INVESTORS EXCHANGE USER MANUAL
Contents
1. Investors Exchange Rule Book Refer to the IEX FIX Specification for more details on how various order types are implemented Finally additional information about order types is available on the Exchange s website Minimum Price Variation The minimum price variation MPV or minimum trading increment for orders priced 1 00 or greater is 0 01 and can be executed in increments of 0 005 i e certain mid point executions Orders priced below 1 00 are eligible for trading in sub penny increments of 0 0001 Time in Force Values The term Time in Force TIF determines the periods of time during which an order is available for potential execution and shall include e OC immediate or cancel e FOK an IOC order where the entire size must be filled else the order will be canceled e DAY available for trading during the Regular Market Session e GTX available for trading during the Regular Market Session and Post Market Sessions and expires at the end of the Post Market Session e SYS available for trading during System Hours and expires at the end of the Post Market Session e GTT expires at the earlier of specified expire time or end of the Post Market Session Routing Users have the option but are not required to use the Exchange s affiliated broker dealer IEX Services to route orders to markets other than the Exchange IEX Only Orders are not routed to other markets Users may submit orders to the Ex2. more details Technology The trading platform is located in a CenturyLink data center NJ2X in Weehawken NJ Member Service Bureau Data Recipient and Extranet Provider connectivity into the Exchange may occur from an IEX POP point of presence IEX offers two POPs located in data centers in Secaucus NJ operated by Equinix and Carteret NJ operated by Verizon The POP in Secaucus NJ is the primary or hot POP while the POP in Carteret NJ is the secondary or cold POP Each POP is designed to provide Users with 350 microseconds of latency from the POP to the primary trading platform All data centers the Exchange use provide a high level of security and availability through redundant and reliable environmental control systems redundant power supplies on site backup generators cooling systems etc Data center personnel are available 24 7 to maintain and service the System The Exchange s trading platform is distributed across several servers to maximize throughput minimize bottlenecks and allow for simplified scalability More servers can be added easily to expand system capacity Investors Exchange Page 3 of 8 ACCESS TO THE EXCHANGE Membership Application To become a Member of the Exchange a firm must e be registered as a broker dealer e beamember of at least one other national securities exchange or national securities association e beable to clear trades or must clear through a clearing firm a
3. INVESTORS EXCHANGE USER MANUAL Version 1 00 Updated August 20 2015 Copyright 2015 Investors Exchange LLC All rights reserved This document may not be modified reproduced or redistributed without the written permission of IEX Group Inc Table of Contents INTRODUCTION How IEX Operates Technology ACCESS TO THE EXCHANGE Membership Application Connectivity MARKET OPERATION Order Types and Related Information Minimum Price Variation Time in Force Values Routing Locking or Crossing the Market Throttles Trading Trading Hours Holiday Schedule CLEARLY ERRONEOUS EXECUTIONS CONTACT IEX DATA CENTERS REVISION HISTORY Investors Exchange oN ND DDH DOD HD aooaa Aa A A RWW WG Page 2 of 8 INTRODUCTION This document provides information about the Investors Exchange LLC IEX the System or the Exchange and IEX Services LLC IEX Services which is the outbound routing broker for the Exchange The Exchange and IEX Services are each wholly owned by IEX Group Inc Information contained in this document is subject to change at any time For the latest updates please refer to http iextrading com How IEX Operates The Exchange is a fully automated electronic limit order book for orders to buy and sell National Market System NMS equity securities with a continuous automated matching function The Exchange also offers routing functionality through IEX Services with direct connectivity t
4. change designated with modifiers such as Route to Take with Re sweep a k a Router Route to Rest with Re sweep a k a Router or Route to Take a k a SweepPost Note that this is a representative but incomplete list of routing strategies Refer to specifications noted above for complete details on routing strategy availability Locking or Crossing the Market Orders that would lock or cross the consolidated market NBBO are price slid by the System upon entry Refer to Rule 11 190 h of the Exchange Rule Book for more information regarding price sliding Investors Exchange Rule Book Investors Exchange Page 5 of 8 Throttles No guarantee is made about system performance especially during periods of high volatility and order traffic IEX does maintain a message per second limit at which point new orders and modifies are queued at the order entry gateway The throttle does not apply to cancels This limit is subject to change at any time contact IEX Market Operations for current limitations Trading Trading Hours Orders may be executed on the Exchange or routed away from the Exchange during the Pre Market Regular and Post Market Sessions collectively known as System Hours session Start and End Time all times are Eastern Time Begin Order Entry Acceptance 8 00 a m Pre Market Session 8 00 a m 9 30 a m Regular Market Session 9 30 a m 4 00 p m Post Market Session 4 00 p m 5 30 p m Holiday Schedu
5. le The Exchange will be closed in observance of the following holidays e New Year s Day e Dr Martin Luther King Jr Day e President s Day e Good Friday e Memorial Day e Independence Day e Labor Day e Thanksgiving Day e Christmas When any such holiday falls on a Saturday or Sunday the Exchange will follow the direction of the New York Stock Exchange NYSE with respect to observing the holiday on an alternate weekday The IEX Holiday Schedule is subject to change CLEARLY ERRONEOUS EXECUTIONS Clearly Erroneous Executions are handled in accordance with Exchange Rule 11 270 The Exchange s rules are available at Investors Exchange Rule Book Investors Exchange Page 6 of 8 CONTACT IEX Website Main Telephone Number Sales Market Operations System Reliability Engineering Network Operations Pricing Billing Mailing Address http iextrading com 646 343 2000 646 343 2100 or subscriber iextrading com 646 343 2500 or marketops iextrading com 646 343 2200 or sre iextrading com 646 343 2245 or netops iextrading com http iextrading com services 646 343 2035 or accounting iextrading com Investors Exchange LLC 4 World Trade Center 44th Floor New York NY 10007 DATA CENTERS Refer to the IEX Connectivity Manual Investors Exchange Page 7 of 8 REVISION HISTORY 1 00 August 20 2015 Initial Document Investors Exchange Page 8 of 8
6. nd e meet certain additional criteria prescribed by the Exchange and set forth in Chapter 2 of the Exchange s Rules The Exchange is available for order entry and execution by Members non Members may also gain access to the Exchange through a Sponsored Participant arrangement with a Soonsoring Member firm in accordance with the Exchange s Rules Membership and Sponsored Access applications and agreements are available on the Exchange s website The Exchange s data is available to Data Recipients with authorized access The Data Agreement form is available on the Exchange s website http iextrading com For more information about becoming a Member Sponsored Participant or Data Recipient please contact IEX Market Operations at 646 343 2300 or marketops iextrading com Connectivity Members of the Exchange and their Sponsored Participants collectively Users are permitted to electronically send orders to buy and sell securities traded on the Exchange through the use of the IEX FIX API Users may also send orders through a Service Bureau Users are responsible for choosing and implementing connectivity to the primary IEX POP in Secaucus NJ to the secondary IEX POP in Carteret NJ and to the secondary data center in Chicago Illinois Users are strongly encouraged to establish connectivity to both IEX POPs and to the secondary data center to minimize service disruption in the event of an issue at one of the data center
7. o all venues displaying Protected Quotations as defined by Regulation NMS Users connect to the System via FIX order entry gateways using the industry standard FIX 4 2 protocol with IEX specific extensions The order entry gateways validate incoming orders convert them to an internal proprietary format and forward them to the appropriate matching engine At the core of the System are several matching engines Each matching engine handles a set of symbols which can be reallocated to balance the load across the System Each matching engine compares the limit price of an incoming order with the price of resting i e booked limit orders on the IEX Order Book and the price of other markets displayed quotes If the order is immediately marketable against the IEX Order Book and there is interest available on the IEX Order Book at a price equal to or better than the consolidated quote an immediate match is made and communicated back to Users If another market is displaying a better quote the order will be handled depending on the User s instructions e g forwarded to the other market to attempt to fill the order posted to the IEX Order Book canceled etc Aggregate top of book market data is available via the IEX TOPS protocol The Exchange also offers historical data through the IEX website Users or their clearing firms may request copies of their executions via drop copies using the IEX FIX protocol Refer to the IEX FIX Specification for
8. s IEX supports the following connectivity methods e Cross Connect Users that are co located in an IEX POP or the Chicago data center may request an in house cross connect from the User s point of presence to IEX e Extranet Providers IEX is currently on network with various extranet providers Refer to the IEX Connectivity Manual for a current list of approved extranet providers e Private Line Ethernet Telecommunications carriers provide a circuit extension from Users in different data centers to an IEX POP or the Chicago data center Refer to the IEX Connectivity Manual Carriers section for a list of carriers For more detailed information and instructions on how to connect to IEX please refer to the IEX Connectivity Manual Investors Exchange Page 4 of 8 MARKET OPERATION Order Types and Related Information IEX accepts limit orders and market orders By default orders are limited to a maximum of 1 000 000 shares or 30 000 000 00 Users may submit orders to the Exchange designated with modifiers such as IOC FOK Day Good til Extended Day GTX System Hours SYS Good til Time GTT IEX Only Pegged Non Displayed Minimum Quantity Routable and or Intermarket Sweep Note that IEX Only order types will only execute post on the Exchange Note that this is a representative but incomplete list of order types and modifiers Refer to Chapter 11 of the Exchange Rule Book for more information regarding order types
Download Pdf Manuals
Related Search