Membership

Who can be a Member of Investors Exchange LLC?

• U.S. registered broker-dealers are eligible to become Members of Investors Exchange LLC (the "Exchange"), subject to the requirements of Chapter 2 of the Exchange Rule Book. Firms seeing to become IEX Options Members are also subject to the requirements of Chapter 18. Applicants must be a member of another Self-Regulatory Organization (SRO) and maintain an active clearing relationship with an NSCC or OCC member clearing firm, as applicable, who is also a Member of the Exchange.

Does the Membership application process cost anything?

• No, the Exchange does not charge an application or Membership fee.

How can my firm apply for Membership the Exchange?

• Our team requires a completed set of application materials to determine your firm's eligibility for membership to the Exchange. Market Operations are available to review your firm’s specific needs and provide step-by-step guidance about how to start trading at the Exchange.

Exchange Membership Application Material Checklist

Firm is a registered broker-dealer

1. Member Application
2. Member Agreements
   
   1. Clearing Letter of Guarantee (if your firm is not self-clearing)
   2. User Agreement
   3. Routing Agreement (if interested in using the IEX Router)

3. Most recent signed Form BD
4. A Form U-4 for each officer, director and equity holder who owns 5% or more of Applicant’s outstanding equity interests, if not available on WebCRD
5. Most recent audited annual financial statements, if applicable, and unaudited financial statements as of the last month-end
6. All FOCUS Reports since last annual audit
7. Organizational documents (Articles of Incorporation, LLC Agreement, etc.)
8. List of all traders that your firm will register with the Exchange

How can my firm apply for Membership to IEX Options?

• In order to access the IEX Options Production environment, firms must first be a Member of the Investors' Exchange LLC. To become an IEX Options Member, please review instructions for becoming a Member of IEX Options on our IEX Options Testing and Certification page.

Does my firm need to be registered with FINRA before it can be a Member of IEX Exchange?

• No. A firm is not required to be a FINRA member to apply for the Exchange Membership; however, it must be a member of another Self-Regulatory Organization (SRO). The Exchange may require additional documentation from non-FINRA applicants. IEX Options Members are separately subject to Rule 18.110(g), which requires membership in another registered options exchange or FINRA. Options Members that transact business with Public Customers must be FINRA members.

Supplemental Member Application Materials Checklist (Non-FINRA firms)

1. Firm is not a FINRA member.
2. Pro Forma Financial Statements for next twelve (12) months
3. Anti-Money Laundering - Description of the financial controls employed by the Applicant with respect to IEX Rule 5.160
4. A copy of any decision or order by a federal or state authority or SRO taking permanent or temporary adverse action with respect to a registration or licensing determination regarding the Applicant or an Associated Person
5. Two (2) years of examination reports from the Applicant’s DEA
6. Designation of Accountant Form and Auditor Engagement Letter provided to Applicant’s DEA pursuant to SEC Rule 17a-5(f)

Can I email my application materials to the Exchange?

• Yes. Please email your completed application materials to Market Operations.

How will a firm know its membership application has been approved?

• Market Operations will provide confirmation via email when a decision has been rendered.