IEX Changes Displayed-Liquidity Rebate Tiers for November

IEX has filed changes to its equities fee schedule that revise qualification criteria and payments for several displayed-liquidity adding rebate tiers, and create a ninth tier. The SEC published notice of the immediately effective filing on October 6. IEX says the changes will be operative on November 1, 2026.

The filing raises the displayed adding activity required for five tiers, removes an alternative qualification path previously available in Tier 7, and places maximum displayed-activity levels on Tiers 7 and 8. It also changes the rebate amounts for those two tiers. The new Tier 9 applies to displayed-liquidity executions priced at $1 or more per share. The filing does not change the stated treatment for displayed sub-dollar trades.

The SEC notice records IEX’s view that the revised schedule is intended to encourage additional order flow and support public price discovery. The Commission can temporarily suspend an immediately effective rule change within 60 days if it considers that necessary in the public interest or for investor protection.

Why it matters

For broker-dealers, market makers and active participants routing displayed orders, venue economics can affect where liquidity is posted. Firms using IEX’s displayed-liquidity programs will need to reassess whether their projected activity meets the new volume bands and whether the changed Tier 7 and Tier 8 economics alter their routing calculations.

What to watch next

Watch IEX’s published fee schedule before the November 1 operative date, and any SEC action during the 60-day review window. The filing is SR-IEX-2026-39.