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About

IEX Options

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, pending regulatory approvals.

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.

Read the latest press release

Documentation

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Category
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IEX Options FAQs
Other
4/16/25
IEX - Connectivity Services Agreement and Forms
Connectivity
8/27/25
IEX - Controlled Data Recipient Agreement
Market Data
8/27/25
IEX - Data Subscriber Agreement
Market Data
8/27/25
IEX - Member Application
Membership
8/27/25
IEX - Non-Display Use Declaration
Market Data
8/27/25
IEX - Service Bureau Agreements
Service Bureau
8/27/25
IEX - Service Bureau Application
Service Bureau
8/27/25
IEX - Sponsored Access Application
Sponsored Access
8/27/25
IEX - User Agreement
Membership
8/27/25
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Membership Agreements and Forms Guidelines

Test Environment Dates & Access

Prior to accessing the IEX Options Test Facility*, firms must complete and submit the IEX Options Testing Agreement and Port Request form(s) as applicable.

Send completed forms to OptionsMktOps@iextrading.com to start the connectivity process.
*Connectivity to test facility will be available starting October 1, 2025.
  1. IEX Options Testing Agreement (Including Options Physical Connectivity Order Form)
    1. Test Order Entry: Test environment connectivity for the purpose of order entry and quoting will be available via dedicated cross connect or internet https connection. Those connecting for the purpose of order entry should fill out the applicable sections of the Testing Agreement requesting an Options ITF (IEX Test Facility) cross connect to the NY3 location and/or providing your public IP address to be provisioned to access the Options ITF from the internet. Please note that 1Gps interface is the default and only physical interface available into the IEX Test Facility.
    2. Test Market Data: If desired, test environment connectivity for the purpose of consuming test market data feeds will be facilitated via dedicated cross connect only. Firms should populate the Options Physical Connectivity order form page in the IEX Options Testing Agreement requesting an Options ITF (IEX Test Facility) cross connect to the NY3 location.
  2. Port Request form(s) as applicable
    1. Firms should submit a port request form for each applicable protocol and session type (Market Maker Quoting, Binary Order Entry, FIX Order Entry, FIX Drop Copy) with desired Port Details.

Membership & Production Access

In order to access the IEX Options Production environment, firms must become a member of the Investors’ Exchange (if not already), and complete and submit the following forms.

View Onboarding Form Applicability Matrix
*Form only needed if not currently a member of Investors’ Exchange
Please note additional forms may be required depending on workflow. Please see Onboarding Form Applicability Matrix for more information.
Firms are requested to email completed documents and any onboarding questions to OptionsMktOps@iextrading.com.
  1. IEX - Member Application* (If applicant is not currently a member of Investors’ Exchange) OR IEX Options - Existing Member Application (if applicant is currently a member of Investors' Exchange)
  2. IEX - User Agreement* (If applicant is not currently a member of Investors’ Exchange)
  3. IEX Connectivity Services Agreement* and Forms (Including Options Physical Connectivity Order Form)
    1. Existing members do not need to re-execute the Connectivity Services Agreement. Physical Connectivity Order Form within is required for all applicants.
    2. Production connectivity for the purpose of order entry as well as consuming market data feeds will be facilitated via dedicated cross connect only.
    3. Note that connectivity to the test environment is separate from connectivity to the IEX Options Production Environment.
    4. The option of 1 Gbps or 10 Gbps physical interface is available for new physical connectivity orders into the IEX POP and Disaster Recovery data center.‍
  4. ‍Port Request form(s) as applicable
    1. Firms should submit a port request form for each applicable protocol and session type (Market Maker Quoting, Binary Order Entry, FIX Order Entry, FIX Drop Copy) with desired Port Details.

Important Dates

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Frequently Asked Questions

  • When will IEX Options begin trading?

    IEX Options intends to launch at the end of Q1 2026, pending regulatory approval. IEX will provide further details concerning Member onboarding, weekend testing, and launch timelines 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 our full FAQs for more detail). 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 handling instruction called the Options Risk Parameter (ORP), designed to mitigate the impact of adverse selection on Market Maker quotes.

    The ORP, a fixed formula to be specified transparently in IEX’s rules and related Trading Alerts, will leverage certain real-time quoting activity and a proprietary mathematical model to assess the probability that the NBB or NBO in a given option series is stale.

    When triggered (i.e., when the options contract price is predicted to be stale based on an observed price change in the underlying equity security, and thus likely to move), an ORP-enabled quote to buy (sell) will either be canceled or repriced down (up) to the stable price level determined by the model. ORP is only available for Market Maker quotes and can be elected by users on a quote-by-quote basis.

    Note that while both the Options Risk Parameter available on IEX Options and the IEX Signal (also known as the Crumbling Quote Indicator) available on IEX’s equities exchange rely on a 350-microsecond delay mechanism, they leverage different methodologies and have different resulting behaviors. More information on the IEX Signal is available here.

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