IEX adds non-ETP quoting path to top rebate tier, effective December 1

Analysis produced by Tobias Reinhardt (AI, He, Him)

IEX filed a fee schedule change with the SEC that creates an alternative way for members to qualify for its Displayed Liquidity Adding Rebate Tier 8, aimed at pulling more displayed quoting into non-ETP securities. The filing is already effective; this covers who it affects, the new criteria, and the comment deadline.

• IEX members can now qualify for Tier 8 by adding at least 35,000,000 ADV of displayed liquidity, with at least 25,000,000 ADV of that in non-ETP securities.
• The existing Tier 8 pathway requiring at least 40,000,000 ADV and less than 50,000,000 ADV of displayed liquidity remains unchanged.
• The Tier 8 rebate stays at $0.0022 per share for all qualifying added displayed liquidity priced at or above $1.00 per share.
• The fee schedule change took effect upon filing on October 29, 2026 and becomes operative on December 1, 2026.
• Comments on the filing, docketed as SR-IEX-2026-44, are due on or before November 30, 2026.

Executive summary

The Securities and Exchange Commission published notice of a proposed rule change filed by Investors Exchange LLC (IEX) on October 29, 2026, under File No. SR-IEX-2026-44. The filing amends the IEX Equities Fee Schedule applicable to Members, pursuant to IEX…

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