Notice2026-20599
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 Amend the Exchange's Fee Schedule
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
October 8, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 194 (Thursday, October 8, 2026)</title>
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[Federal Register Volume 91, Number 194 (Thursday, October 8, 2026)]
[Notices]
[Pages 64431-64437]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-20599]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106597; File No. SR-IEX-2026-37]
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 Amend the Exchange's Fee Schedule
October 5, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 29, 2026, Investors Exchange LLC (the ``Exchange'' or
``IEX'') filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. 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\ 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,\3\
and Rule 19b-4 thereunder,\4\ the Exchange is filing with the
Commission a proposed rule change to amend the IEX Equities Fee
Schedule, pursuant to IEX Rules 15.110(a) and (c), to adopt fees for
non-display use of two of its proprietary equities market data feeds,
DEEP and DEEP+. Changes to the Fee Schedule pursuant to this proposal
are effective upon filing,\5\ and will be operative beginning on
October 1, 2026.
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\3\ 15 U.S.C. 78s(b)(1).
\4\ 17 CFR 240.19b-4.
\5\ 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.
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
The Exchange proposes to amend the Market Data Fees section of the
IEX Equities Fee Schedule (``Fee Schedule'') to adopt separate fees for
non-display use of its depth of book proprietary market data feeds,
DEEP and DEEP+. DEEP is an uncompressed data feed \6\ that provides
aggregated depth of book quotations for all displayed orders resting on
the Order Book at each price level, and execution information (i.e.,
last sale information) for executions on the Exchange.\7\ DEEP+ is an
uncompressed data feed that provides order-by-order depth of book
quotations for all displayed orders resting on the Order Book at each
price level, and execution information (i.e., last sale information)
for executions on the Exchange.\8\
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\6\ An uncompressed data feed is a transmission of raw,
unprocessed data without applying compression techniques.
\7\ See IEX Rule 11.330(a)(2).
\8\ See IEX Rule 11.330(a)(3).
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The Exchange currently charges a single flat monthly fee of $2,500
for DEEP and $3,500 for DEEP+ for Real-Time \9\ access to each data
feed, which covers all uses of that data feed, including non-display
use. The Exchange proposes to retain those fees for access to each data
feed, which it proposes to rename a ``Real-Time Access Fee'' for
clarity, and to adopt a separate flat monthly fee of $2,500 for DEEP
and $3,500 for DEEP+ that would cover all non-display use of the
respective data feed.\10\ A Data
[[Page 64432]]
Subscriber \11\ that makes any non-display use of a data feed would
therefore pay both the Access Fee and the single non-display fee for
that data feed. As proposed, the Exchange would only charge such a Data
Subscriber once per month for the Access Fee and Non-Display Fee for
the applicable data feed, and would not charge any additional fees
based upon how the Data Subscriber uses the data feeds.
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\9\ ``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. ``Delayed IEX Market Data'' is IEX Market Data that is
accessed, used or distributed at least fifteen (15) minutes after it
was made available by the Exchange. See IEX Equities Fee Schedule--
Market Data Fees (``Fee Schedule''), available at <a href="https://www.iex.io/resources/trading/fee-schedule#MktDataFees">https://www.iex.io/resources/trading/fee-schedule#MktDataFees</a>.
\10\ The Exchange is not proposing to adopt non-display fees for
its TOPS (Real-Time) data feed, nor any of the Delayed data feeds
that the Exchange makes available through third-parties.
\11\ ``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 via uncontrolled
distribution where such non-affiliated Data Subscriber does not
control both the entitlement to and display of the Real-Time IEX
Market Data by the 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.
See Fee Schedule, supra note 10.
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In the Exchange's Market Data Policies,\12\ the Exchange defines
non-display use as accessing, processing, or consuming Real-Time IEX
Market Data for a purpose other than (i) solely facilitating a display
of the Real-Time IEX Market Data or (ii) solely internally or
externally distributing the Real-Time IEX Market Data. Non-display use
includes, but is not limited to, using Real-Time IEX Market Data in
operating a trading platform,\13\ automated trading, order routing,
order management, investment analysis, risk management, surveillance,
compliance, and portfolio valuation.\14\ A Data Subscriber would not
incur the proposed non-display fees if it uses the data feeds solely to
facilitate its own display of Real-Time IEX Market Data or to
distribute Real-Time IEX Market Data internally or externally.\15\
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\12\ See IEX Market Data Policies, available at <a href="https://www.iex.io/documents/iex-market-data-policies">https://www.iex.io/documents/iex-market-data-policies</a>.
\13\ The term ``trading platform'' includes, but is 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 IEX Market Data Policies, supra note 13.
\14\ Id.
\15\ Internal or external distribution of the data refers solely
to the transportation or dissemination to another server, location,
or device. See IEX Market Data Policies, Section 13, supra note 13.
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The Exchange understands that Data Subscribers use real-time market
data on a non-display basis for a range of revenue-generating
activities, including proprietary and agency trading, automated order
and quote generation, and the operation of trading platforms. Data
Subscribers also use real-time market data on a non-display basis for
functions that do not directly generate revenue, such as risk
management, surveillance, compliance, order verification, and portfolio
valuation.
As proposed, the non-display fees for each data feed would not
differentiate between the various forms of non-display use that a Data
Subscriber may use. The proposed fees would be in addition to the
current fees the Exchange charges a Data Subscriber to gain access to
the data feeds.\16\ For clarity, the Exchange proposes renaming the
existing fee a ``Real-Time Access Fee,'' but is not proposing any
changes to those fees. In addition, the proposed non-display fees for
the respective data feeds would be the same for each Data Subscriber,
regardless of whether the Data Subscriber is using the data feed
internally or distributing it externally in connection with its non-
display use.
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\16\ The Exchange charges $2,500 per month for Real-Time access
to DEEP and $3,500 per month for Real-Time access to DEEP+. See Fee
Schedule, supra note 10.
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As of August 31, 2026, approximately 87% of current DEEP Data
Subscribers and 94% of DEEP+ Data Subscribers report non-display use
and would be subject to the proposed non-display fees.\17\ The Exchange
believes the proposed fees are reasonable when compared with the fees
charged by other exchanges for non-display use of comparable market
data products, notwithstanding that the other exchanges may have
different fee structures. More specifically, as described in the
Statutory Basis section, the total monthly amount a Data Subscriber
would pay IEX for access to and non-display use of DEEP is the same as
the amount charged by each of the two exchanges that offer a comparable
aggregated depth of book data feed and which have a similar market
share as IEX. The total monthly amount payable for access to and non-
display use of DEEP+ is within the range charged by other exchanges for
comparable order-by-order depth of book data feeds.
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\17\ The Exchange requires Data Subscribers to regularly report
their usage of IEX Market Data. 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>; IEX Market Data Policies, Section 8, supra
note 13. The reporting data included herein is as of August 31,
2026.
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The Exchange also proposes to add a definition of ``Non-Display''
use to the Definitions subsection of the Market Data Fees section of
the Fee Schedule. The proposed definition is substantively the same as
the definition of non-display use in the Exchange's Market Data
Policies described above, and the Exchange is not proposing to change
the scope of what constitutes non-display use. The purpose of adding
the definition to the Fee Schedule is to place the term that determines
the applicability of the proposed fees in the same document as the fees
themselves, so that a Data Subscriber can determine from the Fee
Schedule alone whether a contemplated use would be subject to a non-
display fee. Other exchanges have added market data definitions to
their fee schedules for the same reason.\18\
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\18\ See e.g., Securities Exchange Act Release No. 100319 (June
12, 2024), 89 FR 51562 (June 18, 2024) (SR-PEARL-2024-25)
(establishing market data fees and a Market Data Definitions section
in the MIAX Pearl Equities Fee Schedule); Securities Exchange Act
Release No. 97130 (March 13, 2023), 88 FR 16491 (March 17, 2023)
(SR-MEMX-2023-04) (adopting fees for proprietary market data
products and certain related definitions in the MEMX Fee Schedule).
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The Exchange also proposes to indicate in the table in the Market
Data Fees section of the Fee Schedule that it does not charge non-
display fees for TOPS Feed (Real-Time), DEEP Feed (Delayed), TOPS Feed
(Delayed), DEEP+ (Delayed), and Trial Usage by populating those rows in
the table with ``FREE.''
Implementation
The Exchange plans to implement the proposed fee change on October
1, 2026, subject to effectiveness of this proposed rule change, in
order to provide an opportunity for Data Subscribers to update their
subscriptions to suit their particular market data needs. On July 2,
2026, the Exchange announced the planned implementation on October 1,
2026 of the proposed non-display fees for DEEP and DEEP+, subject to
the filing and effectiveness of an SEC rule filing.\19\
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\19\ See IEX Trading Alert #2026-008, available at <a href="https://notifications.iex.io/tradingalerts/40">https://notifications.iex.io/tradingalerts/40</a>.
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2. Statutory Basis
IEX believes that the proposed rule change is consistent with the
provisions of Section 6(b) of the Act \20\ in general and furthers the
objectives of Section 6(b)(4) of the Act,\21\ 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 fee is
consistent with the purposes of Section 6(b)(5) \22\ of the Act in that
it is 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
[[Page 64433]]
market and national market system, and, in general, to protect
investors and the public interest, and particularly, is not designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers.
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\20\ 15 U.S.C. 78f(b).
\21\ 15 U.S.C. 78f(b)(4).
\22\ 15 U.S.C. 78f(b)(5).
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The Exchange notes that use of the DEEP and DEEP+ data feeds is
optional. The Exchange is not required to make its depth of book market
data feeds available to Members or market data customers for non-
display use, nor is any Member or customer required, either by any
Exchange rule or the federal securities laws, to subscribe to or
purchase non-display use of the data feeds.
The Proposed Fees Are Reasonable and Comparable to the Fees Charged by
Other Exchanges for Non-Display Use of Similar Data Feeds
Based on publicly available information as of September 1, 2026,
the Exchange compared the proposed fees to the non-display fees charged
by other exchanges with market share similar to or lower than IEX's for
similar data products. IEX's year-to-date market share as of August 31,
2026 was approximately 3.89%.\23\ Based on usage data reported to IEX
by current Data Subscribers, approximately 49% of current DEEP
subscribers who report non-display use also report using the data feed
in connection with operating a trading platform. Approximately 24% of
current DEEP+ subscribers who report non-display use also report using
the data feed in connection with operating a trading platform.
Accordingly, the Exchange believes that the reasonableness of the
proposed non-display fees is most appropriately evaluated in comparison
with the aggregate of the corresponding non-display fees that other
exchanges charge, rather than against any single component of another
exchange's non-display fee structure.
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\23\ Exchange market share data noted in this rule filing
represents the percent of executed share volume by the relevant
exchange compared to market-wide executed share volume in NMS
securities (see Rule 600(64) of Regulation NMS) as of August 31,
2026 based on NYSE TAQ (Trade and Quote) data.
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The comparisons below present, for each category of use, the total
monthly amount a Data Subscriber would pay each exchange for that use
of the exchange's comparable data feed, comprised of the exchange's
access or internal distribution fee plus any applicable non-display
fee. The Exchange has used this approach because the proposed fees are
all-inclusive, while other exchanges assess non-display charges in
separate components, and a comparison limited to any single component
would not reflect what a Data Subscriber actually pays.
For the reasons set forth below, the Exchange believes that the
proposed fees are reasonable because they are the same as or within the
range of non-display fees charged by other exchanges with similar or
lower market share for similar data feeds.
DEEP (Aggregated Price-Level Depth of Book Data Feed)
The Exchange believes that the proposed fee of $2,500 per month for
non-display use of DEEP is reasonable because the total monthly amount
a Data Subscriber would pay for access to and non-display use of DEEP
is the same as the total monthly amount charged by Cboe EDGX (``EDGX'')
and Cboe BZX (``BZX'') for access to and non-display use of their
comparable aggregated depth of book data feeds.\24\
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\24\ The Exchange is able to compare the proposed fee for non-
display use of DEEP, which provides aggregated depth of book
quotations at each price level, to the fees charged by only two
other exchanges because most other equities exchanges do not offer a
comparable aggregated price-level depth of book data feed. EDGX and
BZX each offer such a data feed, EDGX Summary Depth and BZX Summary
Depth. See Cboe EDGX U.S. Equities Market Data Fee Schedule,
Effective September 1, 2026 (``EDGX Fee Schedule''), available at
<a href="https://www.cboe.com/us/equities/membership/fee_schedule/edgx/">https://www.cboe.com/us/equities/membership/fee_schedule/edgx/</a>; Cboe
BZX U.S. Equities Market Data Fee Schedule, Effective September 1,
2026 (``BZX Fee Schedule''), available at <a href="https://www.cboe.com/us/equities/membership/fee_schedule/bzx/">https://www.cboe.com/us/equities/membership/fee_schedule/bzx/</a>.
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Access/
Market share Comparable data internal Non-display
Exchange (%) feed distribution fee--trading Total cost
fee platform
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IEX.......................... 3.89 DEEP........... $2,500 $2,500 $5,000
(proposed). (proposed).
EDGX......................... 4.35 EDGX Summary 5,000 None........... 5,000.
Depth.
BZX.......................... 3.64 BZX Summary 5,000 None........... 5,000.
Depth.
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EDGX. EDGX Summary Depth is a data feed that offers aggregated two-
sided quotations for all displayed orders entered into the System for
up to twelve (12) price levels, and also contains last sale
information, market status, trading status, and trade break
messages.\25\ A Data Subscriber that accesses EDGX Summary Depth and
uses it for non-display purposes pays $5,000 per month.\26\ EDGX does
not assess a separate fee for non-display use of EDGX Summary Depth;
the $5,000 monthly fee covers that use. That amount is the same as the
$5,000 per month a Data Subscriber would pay IEX for access to and non-
display use of DEEP. EDGX's year-to-date market share as of August
2026, approximately 4.35%.
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\25\ See EDGX Rule 13.8(f).
\26\ See EDGX Fee Schedule, supra note 25.
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BZX. The same is true of BZX Summary Depth, which is a data feed
that offers aggregated two-sided quotations for all displayed orders
entered into the System for up to twelve (12) price levels and also
contains last sale information, market status, trading status, and
trade break messages.\27\ BZX charges $5,000 per month covering both
access and non-display use of BZX Summary Depth.\28\ That amount is the
same as the $5,000 per month a Data Subscriber would pay IEX for access
to and non-display use of DEEP, notwithstanding that BZX's year-to-date
market share as of August 2026, approximately 3.64%, was approximately
6% lower than IEX's.
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\27\ See BZX Rule 11.22(m).
\28\ See BZX Fee Schedule, supra note 25.
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DEEP+ (Order-by-Order Depth of Book Data Feed)
The total monthly amount a Data Subscriber would pay IEX for access
to and non-display use of DEEP+ in connection with operating a trading
platform, $7,000, is within the range charged by other exchanges for
the same use of their comparable order-by-order depth of book data
feeds, which runs from $6,500 to $7,500. The Exchange does not draw a
distinction between trading platform and other non-display use in its
proposed fees; a Data Subscriber would pay the same non-display fee
regardless of whether it operates a trading platform. While the other
exchanges compared below charge a lower access/internal distribution
fee compared to IEX's Real-Time Access
[[Page 64434]]
Fee, their non-display fees for use by a trading platform are higher
than IEX's proposed non-display fee.
Non-Display Use for a Trading Platform
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Access/
Market share Comparable data internal Non-display
Exchange (%) feed distribution fee--trading Total cost
fee platform
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NYSE American................ 0.28 Integrated Feed $2,500 $5,000......... $7,500.
NYSE National................ 0.32 Integrated Feed 2,500 5,000.......... 7,500.
IEX.......................... 3.89 DEEP+.......... 3,500 3,500 7,000
(proposed). (proposed).
EDGX......................... 4.35 EDGX Depth..... 1,500 5,000.......... 6,500.
BZX.......................... 3.64 BZX Depth...... 1,500 5,000.......... 6,500.
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NYSE American and NYSE National. NYSE American's Integrated Feed
includes depth of book order data, last sale data, opening and closing
imbalance data, security status updates (e.g., trade corrections and
trading halts), and stock summary messages.\29\ NYSE National's
Integrated Feed includes depth of book order data, last sale data,
security status updates (e.g., trade corrections and trading halts),
and stock summary messages.\30\
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\29\ Securities Exchange Act Release No. 74127 (January 23,
2015), 80 FR 4956 (January 29, 2015) (SR-NYSEMKT-2015-06).
\30\ Securities Exchange Act Release No. 83350 (May 31, 2018),
83 FR 26332 (June 6, 2018) (SR-NYSENAT-2018-09).
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Each exchange charges $7,500 per month for this use of its
Integrated Feed, comprised of a $2,500 access fee and a $5,000 non-
display fee for use by a trading platform,\31\ or approximately 7% more
than the proposed total fee for DEEP+. NYSE American and NYSE National
split non-display use into three categories and assess a separate non-
display fee for each category of non-display use.\32\ Category 3 covers
internal order matching and trading platforms, and the exchanges assess
a separate non-display fee on a per-platform basis, up to a maximum of
three platforms ($15,000).
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\31\ NYSE American LLC Equities Proprietary Market Data Fees, as
of March 16, 2026 (``NYSE American Fee Schedule''), available at
<a href="https://www.nyse.com/publicdocs/nyse/data/NYSE_American_Equities_Market_Data_Fee_Schedule.pdf">https://www.nyse.com/publicdocs/nyse/data/NYSE_American_Equities_Market_Data_Fee_Schedule.pdf</a>; NYSE National
Proprietary Market Data Fees, as of April 9, 2021 (``NYSE National
Fee Schedule''), available at <a href="https://www.nyse.com/publicdocs/nyse/data/NYSE_National_Market_Data_Fee_Schedule.pdf">https://www.nyse.com/publicdocs/nyse/data/NYSE_National_Market_Data_Fee_Schedule.pdf</a>.
\32\ Category 1 Fees apply when a data recipient's Non-Display
Use of real-time market data is on its own behalf as opposed to use
on behalf of its clients. Category 2 Fees apply when a data
recipient's Non-Display Use of real-time market data is on behalf of
its clients as opposed to use on its own behalf. Category 3 Fees
apply when a data recipient's Non-Display Use of real-time market
data is for the purpose of internally matching buy and sell orders
within an organization, including matching customer orders on a data
recipient's own behalf and/or on behalf of its clients. See NYSE
American Fee Schedule, footnote 1, supra note 32; NYSE National Fee
Schedule, footnote 1, supra note 32.
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In contrast, IEX would assess the proposed non-display fees once
per Data Subscriber per data feed, regardless of the number of trading
platforms the Data Subscriber operates. On NYSE American or NYSE
National, a Data Subscriber would pay $15,000 in non-display fees to
use the data feed to operate three trading platforms; the same Data
Subscriber would pay $3,500 in non-display fees on IEX. In addition,
both NYSE exchanges charge per-user fees for their Integrated Feed data
feeds so after taking into account those per-user fees, the total costs
would be even higher.\33\
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\33\ See id.
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Neither exchange is a peer of IEX in terms of market share. NYSE
American's year-to-date market share as of August 2026 was
approximately 0.28% and NYSE National's was approximately 0.32%,
approximately 93% and 92% lower than IEX's, respectively.
Notwithstanding their substantially lower market share, each charges
more than IEX proposes to charge for non-display use of the comparable
data feed in connection with operating a trading platform.
EDGX and BZX. EDGX Depth is a data feed that contains all displayed
orders for listed securities trading on EDGX, order executions, order
cancellations, order modifications, order identification numbers, and
administrative messages.\34\ BZX's TCP Depth is an uncompressed data
feed that provides depth of book quotations and execution information
based on equity orders entered into the System.\35\ For non-display use
in connection with operating a trading platform, EDGX and BYX each
charge $6,500 per month of its order-by-order depth of book data feed,
comprised of a $1,500 access and internal distribution fee and a
separate $5,000 non-display fee for use by a trading platform.\36\ In
total, the non-display fee each charges for trading platform use of
their data feeds that are comparable to DEEP+ is approximately 7% less
than IEX's proposed fees.
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\34\ EDGX Rule 13.8(a).
\35\ BZX Rule 11.22(a).
\36\ See EDGX Fee Schedule, supra note 25; BZX Fee Schedule,
supra note 25.
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Non-Display Use Other Than for a Trading Platform
The total monthly amount a Data Subscriber would pay IEX for access
to and non-display use of DEEP+ other than for a trading platform,
$7,000, is within the range charged by other exchanges for the same use
of their comparable data feeds, which runs from $4,000 to $7,500.
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Access/ Non-display
Market share Comparable data internal fee--ex.
Exchange (%) feed distribution trading Total cost
fee platform
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NYSE American................ 0.28 Integrated Feed $2,500 $5,000......... $7,500.
NYSE National................ 0.32 Integrated Feed 2,500 5,000.......... 7,500.
IEX.......................... 3.89 DEEP+.......... 3,500 3,500 7,000
(proposed). (proposed).
MIAX Pearl................... 0.85 Depth of Market 2,000 2,500.......... 4,500.
(DoM).
MEMX......................... 2.22 MEMOIR Depth... 1,500 2,500.......... 4,000.
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NYSE American and NYSE National. Each charges $7,500 per month for
non-display use other than for a trading platform of its Integrated
Feed, comprised of a $2,500 access fee and a $5,000 non-display fee, or
[[Page 64435]]
approximately 7% more than the proposed total for DEEP+.\37\ As noted
above, both exchanges have substantially lower market share than IEX.
Yet each charges more than IEX proposes to charge for the same use of
comparable data products.
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\37\ NYSE American Fee Schedule, supra note 32; NYSE National
Fee Schedule, supra note 32.
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MIAX Pearl and MEMX. MIAX Pearl's Depth of Market Feed is a data
feed containing the displayed price and displayed size of each order in
an equity security entered into the System, as well as order execution
information, order cancellations, order modifications, order
identification numbers, and administrative messages.\38\ MIAX Pearl
charges $4,500 per month for non-display use other than for a trading
platform of its Depth of Market data feed, comprised of a $2,000
internal distribution fee and a $2,500 non-display fee.\39\ MIAX
Pearl's year-to-date market share as of August 31, 2026 was 0.85%,
approximately 78% lower than IEX's market share.
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\38\ MIAX Pearl Rule 2625(a)(1)(i).
\39\ See MIAX Pearl Equities Fee Schedule, effective May 1, 2026
(``MIAX Pearl Fee Schedule''), available at <a href="https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Equities_Fee_Schedule_05012026_0.pdf">https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Equities_Fee_Schedule_05012026_0.pdf</a>.
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MEMX's MEMOIR Depth is a data feed that contains all displayed
orders for listed securities trading on MEMX, order executions, order
cancellations, order modifications, order identification numbers, and
administrative messages.\40\ MEMX charges $4,000 for non-display use
other than for a trading platform of its MEMOIR Depth data feed,
comprised of a $1,500 internal distributor (or access) fee and a $2,500
non-display fee.\41\ MEMX's year-to-date market share as of August 2026
was 2.22%, approximately 43% lower than IEX's market share.
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\40\ MEMX Rule 13.8(a).
\41\ See MEMX Equities Fee Schedule, Effective August 3, 2026
(``MEMX Fee Schedule''), available at <a href="https://info.memxtrading.com/equities-trading-resources/us-equities-fee-schedule/">https://info.memxtrading.com/equities-trading-resources/us-equities-fee-schedule/</a>.
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Non-Display Use by a Trading Platform and All Other Uses
As proposed, the total monthly fees a Data Subscriber would pay IEX
for access to and non-display use of DEEP+ both in connection with
operating a trading platform and all other use cases, would be $7,000.
As discussed below, that amount is lower than the fees that EDGX and
BZX charge for the same uses of their comparable data feeds, the same
as MIAX Pearl's fees, and approximately 7% higher than MEMX's fees.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Access/ Non-display
Market share internal Non-display fee--ex.
Exchange (%) Comparable data feed distribution fee--trading trading Total cost
fee platform platform
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EDGX...................................... 4.35 EDGX Depth.................. $1,500 $5,000 $2,000 $8,500
BZX....................................... 3.64 BZX Depth................... 1,500 5,000 2,000 8,500
--------------------------------
IEX....................................... 3.89 DEEP+....................... 3,500 3,500 (proposed) 7,000
--------------------------------
MIAX Pearl................................ 0.85 Depth of Market (DoM)....... 2,000 2,500 2,500 7,000
MEMX...................................... 2.22 MEMOIR Depth................ 1,500 2,500 2,500 6,500
--------------------------------------------------------------------------------------------------------------------------------------------------------
EDGX and BZX. EDGX and BZX charge $8,500 per month for non-display
use in connection with operating a trading platform and all other forms
of non-display use of EDGX Depth and BZX Depth,\42\ or approximately
21% more than the proposed total for DEEP+. While EDGX's market share
of 4.35% is slightly higher than IEX's, BZX's market share of 3.64% is
slightly lower than IEX's.
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\42\ See EDGX Fee Schedule, supra note 25; BZX Fee Schedule,
supra note 25.
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MIAX Pearl. MIAX Pearl charges $7,000 per month for non-display use
in connection with operating a trading platform and all other forms of
non-display use of its Depth of Market data feed.\43\ MIAX Pearl's
year-to-date market share as of August 31, 2026 was 0.85%,
approximately 78% lower than IEX's market share.
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\43\ See MIAX Pearl Fee Schedule, supra note 40.
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MEMX. MEMX charges $6,500 per month for non-display use in
connection with operating a trading platform and all other forms of
non-display use of MEMOIR Depth,\44\ approximately 7% lower than the
proposed total fees for DEEP+. MEMX's year-to-date market share as of
August 2026 was approximately 43% lower than IEX's market share.
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\44\ See MEMX Fee Schedule, supra note 42.
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The Proposed Fees Are Equitably Allocated and Not Designed To Permit
Unfair Discrimination
The Exchange believes that its proposed fees for non-display use of
the DEEP and DEEP+ data feeds are reasonable, fair, equitable, and not
designed to permit unfair discrimination. The Exchange believes the
proposed fees are fair and equitable because subscribing to the DEEP
and DEEP+ data feeds is optional and the fees would apply uniformly to
all Data Subscribers, irrespective of their relationship with the
Exchange (i.e., Member, non-Member, etc.) or what type of business they
operate.
The Exchange further believes that the proposed fees are equitably
allocated because a Data Subscriber would incur a non-display fee only
if it actually makes non-display use of the data feed. A Data
Subscriber that uses DEEP or DEEP+ solely to facilitate its own display
of Real-Time IEX Market Data, or solely to distribute the data
internally or externally, would pay only the Access Fee for that data
feed and would not incur a non-display fee. Whether a Data Subscriber
incurs the proposed fees therefore turns on an objective difference in
how it uses the data, which remains within each Data Subscriber's
control.
The Exchange also believes the proposed fees are equitably
allocated because a Data Subscriber would pay a single non-display fee
per data feed, regardless of the number of non-display uses it makes of
that feed or the number of trading platforms it operates using the data
feed. A Data Subscriber that uses DEEP+ in connection with operating
several trading platforms, and also for risk management and compliance
purposes, would pay the same $7,000 per month as a Data Subscriber with
a single non-display use. Several other exchanges instead assess
separate non-display fees by category of use, by trading platform, or
both, with the result that a Data Subscriber with multiple non-display
uses pays those exchanges more than once for non-display use of the
same data feed.\45\ The Exchange
[[Page 64436]]
notes that Data Subscribers that operate multiple trading platforms or
make multiple categories of non-display use would benefit from the
proposed fee structure relative to the fee structures of those
exchanges.
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\45\ See NYSE American Fee Schedule, supra note 32; NYSE
National Fee Schedule, supra note 32; EDGX Fee Schedule, supra note
25; BZX Fee Schedule, supra note 25; and MIAX Pearl Fee Schedule,
supra note 40.
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Moreover, the proposed non-display fees would apply equally to all
Data Subscribers. The decision to subscribe to the DEEP and DEEP+ data
feeds 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. Each
Data Subscriber would be subject to the same non-display fee for each
data feed. The proposed fees also 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 non-display fees of $2,500 per month for non-display use of
DEEP and $3,500 per month for non-display use of DEEP+ is not designed
to permit unfair discrimination.
The Exchange believes that adding the definition of ``Non-Display''
use to the Fee Schedule is reasonable, equitable, and not designed to
permit unfair discrimination. The definition does not change the scope
of what constitutes non-display use, which is already set out in the
Exchange's Market Data Policies, and it would apply in the same manner
to every Data Subscriber. Stating the definition in the Fee Schedule
alongside the fees it applies to allows each Data Subscriber to
determine from a single document whether a contemplated use would be
subject to a non-display fee, which the Exchange believes promotes just
and equitable principles of trade and removes impediments to a free and
open market by providing clarity about the application of the fees.
Finally, the Exchange notes that it publicly announced the proposed
fees in advance of this filing, on July 2, 2026, in order to give Data
Subscribers notice and an opportunity to evaluate their subscriptions
before the fees become operative.\46\ The Exchange also notes that a
Data Subscriber who does not wish to pay the proposed fees has
alternatives. It may continue to subscribe to DEEP or DEEP+ for display
or distribution purposes without incurring a non-display fee; it may
use the Exchange's TOPS data feed; it may receive DEEP or DEEP+ on a
Delayed basis free of charge; or it may use the consolidated data
disseminated pursuant to the effective national market system
plans.\47\
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\46\ See IEX Trading Alert #2026-008, supra note 20.
\47\ The Exchange does not charge for Delayed access to DEEP or
DEEP+ or for non-display use of TOPS. See Fee Schedule, supra note
10.
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Accordingly, based on the foregoing analysis, IEX believes that the
proposed fees for non-display use of DEEP and DEEP+ are consistent with
the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\48\ 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.
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\48\ 15 U.S.C. 78f(b)(8).
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The Exchange does not believe that the proposed rule change will
result in any burden on intra-market competition that is not necessary
or appropriate in furtherance of the purposes of the Act. Non-display
use of DEEP and DEEP+ is optional. As discussed in the Statutory Basis
section, each Data Subscriber that makes non-display use of a data feed
would be subject to the same non-display fee for that data feed,
irrespective of whether it is a Member \49\ of the Exchange, what type
of business it operates, or the extent of its activity, and a Data
Subscriber that does not make non-display use of a data feed would not
incur the fee at all. Whether the proposed fees apply to a particular
Data Subscriber is a function of that Data Subscriber's use of the
data, which remains within its control. Because the proposed fees would
be assessed once per data feed, they do not place Data Subscribers with
more extensive non-display operations at a relative disadvantage. As a
result, the proposed fees also 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. Moreover, the Exchange will continue
to make access to non-display use of DEEP and DEEP+ available to market
participants on a fair and impartial basis, and on terms that are not
designed to permit unfair discrimination, as discussed in the Statutory
Basis section.
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\49\ See Rule 1.160(s).
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Further, as discussed in the Statutory Basis section, the proposed
fees are the same as, or within the range of, fees charged by other
exchanges for non-display use of comparable market data products,
including by exchanges with market share similar to or lower than IEX.
Thus, IEX does not believe that the proposed fees would operate as a
barrier to entry, or impose a significant cost burden, on smaller
Members or Data Subscribers.
The Exchange also does not believe that the proposed rule change
will impose any burden on inter-market competition that is not
necessary or appropriate in furtherance of the purposes of the Act. As
discussed in the Statutory Basis section, other exchanges charge fees
for non-display use of comparable market data products that are equal
to or higher than the fees IEX proposes, including exchanges with lower
market share than IEX. Market participants are not required to
subscribe to any market data feed, and are not required to use any data
feed on a non-display basis. An exchange that overprices non-display
use of its market data runs the risk that Data Subscribers will decline
to use the data on a non-display basis or will substitute another
exchange's data product or consolidated market data, and that
competitive pressure constrains the Exchange in setting the proposed
fees. Accordingly, the Exchange does not believe that adopting fees for
non-display use of DEEP and DEEP+ will harm inter-market competition.
Moreover, competing exchanges are free to adopt comparable fee
structures subject to the Commission rule filing process.
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.
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) \50\ of the Act.
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\50\ 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) \51\ of the Act to determine whether the proposed
rule
[[Page 64437]]
change should be approved or disapproved.
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\51\ 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#e89a9d848dc58b8785858d869c9ba89b8d8bc68f879e"><span class="__cf_email__" data-cfemail="6715120b024a04080a0a020913142714020449000811">[email protected]</span></a>. Please include
file number SR-IEX-2026-37 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-2026-37. 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-2026-37 and should be submitted on
or before October 29, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\52\
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\52\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-20599 Filed 10-7-26; 8:45 am]
BILLING CODE 8011-01-P
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