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IEX Options offers a Step-Up Mechanism, giving Members the opportunity to source liquidity on IEX prior to their eligible marketable orders being routed to another venue.
The Step-Up Mechanism gives Members the ability to seek fills on IEX prior to their eligible marketable orders being routed to another venue, helping clients source IEX liquidity and reduce routing fees.
An eligible order arrives at IEX that is marketable against an away-market price and qualifies for Step-Up Mechanism.
Before routing, the Step-Up Mechanism broadcasts information about the order to Members (with level of detail subject to Member’s election) through IEX’s proprietary market data feeds.
A brief response period gives Members an opportunity to provide liquidity to the order at the prevailing NBBO (or better).
Eligible responses priced at the prevailing NBBO (or better) execute against orders in time priority.
If the order is not fully executed through the Step-Up Mechanism, any remaining quantity will continue to be handled according to the order's instructions, including routing to away markets where applicable.