🔵 IEX Competitive Intel
IEX is introducing a new tiered rebate structure specifically for members who post displayed liquidity in Tape B securities (ETF and non-NYSE/Nasdaq listed stocks), offering rebates of up to $0.0016 per share for members adding at least 500,000 shares ADV in those securities. The filing took effect immediately upon submission — this is a standard fee change process that doesn't require SEC approval, though the SEC retains the right to suspend it within 60 days if it sees a problem. In practice, IEX members who actively post displayed quotes in Tape B securities will now earn higher rebates than before, making IEX a more attractive venue for ETF liquidity providers.
IEX RELEVANT This is IEX's own filing, signaling a strategic push to attract displayed liquidity in Tape B/ETF securities by competing more aggressively on rebates — a potential shift in IEX's historically modest maker-taker stance that is worth monitoring for internal consistency with IEX's investor-protection brand.
🟠 Other Notable Filings
Cboe BZX wants to change its opening auction process so that when the indicative auction price falls outside the allowed collar range, the auction is delayed up to 4.5 minutes (rather than forcing a potentially stale or disorderly open) while the collar gradually widens to accommodate current market conditions. The SEC has opened formal proceedings to scrutinize the proposal — this is not a rejection but a procedural escalation that pauses the clock, invites public comment, and signals the SEC has meaningful questions, particularly around whether delaying LULD price band reference prices could harm investor protection; the proposal could still be approved, modified, or ultimately rejected. Until proceedings conclude, nothing changes for market participants — BZX's opening auction continues under existing rules.
Proposal history