Information Hub
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In 2024, IEX announced its plans to launch IEX Options, a new U.S. options exchange that will bring IEX’s suite of order protection innovations to better address the needs of market makers.
The proposed options exchange will be an electronic venue that will provide access to the entire multi-listed options market while relying on a pro-rata model.
Use this information hub to get access to the latest documents, track on critical dates, and sign up for email updates regarding its planned launch.
Documentation
Important Dates
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Frequently Asked Questions
When will IEX Options begin trading?
IEX Options intends to launch at the end of Q3 2026. IEX will provide further details concerning industry testing and symbol rollout dates in subsequent communications later this year.
In which data centers will IEX Options be located?
IEX Options’ Production environment will be in the NY3 Equinix facility in Secaucus, NJ. IEX Options’ Disaster Recovery environment will be in the CH4 Equinix facility in Chicago, Illinois. IEX Options additionally intends to offer latency-equalized connectivity to the Production environment from the NY3, NY4, NY5, and NY6 data centers.
What is the IEX Options market model?
IEX Options will utilize a Customer Priority, pro-rata allocation model for all options available for trading on IEX Options. Specialist and Directed Market Maker Participation Entitlements will additionally be offered (see below for additional details). The IEX Options commercial model and associated fee schedule will be announced at a later date.
Will IEX Options have a “Signal”?
IEX Options will offer an optional risk tool called the Options Risk Parameter (ORP), designed to mitigate the impact of latency arbitrage on Market Maker quotes. The ORP will operate by a fixed formula disclosed transparently in IEX’s rules and related Trading Alerts. The ORP is designed to enable Market Makers to provide tighter and deeper quotes on IEX by providing protection from execution against quotes at stale prices by identifying when the best Protected Bid or best Protected Offer of the Away Markets (as defined in Rule 22.160(a)(8)) in a particular options series is sufficiently dislocated from the price of the underlying security to indicate that the best Protected Bid or best Protected Offer of the Away Markets in the options series is likely in transition.
If a quote instability determination is generated for an options series quoted by a Market Maker and the quote is above (below) the price level of the quote instability determination, the quote will be either cancelled or repriced to the price level of the quote instability determination (as instructed by the Market Maker) in advance on its quote. IEX expects that Market Makers will elect to use the ORP to manage risks for quotes in some underlying instruments and series, but not necessarily all, based on their relevant risk and based on their experience with the ORP, as they do with other commonly used risk-based controls.