IEX adds non-display fees for DEEP market data feeds
Data subscribers using IEX's DEEP or DEEP+ feeds for non-display purposes must pay the new fees beginning Oct. 1, 2026.
On September 29, 2026, Investors Exchange LLC filed a proposed rule change with the Securities and Exchange Commission under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4. The filing, identified as Release No. 34-106597; File No. SR-IEX-2026-37, appears in the Federal Register Volume 91, Number 194 (Thursday, October 8, 2026), pages 64431-64437 (FR Doc No. 2026-20599). The notice solicits comments from interested persons.
The proposal amends the IEX Equities Fee Schedule to retain the existing Real-Time Access Fees - $2,500 per month for the DEEP feed and $3,500 per month for the DEEP+ feed - and to add a separate flat monthly non-display fee of $2,500 for DEEP and $3,500 for DEEP+. A Data Subscriber that makes any non-display use of a feed would therefore pay both the Access Fee and the applicable non-display fee, with no additional charges based on usage.
IEX defines non-display use as accessing, processing, or consuming Real-Time market data for purposes other than solely facilitating a display or solely internal or external distribution. The definition includes use in trading platforms, automated trading, order routing, investment analysis, risk management, surveillance, compliance, and portfolio valuation.
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. IEX states that the total monthly amount a subscriber would pay for access and non-display use of DEEP matches the amount charged by two comparable exchanges, and that the total for DEEP+ falls within the range charged by other exchanges for similar order-by-order depth feeds.
The proposed rule change is effective upon filing and will be operative beginning on October 1, 2026. The text of the proposal is available on IEX's website and at the Exchange's principal office, and the Commission will consider comments received during the comment period.
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