đź”´ Top Stories
IEX overhauls proprietary market data pricing: TOPS fee doubles, new distributor rebate launched
In back-to-back immediately effective fee filings, IEX doubled the monthly real-time TOPS fee from $500 to $1,000 effective October 1, 2026, and separately created a referral rebate paying existing redistributors 75% of subscription fees collected from brand-new external subscribers to TOPS, DEEP, or DEEP+ from September 1, 2026 through August 31, 2028. The fee increase is justified by IEX's all-inclusive pricing (internal distribution, redistribution, non-display, and last sale bundled) being cheaper in aggregate than Cboe BZX, MEMX, MIAX Pearl, NYSE American, and 24X, and affects roughly 22% of Members that subscribe; the rebate is framed as going further than existing Cboe and NYSE distribution credits. Both took effect on filing and remain live unless the SEC suspends them within 60 days.
IEX RELEVANT Together these are IEX's own filings and represent a coordinated push to grow a proprietary data revenue line where IEX has lagged Nasdaq, NYSE, and Cboe \u2014 raising unit price while paying vendors to expand the subscriber base, with SEC suspension and subscriber attrition as the main risks.
Combined from 2 filings
🔵 IEX Competitive Intel
Nasdaq family bundles three equity books into TotalView Plus and Basic Plus feeds
Nasdaq, Nasdaq PHLX (PSX) and the new Nasdaq Texas each filed to introduce Nasdaq Basic Plus (top-of-book/last sale) and Nasdaq TotalView Plus (depth-of-book), which combine the three affiliated equity markets' feeds into a single connection, mirroring NYSE BQT/Pillar Depth and Cboe One. All three took effect immediately under the non-controversial 19b-4(f)(6) process, with fees to follow in separate filings and no new information entering the market. Nasdaq ties the products' value to the December 2026 start of overnight trading, when any single book's liquidity will be thin; the filings are otherwise identical apart from the filing venue.
IEX RELEVANT Multi-venue proprietary data bundling deepens the incumbent families' market data franchises and distribution advantages that a single non-listing venue like IEX cannot match, especially ahead of overnight trading.
Combined from 3 filings
2026-07-31
Nasdaq Texas
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Introduce Nasdaq …
2026-07-31
Nasdaq PHLX
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Introduce Nasdaq …
SEC extends decision deadlines on Cboe's hidden-ISO proposals across all four equity markets
Cboe BZX, BYX, EDGX and EDGA each propose to permit Intermarket Sweep Orders to be entered as non-displayed orders, define the price at which a resting ISO is available to interact, and allow non-displayed orders to re-price more aggressively. The SEC took no substantive action, extending its deadline to approve, disapprove, or institute proceedings to September 21, 2026 for BZX/BYX and September 22, 2026 for EDGX/EDGA. No comment letters have been filed on any of the four, and the extensions are routine but suggest continued staff scrutiny of how hidden ISOs interact with Reg NMS order protection.
IEX RELEVANT Hidden ISOs and aggressive re-pricing of non-displayed orders across the entire Cboe complex would reshape how sweeps interact with dark liquidity, directly adjacent to the latency-arbitrage dynamics IEX's D-Limit and crumbling quote indicator address.
Combined from 4 filings
2026-07-29
Cboe EDGA
Notice of Designation of a Longer Period for Commission Action on Proceedings To Determin…
2026-07-29
Cboe EDGX
Notice of Designation of a Longer Period for Commission Action on Proceedings To Determin…
IEX is adding the General Securities Sales Supervisor registration category (Series 9/10 exams) to its recognized registration categories ahead of the October 2, 2026 launch of its new IEX Options facility, and is also deleting an outdated continuing-education table to stay aligned with FINRA's reorganized Regulatory Element modules. The filing was submitted as 'non-controversial,' so it took effect immediately upon filing — the SEC even waived the usual 30-day delay so FINRA can bulk-update IEX Options members' CRD records in late July. Practically, prospective IEX Options members' supervisory personnel can now register with IEX under a category they already hold at other options exchanges, removing an onboarding friction point before launch.
IEX RELEVANT This is IEX's own filing and a necessary operational step to onboard Options Members ahead of the October 2, 2026 IEX Options launch, harmonizing IEX registration categories with those at Nasdaq, Cboe and MIAX.