
[[Page 61544]]
should be subject to higher fees. In addition, the Exchange does not
believe that charging Market Makers higher permit fees than Order Entry
Firms or Clearing Members will impose a burden on intramarket
competition that is not necessary and appropriate because the Exchange
anticipates that Market Makers will, compared to Order Entry Firms and
Clearing Members, transact in substantially more volume, generate more
message traffic and consume the most bandwidth and resources of the
network.
The Exchange also does not believe the proposed Premium Product
fees would impose a burden on intramarket competition that is not
necessary or appropriate in furtherance of the Act. As discussed in the
Statutory Basis section, the Premium Products are relatively more
actively traded with higher volume than other options classes and thus
Market Makers in such products would be expected to generate more
message traffic and consume more Exchange bandwidth and resources.
Accordingly, the Exchange believes it is consistent with the Act to
charge a supplemental fee to Market Makers in such products. The
proposed Premium Product Fees would apply uniformly to all Market
Makers that choose to quote in the specified Premium Products. All
Market Makers choose which classes they want to quote in and there is
no requirement that any Market Maker quote in the specified Premium
Products. Accordingly, the Exchange does not believe the proposed
Premium Product fees will impose a burden on intramarket competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.
Intermarket Competition
The Exchange does not believe that the proposed Trading Permit Fees
and Premium Product Fees would impose a burden on intermarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Options market participants are not required to
become members of all options exchanges. If Members believe that IEX's
trading permit fees are too high, they can choose not to become an IEX
Options Member or discontinue such membership. Similarly, a Market
Maker that believes IEX's Premium Product Fees are too high can refrain
from quoting in the specified classes on the Exchange and shift quoting
activity to other exchanges that do not charge Premium Product fees for
such options classes. Accordingly, the Exchange does not believe the
proposed Premium Product fees will impose a burden on intermarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
Physical and Port Connectivity Fees
Intramarket Competition
The Exchange does not believe that the proposed port fees would
impose a burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. All Members and
non-Member connectivity subscribers will be charged the same amount for
each physical connection to the Primary Data Center and the Disaster
Recovery Data Center, and for each port connection. The proposed fees
do not favor certain categories of Members or non-Member connectivity
subscribers in a manner that would impose an undue burden on
competition. The fact that connectivity subscribers who utilize more
physical and port connectivity services pay a larger portion of the
Exchange's connectivity fees does not place those connectivity
subscribers at a competitive disadvantage because those connectivity
subscribers typically generate higher volumes of message traffic, use
the most bandwidth and thus the most resources from the Exchange. In
addition, market participants have the option of connecting to the
Exchange indirectly through third-party vendors. Accordingly, the
Exchange does not believe its proposed fees impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
Intermarket Competition
The Exchange believes that the proposed connectivity fees will not
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. There is no
reason to believe that IEX's proposed fees will adversely impact any
other options exchange's ability to compete. As detailed in the
Statutory Basis section above, the proposed fees are comparable to or
lower than fees charged by other options exchanges for comparable
connectivity. Competing options exchanges are free to propose
comparable fee structures subject to the SEC rule filing process.
Accordingly, the Exchange does not believe its proposed fees impose any
burden on intermarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
Market Data Fees
Intramarket Competition
The Exchange does not believe that the proposed fees for Options
TOPS and Options DEEP would impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The decision to subscribe to Real-Time access to
Options TOPS, Options DEEP, or any other market data feed offered by
IEX, and to use such data feeds in a non-display function, is within
the control of any particular market participant. Thus, as proposed,
the fees charged to each Data Subscriber would be a function of their
usage of the data feeds. In addition, the proposed fees would apply
equally to all market participants.
As discussed in the Statutory Basis section above, the proposed
fees for the Exchange's proprietary market data feeds are comparable
to, or less than, fees charged by other options exchanges for
comparable market data products. IEX does not believe that the proposed
relatively low fees would operate as a barrier to entry, or impose a
significant cost burden, on smaller Data Subscribers. Accordingly, the
Exchange does not believe its proposed fees for Options TOPS and
Options DEEP impose any burden on intramarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
Intermarket Competition
The Exchange also does not believe that the proposed rule change
will impose any burden on intermarket competition that is not necessary
or appropriate in furtherance of the purposes of the Act. Market
participants are not required to subscribe to Options TOPS or Options
DEEP. As discussed in the Statutory Basis section, other options
exchanges charge comparable or higher fees for comparable market data
products.\147\ Accordingly, the Exchange does not believe its proposed
fees for Options TOPS and Options DEEP impose any burden on intermarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
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\147\ See Section IV.B., supra.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
[[Page 61545]]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) \148\ of the Act.
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\148\ 15 U.S.C. 78s(b)(3)(A)(ii).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \149\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\149\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#b7c5c2dbd29ad4d8dadad2d9c3c4f7c4d2d499d0d8c1"><span class="__cf_email__" data-cfemail="fc8e899099d19f9391919992888fbc8f999fd29b938a">[email protected]</span></a>. Please include
File Number SR-IEX-2026-32 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-IEX-2026-32. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-IEX-2026-32 and should be submitted on
or before October 20, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\150\
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\150\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-19867 Filed 9-28-26; 8:45 am]
BILLING CODE 8011-01-P
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