IEX Files Immediate Rule Change to Adjust Options Risk Parameters
The amendment, effective upon filing on September 23 2026, modifies three ORP variables for market makers using IEX Options, which launch on October 2 2026.
On September 23, 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. 34-106559; File No. SR-IEX-2026-36 and published as FR Doc No: 2026-20401, is effective immediately upon filing pursuant to 17 CFR 240.19b-4(f)(1).
The proposal amends Supplementary Materials .04 and .05 to IEX Rule 23.150(h) to change three variables in the Options Risk Parameter (ORP) quote instability calculation: the Delta Bound Band, the Quote Instability Threshold, and the frequency of implied volatility calculation. Each change remains within the ranges previously approved for the rule.
Supplementary Material .04 specifies that the Delta Bound Band may range from 0-1, with an initial value also between 0-1. The Quote Instability Threshold may range from 0%-100%, with an initial value of 0.1%. Supplementary Material .05 sets the implied volatility calculation to occur each half-hour of system operation, but permits the Exchange to increase the frequency based on its assessment.
The Exchange indicates that the adjustments adopt more conservative settings than initially approved to support the launch of IEX Options, scheduled to commence trading on October 2, 2026. The Commission is soliciting comments on the proposed change from interested persons.
The full text of the proposed rule change is available on the IEX website at https://www.iexexchange.io/resources/regulation/rule-filings and at the Exchange's principal office.
Further reading