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IEX Exchange | Icon
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A different kind of stock exchange

IEX Exchange facilitates the trading of U.S. equities, combining a transparent business model with innovative design and technology.

Innovating to drive trading performance

We are focused on performance: driving superior execution quality for broker-dealers and investors with game-changing technology, data, experience, and expertise.

About IEX
Our Technology

The Speed Bump

38 miles of coiled cable that incoming orders and messages must traverse before arriving at the exchange’s matching engine.

Creating a level playing field where the exchange can be a fair referee for trading.

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Our Technology

The Signal

A mathematical formula developed with machine learning. The Signal is built to identify moments when a stock’s price is unstable and is incorporated into a number of order types that are designed to protect orders while the price is changing.

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Graph showing stable midpoint average daily value traded by exchange (2022 Q3) – IEX leading among the exchanges
Trading Performance

Trading on IEX Exchange is different

Industry Leader in Stable Midpoint Volume

IEX Exchange offers products designed to facilitate stable trades at the midpoint, which is often considered the fairest price.
Stable trades are defined as executions that do not see the National Best Bid/Offer move in the following 2 milliseconds.
Source: NYSE TAQ

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Our Products

Innovative Products

IEX Exchange offers tools, programs, and technologies to help our Members achieve their performance goals.

Drive Performance

Discretionary Peg Order Type™

(D-Peg®)

Discretionary Peg (D-Peg) rests outside the NBBO and is willing to step to the midpoint—except when the Signal is on.

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Drive Performance

Order Types

Trade on IEX Exchange with order types designed to raise the bar for execution quality.

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Access Data

Market Data and Connectivity

Connect to IEX Exchange and receive our quote and trade feeds.

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Drive Performance

Retail Program

Designed to provide high-quality trading for the retail community on IEX Exchange.

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Access liquidity

Router

Access liquidity on IEX Exchange and away markets.

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Explore Router
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View Square Edge

Featured news, ideas and research on equities, technology and digital assets.

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Research

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November 18, 2025

IEX: A Top-Three Displayed Venue and Still First In Performance
Research

November 18, 2025

IEX: A Top-Three Displayed Venue and Still First In Performance
Research

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May 13, 2025

What Really Matters in a Market Data Feed?
Research

May 13, 2025

What Really Matters in a Market Data Feed?
Research

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February 11, 2025

Defying Gravity: IEX’s Quote Presence Climbs
Research

February 11, 2025

Defying Gravity: IEX’s Quote Presence Climbs