IEX revises equity fee schedule, adds ninth rebate tier

On September 30, 2026, Investors Exchange LLC filed a proposed rule change to amend its equities fee schedule. The amendment is effective upon filing and will become operative on November 1, 2026, binding all IEX Members that add displayed liquidity at prices of $1.00 per share or higher.

The proposal raises the average-daily-volume (ADV) thresholds required for five of the existing displayed-liquidity adding rebate tiers, removes the alternative qualifying criteria for Tier 7, and establishes maximum levels of displayed adding activity for Tiers 7 and 8. It also revises the rebate amounts for those two tiers - currently $0.0022 and $0.0023 per share, respectively - and introduces a ninth rebate tier for executions priced at or above $1.00 per share.

Trades priced below $1.00 per share are unaffected; they will continue to receive a rebate equal to 0.15% of the total dollar value of the execution. The new Tier 9 and the adjusted thresholds are intended to incentivize greater displayed liquidity adding activity on the Exchange.

The notice appears under Release No. 34-106603, File No. SR-IEX-2026-39, and the Securities and Exchange Commission is soliciting comments from interested persons. The full text of the proposed rule change and the current fee schedule are available on IEX's website.

Members should review the amended schedule, which is posted at https://www.iex.io/resources/trading/fee-schedule, to assess the impact on their quoting and trading strategies.