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IEX Exchange | Icon
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A group of IEX co-workers chat at the corporate office.

A different kind of stock exchange

IEX Exchange facilitates the trading of U.S. equities, combining a transparent business model with innovative design and technology.

Innovating to drive trading performance

We are focused on performance: driving superior execution quality for broker-dealers and investors with game-changing technology, data, experience, and expertise.

About IEX Exchange
Our Technology

The Speed Bump

38 miles of coiled cable that incoming orders and messages must traverse before arriving at the exchange’s matching engine.

Creating a level playing field where the exchange can be a fair referee for trading.

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Our Technology

The Signal

A mathematical formula developed with machine learning. The Signal is built to identify moments when a stock’s price is unstable and is incorporated into a number of order types that are designed to protect orders while the price is changing.

Learn More
Graph showing stable midpoint average daily value traded by exchange (2022 Q3) – IEX leading among the exchanges
Trading Performance

Trading on IEX Exchange is different

Industry Leader in Stable Midpoint Volume
‍

IEX Exchange offers products designed to facilitate stable trades at the midpoint, which is often considered the fairest price.
Stable trades are defined as executions that do not see the National Best Bid/Offer move in the following 2 milliseconds.
Source: NYSE TAQ

View Latest Stats
Our Products

Innovative Products

IEX Exchange offers tools, programs, and technologies to help our Members achieve their performance goals.

Drive performance

Discretionary Peg Order Type™

(D-Peg®)

Discretionary Peg (D-Peg) rests outside the NBBO and is willing to step to the midpoint—except when the Signal is on.

Discretionary Peg (D-Peg) rests outside the NBBO and is willing to step to the midpoint—except when the Signal is on.

Discretionary Peg Order Type™

(D-Peg®)

Discretionary Peg (D-Peg) rests outside the NBBO and is willing to step to the midpoint—except when the Signal is on.

Explore Discretionary Peg
Explore Discretionary Peg
Drive performance

Order Types

Trade on IEX Exchange with order types designed to raise the bar for execution quality.

Trade on IEX Exchange with order types designed to raise the bar for execution quality.

Order Types

Trade on IEX Exchange with order types designed to raise the bar for execution quality.

Explore Order Types
Explore Order Types
Access data

Market Data and Connectivity

Connect to IEX Exchange and receive our quote and trade feeds.

Connect to IEX Exchange and receive our quote and trade feeds.

Market Data and Connectivity

Connect to IEX Exchange and receive our quote and trade feeds.

Explore Data
Explore Data
Drive performance

Retail Program

Designed to provide high-quality trading for the retail community on IEX Exchange.

Designed to provide high-quality trading for the retail community on IEX Exchange.

Retail Program

Designed to provide high-quality trading for the retail community on IEX Exchange.

Explore Retail Program
Explore Retail Program
Access liquidity

Router

Access liquidity on IEX Exchange and away markets.

Access liquidity on IEX Exchange and away markets.

Router

Access liquidity on IEX Exchange and away markets.

Explore Router
Explore Router
Our Blog

Boxes and Lines

Read, watch, and listen to insight and content from the experts at IEX.

Explore Boxes and Lines
Featured Podcast

The Revolution Turns 25: Patrick Young on Markets, FinTech, and What’s Next

Article

Trading On Hard Mode

How Midpoint Stability Is Achieved at IEX, Especially in the Toughest Trades.

Podcast

The Parent Trap: Patrice Meagher of MilkMate on Creating Better Work Environments for New Moms

Guest host Jayme Abrahamsen chats with Patrice Meagher, founder of MilkMate, a company dedicated to providing solutions for nursing mothers and new parents in the workplace.

Article

Dark Trading, Clear Results

How the Signal and Speed Bump help IEX avoid the gray pool problem.

Podcast

Steering a Sovereign Wealth Fund with Emil Framnes of Norges Bank

Emil Framnes, Global Head of Equity Trading and Transition at Norges Bank Investment Management, talks with Ronan and JR about how the fund invests its $1.7T across the more than 40 countries he and his team oversee.

Article

Take On Me

Doubling Our Time at the NBBO -- Here's What the Numbers Show.

Podcast

The Penny Stock Problem – Boxes and Lines Lite

From penny stocks' speculative nature to the surprising number of these low-priced stocks trading on major exchanges, Ronan and JR explore why sub-dollar stocks are both risky and, at times, deceptive.

Article

What the Reg NMS Amendments Mean for the Markets and Investors

Key SEC Amendments Aim to Lower Costs and Improve Transparency

Article

IEX: Now a Top-Three Displayed Venue and Still First In Performance

A closer look at how our displayed trading is reaching new levels of growth.

Podcast

Youthquake! Ronan and JR Interview IEX’s Summer Interns

Summer's over and it's back to school for IEX's summer interns, but not before JR and Ronan interview them for the pod. But there's a twist: the interns are also asking some questions. As the co-hosts get in the hot seat, we hear what kept Ronan and JR up at night early in their careers, as well as their advice for the interns as these budding pros build their career paths.

Podcast

Doom or Boom? Forecasting the Future with Economist “Dr. Doom,” aka, Nouriel Roubini

We’ve got another predictions episode for you this season – this time with legendary economist Dr. Nouriel Roubini, who was given the warm and fuzzy nickname of 'Dr. Doom' by the media for his prescient prediction of the 2008 financial crisis. Dr. Roubini, a bestselling author and professor at NYU’s Stern School of Business and an expert in global economics and financial markets, talks about the impact of the upcoming election, what each candidate might bring to their presidency, and shares his thoughts on crypto, blockchain, and AI. He also discusses his new book, “MegaThreats,” and for a change of gloomy pace, gives some tips on living a long, fulfilling life. Whether you agree or disagree with his viewpoints, this episode will definitely get you thinking about your own predictions. (Or possibly reaching for a nice stiff drink.)

Article

If It Aint Broke, It's D-Peg

How IEX's D-Peg order type continues to prove its worth in a “next-best-thing” market ‍

Article

Tiny Tickers, Big Drama

Subdollar volumes are back to setting new highs, skewing the overall volume picture.