Market Data Resources. Market data is a critical product provided to market participants that allows them to understand the displayed orders placed and trades executed on the IEX Exchange book.…
December 17, 2019 marked the 20th anniversary of the Market Data Wars.December 17, 2019 marked the 20th anniversary of the Market Data Wars.…
Additionally, our proprietary data feeds can be accessed by exchange Members, industry participants, retail clients, or anyone else with a need for low-latency market data, either directly or through a third-party market data provider.…
What Really Matters in a Market Data Feed? Balancing Cost, Coverage, and Performance with IEX.…
This opinion reignited the Market Data Wars. The same month, the SEC held a. roundtable. on Market Data and Market Access.…
IEX Exchange is proud to work with a robust network of third-party partners that provide IEX Exchange connectivity and market data access services. Together, we look forward to maintaining a high standard of technological and operational excellence.…
Ten Expert Reports that Fueled the Market Data Wars, Part II: January 2011 -- March 2015 (ArcaBook II). This is part 2/3 of a series of blogs on the history of the Market Data Wars. Part 1 is. here.…
Market Data Wars with Benjamin Connault, Economist at IEX. Episode Description.…
IEX's Financial Data Platform, IEX Cloud, Joins Pyth Network to Bring Trusted Market Data to Blockchain Apps. IEX Press Release. IEX Cloud to contribute market data to public Solana blockchain through Pyth Network. NEW YORK. - July 22, 2021 -.…
Market Data & Connectivity. Trading Operations. Quick Links. Trading Resources. Membership. Users must complete, execute, and submit the necessary agreements and forms to become Members of IEX Exchange. View Membership Page. Market Data and Connectivity.…
Market Data Dumpster Fire. Episode Description. It’s one of the hottest debates in market structure today: exchange market data.…
Other Market Data Documents. Download Document. By clicking. “Accept All Cookies”. , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our.…
IEX Market Data Policies. Download Document. By clicking. “Accept All Cookies”. , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our.…
Securities and Exchange Commission, to publicly disclose IEX’s costs to provide market data and connectivity to our members.…
Steve Kaminsky of Jump Crypto joins Ronan and JR on this episode of Boxes + Lines to break down The Pyth Network, an oracle that acts as a bridge between on-chain and off-chain applications to provide crypto values and other market data.…
IEX Becomes the First Stock Exchange to Publicly Disclose Costs to Provide Market Data and Connectivity. IEX Press Release.…
IEX Market Data Trial Addendum. Download Document. By clicking. “Accept All Cookies”. , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our.…
This includes the SEC’s transaction fee pilot, the recent debates on market data and connectivity highlighted at the SEC’s. market data roundtable. last October (Roundtable), and even IEX’s own exchange application.…
Previous IEX Market Data Policies. Download Document. By clicking. “Accept All Cookies”. , you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our.…
Market data and connectivity both concern the power of exchanges to bleed the industry through a rising set of fixed fees.…
Earlier this week, in response to calls for more transparency from exchanges on the topic of market data fees, IEX published a report based on a months-long review of its own costs to produce market data and connectivity products and services.…
The delay imposed on the dissemination of all outbound messages — including IEX market data and outbound order messages to Members — will be reduced from 350 to 37 microseconds — much closer to a real-time basis.…
Source: IEX Market Data. Date Range: January 1, 2021 — May 31, 2021.…
The Long and Winding Road to Market Data Reform. Two recent court decisions cleared the way for the U.S.…
The Cost of Exchange Services. ,” which gave detailed transparency on our costs to provide connectivity and market data to our Members.…
Source: IEX Market Data and NYSE TAQ. Excludes NYSE Chicago, MIAX, MEMX, and LTSE.…
Source: IEX Market Data. Date Range: 10/01/2020–12/31/2020. Please note that these categories are not inclusive of the upper bound and include the lower bound. For example, $0.02 is $0.02 to $0.04.…
Source: IEX Market Data. In that same period, when the price improvement happens, the spread-crossing order saves an average of 2.5 cents. This blends out to over 25 mils/share every time a spread-crossing order executes a trade on IEX.…
September 1, 2023 Amended Order Directing the Exchanges and FINRA to File a NMS Plan Regarding Consolidated Equity Market Data. Download Document. By clicking.…
For example, a. detailed analysis. by SIFMA found that NYSE fees for various proprietary market data products increased 1,100% from 2010 to 2018.…
Displayed market share. IEX’s displayed market share has grown significantly since 2024. Looking at IEX as a percentage of on-exchange at-NBBO volume more than $1*, IEX has reached new highs in August 2025, more than three times prior levels.…
Market Structure Matters with Anna Kurzrok of BNP Paribas. Episode Description. Anna Kurzrok, Director and Head of U.S.…
Market Data. Articles. Podcasts. We don't have any articles in this subject currently. Try resetting your subject filter to "all". We don't have any podcasts in this subject currently. Try resetting your subject filter to "all". By clicking.…
Market Data Fees. Definitions. “Real-Time” means IEX market data that is accessed, used, or distributed less than fifteen (15) minutes. after it was made available by the Exchange. IEX provides only Real-Time IEX market data to Data Subscribers.…
Source: IEX Market Data and NYSE TAQ. Moreover, D-Limit orders are improving, not just matching, the best prices available.…
This information is generated because all trades are reported to the tape and disseminated via market data feeds.…
David Cannizzo, Managing Director, Head of Electronic Trading and Market Structure at Raymond James, and Vlad Khandros, Global Head of Market Structure & Liquidity Strategy and Global Co-Head of Principal Investments & Strategic Ventures at UBS, join…
Speed Bump. , allowing market participants to receive IEX’s market data updates more quickly; • Added enhanced features including. displayed odd lots. and.…
Source: IEX Exchange market data. Here’s the breakdown in coverage improvement by spread from the current version of The Signal (V5) to the new version (V6).…
This affords us extra time relative to exchange participants that we can use to collect the most up-to-date market data and protect resting orders on IEX.…
As many of you know, IEX has seen. a surge in Displayed Trading. since introducing new pricing tiers to compete with other large exchanges, growing our displayed market share by about 3x since June. Source: NYSE TAQ Data.…
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.…
Chief Market Policy Officer, IEX Exchange. John is responsible for developing and communicating IEX's positions on market policy issues, engaging with governmental and regulatory authorities and liaising with pension owners and other asset owners.…
The innovative D-Limit order type was designed to improve displayed liquidity for all market participants.…
These include rising costs of exchange market data and technology and the costs of managing risks from quoting simultaneously on a multitude of trading venues, among others. 1.…
Given the multiple tiers of exchange data and technology being sold, high speed trading firms have the ability to process market data in microseconds.…
Rule 605 reports relating to the operation of the IEX ATS from October 2013 to July 2014, inclusive, were generated by Sungard Capital Markets; download the Sungard generated reports for January 2014 through July 2014. (2013 reports from Sungard are available…
On the topic of how exchanges display prices, the SEC has already acted, as part of its Market Data Infrastructure Rule (MDIR), adopted in 2020. 2.…
More broadly, we share the concern of many market participants about the consequences of the fact that SIP feeds are significantly slower than proprietary exchange market data feeds, which you addressed in your speech last June on equity market structure. 1…
Source: IEX Market Data, NYSE TAQ, Q3 2025. Midpoint market share and Stability. 90. %. of IEX midpoint volume is stable (notionally-weighted) vs 69 % on other exchanges.…
This allows IEX time to process market data changes from other exchanges and update our quotes to reflect those changes accurately before trades are executed.…
A classic market microstructure problem, often called the “gray pool” problem, involves dark midpoint trading on lit exchanges.…
IEX Exchange innovates with a purpose: to drive trading performance for market participants. The Speed Bump. The Signal. Innovation. The Speed Bump.…
We illustrate why our data suggests MQ may not be an effective tool for this purpose. Trade Size in Today’s Market. Below, we show the distribution of midpoint trades by trade size overall in the market and on IEX.…
Saving the Best Liquidity for Last: How IEX’s Market Share Spikes in the Final Minutes of Trading. Source: IEX Market Data, NYSE TAQ Data. IEX Exchange (IEX) stands out in several ways as compared to the other 15 US stock exchanges.…
This includes both markouts, a common metric that compares the price at which a trade occurs to what happens in the market shortly afterwards, and a less frequently considered metric, price improvement.…
markets after the financial crisis.…
Source: IEX Market Data. Date Range: 01/01/2020–09/30/2020. Source: IEX Market Data. Date Range: 01/01/2020–09/30/2020. How Much Liquidity is Missed with MQs?…
This occurs because some takers are able to use the most sophisticated and fastest technology and market data to time their lit trades in moments when prices are moving in their favor and against the displayed quote.…
How IEX's D-Peg order type continues to prove its worth in a “next-best-thing” market. Source: IEX Market Data, 2024 H1. When IEX launched the. D-Peg order type. in 2014, it set. a new standard for midpoint quality. IEX already had a.…