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29, 0.15); --secondary-08: #010202; --secondary-07: #090A0A; --secondary-06: #151616; --secondary-05: #202020; --secondary-04: #575757; --secondary-03: #9D9D9D; --secondary-02: #CCCCCC; --secondary-01: #CCCCCC; --secondary-00: #F1F1F1; } /* Set Dark Mode parent styles in the Designer */ .dark-mode { background-color: var(--secondary-07); color: var(--white); } .dark-mode p { color: var(--secondary-02); } .dark-mode .overline-tag { color: var(--iex-yellow); background-color: var(--iex-yellow-15); border-color: var(--iex-yellow); } .dark-mode .overline { color: var(--iex-yellow); } /* Primary Button Styles */ /* HOVER */ .button:hover .button-glow { transform: scale(1); background-color: var(--iex-yellow); } .button:hover .button-block { background-color: var(--secondary-05) !important; } .button:hover .button-text { color: var(--white); } .button:hover .button-arrow { color: var(--iex-yellow); } /* FOCUS */ .button:focus .button-block { background-color: var(--iex-yellow); border-color: var(--secondary-08); } /* DISABLED */ .button:disabled .button-block { background-color: var(--secondary-05); color: var(--secondary-03); } /* Inside Nav Menu */ /* HOVER */ .button:hover .button-glow { transform: scale(1); background-color: var(--iex-yellow); } .button:hover .button-block { background-color: var(--grey) !important; } .button:hover .button-text { color: var(--black); } .button:hover .button-arrow { color: var(--black); } /* Secondary Button Styles */ /* HOVER */ .secondary-button:hover .button-glow { transform: scale(1); background-color: var(--iex-yellow); } .secondary-button:hover .secondary-button-block { border-color: var(--iex-yellow) !important; } /* FOCUS */ .secondary-button:focus .secondary-button-block { border-color: var(--secondary-05); } /* DISABLED */ .secondary-button:disabled .secondary-button-block { color: var(--secondary-03); background-color: var(--secondary-03); } /* Dark Mode */ .dark-mode .secondary-button-block { color: var(--iex-yellow); background-color: transparent; border-color: var(--secondary-05); } /* HOVER */ .dark-mode .secondary-button:hover .secondary-button-block { color: var(--black) !important; background-color: var(--grey) !important; border-color: var(--iex-yellow) !important; } /* FOCUS */ .dark-mode .secondary-button:focus .secondary-button-block { color: var(--iex-yellow); background-color: var(--secondary-07); border-color: var(--iex-yellow); } .dark-mode .secondary-button:focus .button-arrow { color: var(--iex-yellow); } /* DISABLED */ .dark-mode .secondary-button:disabled .secondary-button-block { color: var(--secondary-04); background-color: var(--secondary-04); border-color: var(--secondary-04); } .dark-mode .secondary-button:disabled .button-arrow { color: var(--secondary-04); } /*Border Link Styles */ .border-link:last-child { border-bottom: 2px solid var(--secondary-04); } /* HOVER STATE */ .border-link:hover { color: var(--secondary-04) !important; border-color: var(--secondary-03) !important; } .border-link:hover .arrow-link-arrow { color: var(--iex-yellow) !important; } /* FOCUS STATE*/ .border-link:focus { color: var(--secondary-07); border-color: var(--iex-yellow); } .border-link:focus .arrow-link-arrow { color: var(--secondary-07); } /* DISABLED STATE*/ .border-link:disabled { color: var(--secondary-03) !important; border-color: var(--secondary-03) !important; } .border-link:disabled .arrow-link-arrow { color: var(--secondary-03) !important; } /* Dark Mode */ .dark-mode .border-link { color: var(--secondary-00); border-color: var(--secondary-04); } /* HOVER STATE */ .dark-mode .border-link:hover { color: var(--secondary-00) !important; border-color: var(--secondary-00) !important; } .dark-mode .border-link:hover .arrow-link-arrow { color: var(--iex-yellow) !important; } /* FOCUS STATE*/ .dark-mode .border-link:focus { color: var(--iex-yellow); border-color: var(--iex-yellow); } .dark-mode .border-link:focus .arrow-link-arrow { color: var(--iex-yellow); } /* DISABLED STATE*/ .dark-mode .border-link:disabled { color: var(--secondary-04) !important; border-color: var(--secondary-04) !important; } .dark-mode .border-link:disabled .arrow-link-arrow { color: var(--secondary-04) !important; } /* Arrow Link Styles */ /* HOVER STATE */ .arrow-link:hover { color: var(--secondary-04) !important; } .arrow-link:hover .arrow-link-arrow { color: var(--iex-yellow) !important; } /* FOCUS STATE*/ .arrow-link:focus { color: var(--secondary-07); } .arrow-link:focus .arrow-link-arrow { color: var(--secondary-07); } /* DISABLED STATE*/ .arrow-link:disabled { color: var(--secondary-03) !important; } .arrow-link:disabled .arrow-link-arrow { color: var(--secondary-03) !important; } /* Dark Mode .dark-mode .arrow-link { color: var(--secondary-00); } */ /* HOVER STATE */ .dark-mode .arrow-link:hover { color: var(--secondary-02) !important; } .dark-mode .arrow-link:hover .arrow-link-arrow { color: var(--iex-yellow) !important; } /* FOCUS STATE*/ .dark-mode .arrow-link:focus { color: var(--iex-yellow); } .dark-mode .arrow-link:focus .arrow-link-arrow { color: var(--iex-yellow); } /* DISABLED STATE*/ .dark-mode .arrow-link:disabled { color: var(--secondary-04) !important; } .dark-mode .arrow-link:disabled .arrow-link-arrow { color: var(--secondary-04) !important; } /* Arrow Link Styles (inside Nav Menu) */ @media (min-width: 992px) { .nav-menu .arrow-link { color: var(--secondary-00); } /* HOVER STATE */ .nav-menu .arrow-link:hover { color: var(--secondary-02) !important; } .nav-menu .arrow-link:hover .arrow-link-arrow { color: var(--iex-yellow) !important; } /* FOCUS STATE*/ .nav-menu .arrow-link:focus { color: var(--iex-yellow); } .nav-menu .arrow-link:focus .arrow-link-arrow { color: var(--iex-yellow); } /* DISABLED STATE*/ .nav-menu .arrow-link:disabled { color: var(--secondary-04) !important; } .nav-menu .arrow-link:disabled .arrow-link-arrow { color: var(--secondary-04) !important; } } /* Play / Icon Button Styles */ /* HOVER */ .icon-button:hover .button-glow { transform: scale(1); background-color: var(--iex-yellow); } .icon-button:hover .icon-button-block { border-color: var(--iex-yellow) !important; background-color: var(--black) !important; color: var(--iex-yellow) !important; } .play-button:hover .button-glow { transform: scale(1); background-color: var(--iex-yellow); } .play-button:hover .icon-button-block { border-color: var(--iex-yellow) !important; background-color: var(--black) !important; color: var(--iex-yellow) !important; } /* FOCUS */ .play-button:focus .icon-button-block { border-color: var(--black); } /* DISABLED */ .play-button:disabled .icon-button-block { color: var(--secondary-00); background-color: var(--secondary-03); } /* Navbar Items Styles */ @media (max-width: 991px) { .nav-menu .arrow-link { color: var(--secondary-02); } } /* FOCUS STATE*/ .nav-menu .arrow-link:focus { color: var(--iex-yellow); } .nav-menu .arrow-link:focus .arrow-link-arrow { color: var(--iex-yellow); } /* Component Use Cases */ /* Product Swiper */ .stretch-button-wrapper .button-block.button-text { -webkit-box-align: start; -webkit-align-items: flex-start; -ms-flex-align: start; align-items: flex-start; -webkit-box-flex: 1; -webkit-flex: 1; -ms-flex: 1; flex: 1; } </style></div><div data-w-id="bf96e394-5082-5146-b7a2-ad4a586d517c" data-animation="default" data-collapse="medium" data-duration="0" data-easing="linear" data-easing2="linear" role="banner" class="navbar-wrapper w-nav"><a href="https://www.iex.io/options" class="iex-group-alert-bar w-inline-block"><div class="container"><div class="_2-column-flex"><p class="alert-banner-text">A new options exchange is coming.</p><div><img loading="lazy" src="https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/66e3dda2c6412a5eab2a0c74_options__arrows.png" alt=""/></div></div></div></a><div class="navbar"><div class="container nav-container"><div class="nav-flex"><a href="/" aria-label="IEX Exchange Home page" aria-current="page" class="brand-wrap w-nav-brand w--current"><img src="https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/63765c163fa22f557e60b180_logo_white.svg" loading="eager" width="96" height="40" alt="IEX Exchange logo" class="nav-logo"/></a><nav role="navigation" class="nav-menu w-nav-menu"><div class="nav-black-bg"></div><div class="nav-primary-links"><div data-hover="false" data-delay="300" class="nav-dropdown w-dropdown"><div class="navigation-link w-dropdown-toggle"><div class="nav-dropdown-text">About IEX Exchange</div><div class="navigation-link-icon w-embed"><svg width="16" height="16" viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M7.99995 9.74211L2.39456 4.13672L0.980347 5.55093L7.99995 12.5705L15.0196 5.55093L13.6053 4.13672L7.99995 9.74211Z" fill="#F7A01D"/> </svg></div></div><nav class="nav-dropdown-list w-dropdown-list"><div class="navbar-background"></div><div class="nav-dropdown-content"><div class="nav-dropdown-left-column"><a href="/about" class="nav-dropdown-arrow-link one w-inline-block"><div>The History</div><div class="arrow-link-arrow nav-dropdown-arrow w-embed"><svg width="100%" height="100%" viewBox="0 0 25 24" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M24.7457 11.983L13.5127 23.216L11.3914 21.0947L19.0031 13.483L4.42661e-05 13.483L4.43972e-05 10.483L19.0031 10.483L11.3914 2.87132L13.5127 0.75L24.7457 11.983Z" fill="currentColor"/> </svg></div></a><a href="/technology" class="nav-dropdown-arrow-link two w-inline-block"><div>The Technology</div><div class="arrow-link-arrow nav-dropdown-arrow w-embed"><svg width="100%" height="100%" viewBox="0 0 25 24" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M24.7457 11.983L13.5127 23.216L11.3914 21.0947L19.0031 13.483L4.42661e-05 13.483L4.43972e-05 10.483L19.0031 10.483L11.3914 2.87132L13.5127 0.75L24.7457 11.983Z" fill="currentColor"/> </svg></div></a><a href="/about#leadership" class="nav-dropdown-arrow-link three w-inline-block"><div>Leadership</div><div class="arrow-link-arrow nav-dropdown-arrow w-embed"><svg width="100%" height="100%" viewBox="0 0 25 24" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M24.7457 11.983L13.5127 23.216L11.3914 21.0947L19.0031 13.483L4.42661e-05 13.483L4.43972e-05 10.483L19.0031 10.483L11.3914 2.87132L13.5127 0.75L24.7457 11.983Z" fill="currentColor"/> </svg></div></a><a href="https://iextrading.com/stats/" class="nav-dropdown-arrow-link four w-inline-block"><div>Latest Market Stats</div><div class="arrow-link-arrow nav-dropdown-arrow w-embed"><svg width="100%" height="100%" viewBox="0 0 25 24" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M24.7457 11.983L13.5127 23.216L11.3914 21.0947L19.0031 13.483L4.42661e-05 13.483L4.43972e-05 10.483L19.0031 10.483L11.3914 2.87132L13.5127 0.75L24.7457 11.983Z" fill="currentColor"/> </svg></div></a></div><div class="hide-on-tablet"><div class="nav-dropdown-right-column"><a href="/boxes-and-lines" class="nav-blog-feature w-inline-block"><div class="nav-blog-feature-image"><img src="https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/6361d14f59a8ceadfc203a4c_Blog%20Feature%20Image.webp" loading="lazy" alt="IEX Exchange | Blog"/></div><div class="nav-blog-feature-content"><div class="nav-blog-feature-link"><div class="heading-6 margin-bottom-80">Boxes and Lines</div><div class="nav-blog-feature-link-arrow w-embed"><svg width="33" height="33" viewBox="0 0 33 33" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M30.2893 4.4217L30.2893 27.2556L26.2514 27.2556L26.2513 11.3148L6.55062 31.0156L3.69539 28.1603L23.3961 8.4596H7.45538L7.45538 4.4217H30.2893Z" fill="currentColor"/> </svg></div></div><p class="margin-bottom-0">Blog posts, podcast episodes, and news from IEX Exchange.</p></div></a><div class="linear-gradient-divider-wrapper"><div class="nav-dropdown-divider"></div></div><a href="https://auth.iextrading.com/?r=https%3A%2F%2Fiextrading.com%2Faccount%2F#/" class="arrow-link arrow-link-between tablet-underscore-link w-inline-block"><div>Login</div><div class="arrow-link-arrow hide-on-tablet w-embed"><svg width="17" height="16" viewBox="0 0 17 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.0084 15.4778L7.59419 14.0636L12.6686 8.98915L-5.18695e-05 8.98915L-5.1782e-05 6.98915L12.6686 6.98915L7.59419 1.9147L9.0084 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></a><a href="https://iextrading.com/status/#/" class="arrow-link arrow-link-between tablet-underscore-link w-inline-block"><div>System Status</div><div class="arrow-link-arrow hide-on-tablet w-embed"><svg width="17" height="16" viewBox="0 0 17 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.0084 15.4778L7.59419 14.0636L12.6686 8.98915L-5.18695e-05 8.98915L-5.1782e-05 6.98915L12.6686 6.98915L7.59419 1.9147L9.0084 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></a><a href="https://iextrading.com/alerts/#/trading" class="arrow-link arrow-link-between tablet-underscore-link w-inline-block"><div>Trading Alerts</div><div class="arrow-link-arrow hide-on-tablet w-embed"><svg width="17" height="16" viewBox="0 0 17 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.0084 15.4778L7.59419 14.0636L12.6686 8.98915L-5.18695e-05 8.98915L-5.1782e-05 6.98915L12.6686 6.98915L7.59419 1.9147L9.0084 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></a></div></div></div></nav></div><div data-hover="false" data-delay="300" class="nav-dropdown w-dropdown"><div class="navigation-link w-dropdown-toggle"><div class="nav-dropdown-text">Products</div><div class="navigation-link-icon w-embed"><svg width="16" height="16" viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M7.99995 9.74211L2.39456 4.13672L0.980347 5.55093L7.99995 12.5705L15.0196 5.55093L13.6053 4.13672L7.99995 9.74211Z" fill="#F7A01D"/> </svg></div></div><nav class="nav-dropdown-list w-dropdown-list"><div class="nav-dropdown-content"><div class="nav-dropdown-left-column"><a href="/products/order-types" class="nav-info-link one w-inline-block"><div class="nav-dropdown-arrow-link"><div>Order Types</div><div class="arrow-link-arrow nav-dropdown-arrow w-embed"><svg width="100%" height="100%" viewBox="0 0 25 24" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M24.7457 11.983L13.5127 23.216L11.3914 21.0947L19.0031 13.483L4.42661e-05 13.483L4.43972e-05 10.483L19.0031 10.483L11.3914 2.87132L13.5127 0.75L24.7457 11.983Z" fill="currentColor"/> </svg></div></div><p class="paragraph-large margin-bottom-0 hide-on-tablet">Trade on IEX Exchange with order types designed to raise the bar for execution quality.</p></a><a href="/products/market-data-connectivity" class="nav-info-link two w-inline-block"><div class="nav-dropdown-arrow-link"><div>Market Data & Connectivity</div><div class="arrow-link-arrow nav-dropdown-arrow w-embed"><svg width="100%" height="100%" viewBox="0 0 25 24" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M24.7457 11.983L13.5127 23.216L11.3914 21.0947L19.0031 13.483L4.42661e-05 13.483L4.43972e-05 10.483L19.0031 10.483L11.3914 2.87132L13.5127 0.75L24.7457 11.983Z" fill="currentColor"/> </svg></div></div><p class="paragraph-large margin-bottom-0 hide-on-tablet">Connect to IEX Exchange and access our quote and trade feeds.</p></a><a href="/products/retail-program" class="nav-info-link three w-inline-block"><div class="nav-dropdown-arrow-link"><div>Retail Program</div><div class="arrow-link-arrow nav-dropdown-arrow w-embed"><svg width="100%" height="100%" viewBox="0 0 25 24" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M24.7457 11.983L13.5127 23.216L11.3914 21.0947L19.0031 13.483L4.42661e-05 13.483L4.43972e-05 10.483L19.0031 10.483L11.3914 2.87132L13.5127 0.75L24.7457 11.983Z" fill="currentColor"/> </svg></div></div><p class="paragraph-large margin-bottom-0 hide-on-tablet">Designed to provide midpoint price improvement for the retail community on IEX Exchange.</p></a><a href="/products/router" class="nav-info-link four w-inline-block"><div class="nav-dropdown-arrow-link margin-bottom-8"><div>Router</div><div class="arrow-link-arrow nav-dropdown-arrow w-embed"><svg width="100%" height="100%" viewBox="0 0 25 24" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M24.7457 11.983L13.5127 23.216L11.3914 21.0947L19.0031 13.483L4.42661e-05 13.483L4.43972e-05 10.483L19.0031 10.483L11.3914 2.87132L13.5127 0.75L24.7457 11.983Z" fill="currentColor"/> </svg></div></div><p class="paragraph-large margin-bottom-0 hide-on-tablet">Access liquidity on IEX Exchange and away markets.</p></a></div><div class="hide-on-tablet"><div class="nav-dropdown-right-column"><a href="/boxes-and-lines" class="nav-blog-feature w-inline-block"><div class="nav-blog-feature-image"><img src="https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/6361d14f59a8ceadfc203a4c_Blog%20Feature%20Image.webp" loading="lazy" alt="IEX Exchange | Blog"/></div><div class="nav-blog-feature-content"><div class="nav-blog-feature-link"><div class="heading-6 margin-bottom-80">Boxes and Lines</div><div class="nav-blog-feature-link-arrow w-embed"><svg width="33" height="33" viewBox="0 0 33 33" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M30.2893 4.4217L30.2893 27.2556L26.2514 27.2556L26.2513 11.3148L6.55062 31.0156L3.69539 28.1603L23.3961 8.4596H7.45538L7.45538 4.4217H30.2893Z" fill="currentColor"/> </svg></div></div><p class="margin-bottom-0">Blog posts, podcast episodes, and news from IEX Exchange.</p></div></a><div class="linear-gradient-divider-wrapper"><div class="nav-dropdown-divider"></div></div><a href="https://auth.iextrading.com/?r=https%3A%2F%2Fiextrading.com%2Faccount%2F#/" class="arrow-link arrow-link-between tablet-underscore-link w-inline-block"><div>Login</div><div class="arrow-link-arrow hide-on-tablet w-embed"><svg width="17" height="16" viewBox="0 0 17 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.0084 15.4778L7.59419 14.0636L12.6686 8.98915L-5.18695e-05 8.98915L-5.1782e-05 6.98915L12.6686 6.98915L7.59419 1.9147L9.0084 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></a><a href="https://iextrading.com/status/#/" class="arrow-link arrow-link-between tablet-underscore-link w-inline-block"><div>System Status</div><div class="arrow-link-arrow hide-on-tablet w-embed"><svg width="17" height="16" viewBox="0 0 17 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.0084 15.4778L7.59419 14.0636L12.6686 8.98915L-5.18695e-05 8.98915L-5.1782e-05 6.98915L12.6686 6.98915L7.59419 1.9147L9.0084 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></a><a href="https://iextrading.com/alerts/#/trading" class="arrow-link arrow-link-between tablet-underscore-link w-inline-block"><div>Trading Alerts</div><div class="arrow-link-arrow hide-on-tablet w-embed"><svg width="17" height="16" viewBox="0 0 17 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.0084 15.4778L7.59419 14.0636L12.6686 8.98915L-5.18695e-05 8.98915L-5.1782e-05 6.98915L12.6686 6.98915L7.59419 1.9147L9.0084 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></a></div></div></div></nav></div><div data-hover="false" data-delay="300" class="nav-dropdown w-dropdown"><div class="navigation-link w-dropdown-toggle"><div class="nav-dropdown-text">Resources</div><div class="navigation-link-icon w-embed"><svg width="16" height="16" viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M7.99995 9.74211L2.39456 4.13672L0.980347 5.55093L7.99995 12.5705L15.0196 5.55093L13.6053 4.13672L7.99995 9.74211Z" fill="#F7A01D"/> </svg></div></div><nav class="nav-dropdown-list w-dropdown-list"><div class="nav-dropdown-content"><div class="nav-dropdown-left-column"><div class="nav-info-links-group one"><a href="/resources/trading" class="nav-info-link one w-inline-block"><div class="nav-dropdown-arrow-link margin-bottom-8"><div>Trading Resources</div><div class="arrow-link-arrow nav-dropdown-arrow w-embed"><svg width="100%" height="100%" viewBox="0 0 25 24" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M24.7457 11.983L13.5127 23.216L11.3914 21.0947L19.0031 13.483L4.42661e-05 13.483L4.43972e-05 10.483L19.0031 10.483L11.3914 2.87132L13.5127 0.75L24.7457 11.983Z" fill="currentColor"/> </svg></div></div><p class="paragraph-large margin-bottom-0 hide-on-tablet">Market operations documentation and specifications to connect and trade on IEX Exchange</p></a><div class="nav-underscore-links-wrapper two"><a href="/resources/trading/trading-hours-holidays" class="underscore-link">Trading Hours & Holidays</a><a href="/resources/trading/documents" class="underscore-link">Documents</a></div></div><div class="nav-info-links-group two"><a href="/resources/regulation" class="nav-info-link three w-inline-block"><div class="nav-dropdown-arrow-link margin-bottom-8"><div>Regulation Resources</div><div class="arrow-link-arrow nav-dropdown-arrow w-embed"><svg width="100%" height="100%" viewBox="0 0 25 24" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M24.7457 11.983L13.5127 23.216L11.3914 21.0947L19.0031 13.483L4.42661e-05 13.483L4.43972e-05 10.483L19.0031 10.483L11.3914 2.87132L13.5127 0.75L24.7457 11.983Z" fill="currentColor"/> </svg></div></div><p class="paragraph-large margin-bottom-0 hide-on-tablet">IEX Exchange’s rules and other regulatory information</p></a><div class="nav-underscore-links-wrapper four"><a href="/documents/iex-exchange-rule-book" class="underscore-link">Rule Book</a><a href="/resources/trading/fee-schedule" class="underscore-link">Fee Schedule</a></div></div></div><div><div class="nav-dropdown-right-column"><a href="/boxes-and-lines" class="nav-blog-feature w-inline-block"><div class="nav-blog-feature-image"><img src="https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/6361d14f59a8ceadfc203a4c_Blog%20Feature%20Image.webp" loading="lazy" alt="IEX Exchange | Blog"/></div><div class="nav-blog-feature-content"><div class="nav-blog-feature-link"><div class="heading-6 margin-bottom-80">Boxes and Lines</div><div class="nav-blog-feature-link-arrow w-embed"><svg width="33" height="33" viewBox="0 0 33 33" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M30.2893 4.4217L30.2893 27.2556L26.2514 27.2556L26.2513 11.3148L6.55062 31.0156L3.69539 28.1603L23.3961 8.4596H7.45538L7.45538 4.4217H30.2893Z" fill="currentColor"/> </svg></div></div><p class="margin-bottom-0">Blog posts, podcast episodes, and news from IEX Exchange.</p></div></a><div class="linear-gradient-divider-wrapper"><div class="nav-dropdown-divider"></div></div><a href="https://auth.iextrading.com/?r=https%3A%2F%2Fiextrading.com%2Faccount%2F#/" class="arrow-link arrow-link-between tablet-underscore-link w-inline-block"><div>Login</div><div class="arrow-link-arrow hide-on-tablet w-embed"><svg width="17" height="16" viewBox="0 0 17 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.0084 15.4778L7.59419 14.0636L12.6686 8.98915L-5.18695e-05 8.98915L-5.1782e-05 6.98915L12.6686 6.98915L7.59419 1.9147L9.0084 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></a><a href="https://iextrading.com/status/#/" class="arrow-link arrow-link-between tablet-underscore-link w-inline-block"><div>System Status</div><div class="arrow-link-arrow hide-on-tablet w-embed"><svg width="17" height="16" viewBox="0 0 17 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.0084 15.4778L7.59419 14.0636L12.6686 8.98915L-5.18695e-05 8.98915L-5.1782e-05 6.98915L12.6686 6.98915L7.59419 1.9147L9.0084 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></a><a href="https://iextrading.com/alerts/#/trading" class="arrow-link arrow-link-between tablet-underscore-link w-inline-block"><div>Trading Alerts</div><div class="arrow-link-arrow hide-on-tablet w-embed"><svg width="17" height="16" viewBox="0 0 17 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.0084 15.4778L7.59419 14.0636L12.6686 8.98915L-5.18695e-05 8.98915L-5.1782e-05 6.98915L12.6686 6.98915L7.59419 1.9147L9.0084 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></a></div></div></div></nav></div><a href="/boxes-and-lines" class="navigation-link hide-on-tablet w-nav-link">Boxes and Lines</a></div><div class="mobile-menu-bottom"><div class="mobile-menu-bottom-links hide"><a href="#" class="underscore-link w-inline-block"><div>Login</div></a><a href="#" class="underscore-link w-inline-block"><div>System Status</div></a><a href="#" class="underscore-link w-inline-block"><div>Trading Alerts</div></a></div><form action="/search" class="search-input-wrapper margin-bottom-12 w-form"><input class="search-input w-input" maxlength="256" name="query" placeholder="Search…" type="search" id="search-2" required=""/><input type="submit" class="search-input-button w-button" value=""/></form><a href="/boxes-and-lines" class="button nav-mobile-menu-button w-inline-block"><div class="button-glow"></div><div class="button-block">Boxes and Lines</div><div class="button-block button-arrow"><div class="button-arrow-svg w-embed"><svg width="100%" height="100%" viewBox="0 0 16.5 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.00846 15.4778L7.59425 14.0636L12.6687 8.98915L9.16569e-06 8.98915L9.25311e-06 6.98915L12.6687 6.98915L7.59425 1.9147L9.00846 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></div></a></div></nav><div data-hover="false" data-delay="0" data-w-id="a410f625-582a-5875-bb87-45c0e03f03a9" class="search-dropdown w-dropdown"><div class="search-trigger w-dropdown-toggle"><div>Search</div><div class="search-icon w-embed"><svg width="16" height="15" 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9.4143L1.61917 15.7952L0.204956 14.3809L6.58581 8.00008L0.204956 1.61923L1.61917 0.205017L8.00002 6.58587L14.3809 0.205017L15.7951 1.61923Z" fill="#F7A01D"/> </svg></div></div><nav class="search-pane w-dropdown-list"><div class="search-pane-inner"><div class="container"><div class="content-center"><div class="heading-1">Search</div><p class="paragraph-large">IEX Exchange site-wide search.</p><form action="/search" class="search-input-wrapper w-form"><input class="search-input w-input" maxlength="256" name="query" placeholder="Search…" type="search" id="search" required=""/><input type="submit" class="search-input-button w-button" value=""/></form></div></div></div></nav></div><div class="nav-menu-button w-nav-button"><div class="nav-button-inner"><div class="menu-button-line top-line"></div><div class="menu-button-line middle-line"></div><div class="menu-button-line bottom-line"></div></div></div></div></div></div></div><header class="homepage-hero-component"><div 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move-5"></div><div id="w-node-_7a2d02e3-1d3a-3b3f-1fce-1980977dec96-60787237" class="hero-square tablet-remain move-2"></div><div id="w-node-c7486ebd-3c61-afa9-444e-0e932c99b97c-60787237" class="hero-square tablet-remain move-4"></div><div id="w-node-_93f749fb-0d67-2d31-c6d0-50226b64e498-60787237" class="hero-square tablet-remain move-3"></div><div id="w-node-_09070f14-525d-b047-eeda-38e582df1941-60787237" class="hero-square tablet-remain move-5"></div><div id="w-node-ed03243e-e86c-8087-813f-e992820097eb-60787237" class="hero-square tablet-remain move-4"></div><div id="w-node-_65eee0fb-a087-a67d-3fe5-7999b69b65cb-60787237" class="hero-square tablet-remain move-5"></div><div id="w-node-_13f308c5-1561-6b25-73c8-f50c6c3cf96c-60787237" class="hero-square tablet-remain hide-on-mobile move-6"></div><div id="w-node-_7ee2e893-0f64-8e8a-f9e0-55389f9eddcb-60787237" class="hero-illo-overlay"></div></div><div class="container header-container"><div class="homepage-hero-content"><h1 class="text-color-secondary-00 margin-bottom-24">A different kind of stock exchange</h1><p class="paragraph-jumbo">IEX Exchange facilitates the trading of U.S. equities, combining a transparent business model with innovative design and technology.</p><div class="coupler"><div class="coupler-inner"><div style="opacity:0" class="coupler-square is-first"><div class="coupler-square-glow"></div><div class="coupler-square-inner"></div></div><div style="opacity:0" class="coupler-square is-second"><div class="coupler-square-glow"></div><div class="coupler-square-inner"></div></div><div class="coupler-line"><div style="width:100%;height:0%" class="coupler-line-inner"></div></div></div></div></div></div></header><main><section><div class="container"><div data-w-id="49d326df-85e5-9eed-3934-2d0bdbdbc580" class="layer-section-inner"><div class="max-width-960"><h2 class="heading-3 margin-bottom-24 text-color-secondary-08">Innovating to drive trading performance</h2><p class="paragraph-jumbo-bold margin-bottom-8 text-color-secondary-05"></p><p class="paragraph-jumbo text-color-secondary-04">We are focused on performance: driving superior execution quality for broker-dealers and investors with game-changing technology, data, experience, and expertise.</p><div class="button-wrap"><a data-w-id="c821d858-a359-c807-921e-5f6f2d310764" href="/about" class="box-button w-inline-block"><div class="button-glow"></div><div class="secondary-button-block orange-button">About IEX Exchange</div><div class="secondary-button-block orange-button button-arrow"><div class="button-arrow-svg w-embed"><svg width="100%" height="100%" viewBox="0 0 16.5 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.00846 15.4778L7.59425 14.0636L12.6687 8.98915L9.16569e-06 8.98915L9.25311e-06 6.98915L12.6687 6.98915L7.59425 1.9147L9.00846 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></div></a></div></div></div></div></section><section class="section"><div class="tech-component-lottie-wrap"><div data-preserve-aspect-ratio="xMidYMid slice" data-is-ix2-target="1" class="tech-component-lottie-image" data-w-id="9062465b-1fd5-d58c-43ea-692fa0d8914a" data-animation-type="lottie" data-src="https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/637bc161a64e0058f8da59f2_Speed%20Bump%20%E2%80%93%202.4.json" data-loop="0" data-direction="1" data-autoplay="0" data-renderer="svg" data-default-duration="18" data-duration="0"></div></div><div data-w-id="f78e41c5-ec38-a7c5-d435-3481a6dbff23" class="container"><div><div data-w-id="fb5805b1-9b51-b970-5eb9-391b16390dac" data-is-ix2-target="1" class="tech-lottie-mobile-ph" data-animation-type="lottie" data-src="https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/639cbe77ead5bf29a667ebbc_Speed%20Bump%20Mobile%20%E2%80%93%201.4.json" data-loop="0" data-direction="1" data-autoplay="0" data-renderer="svg" data-default-duration="10" data-duration="0"></div><div class="tech-component-content"><div class="overline-tag">Our Technology</div><h2 class="margin-bottom-24">The Speed Bump</h2><p class="paragraph-large">38 miles of coiled cable that incoming orders and messages must traverse before arriving at the exchange’s matching engine. <br/><br/>Creating a level playing field where the exchange can be a fair referee for trading.</p><div class="button-wrap"><a data-w-id="276e01cf-a83a-ab2c-ddd6-3c4a5fb7dfd9" href="/technology#the-speed-bump" class="box-button w-inline-block"><div class="button-glow"></div><div class="secondary-button-block">Learn More</div><div class="secondary-button-block button-arrow"><div class="button-arrow-svg w-embed"><svg width="100%" height="100%" viewBox="0 0 16.5 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.00846 15.4778L7.59425 14.0636L12.6687 8.98915L9.16569e-06 8.98915L9.25311e-06 6.98915L12.6687 6.98915L7.59425 1.9147L9.00846 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></div></a></div></div></div><div class="tablet-tech-spacing"><div data-w-id="77ac6a32-f326-d459-9b81-597cb08cc234" data-is-ix2-target="1" class="tech-lottie-mobile-ph" data-animation-type="lottie" data-src="https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/637bfb4dcf7ee3cedfec9d8f_Signal%20Mobile%20%E2%80%93%201.3.json" data-loop="0" data-direction="1" data-autoplay="0" data-renderer="svg" data-default-duration="8.333333333333334" data-duration="0"></div><div class="tech-component-content move-right"><div class="overline-tag">Our Technology</div><h2 class="margin-bottom-24">The Signal</h2><p class="paragraph-large">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.</p><div class="button-wrap"><a data-w-id="276e01cf-a83a-ab2c-ddd6-3c4a5fb7dfd9" href="/technology#the-signal" class="box-button w-inline-block"><div class="button-glow"></div><div class="secondary-button-block">Learn More</div><div class="secondary-button-block button-arrow"><div class="button-arrow-svg w-embed"><svg width="100%" height="100%" viewBox="0 0 16.5 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.00846 15.4778L7.59425 14.0636L12.6687 8.98915L9.16569e-06 8.98915L9.25311e-06 6.98915L12.6687 6.98915L7.59425 1.9147L9.00846 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></div></a></div></div></div></div></section><section class="section padding-bottom"><div class="container"><a href="#" class="display-block w-inline-block w-lightbox"><img src="https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/6414a03a1ccde7e22f76341b_Stat%20-%20Graph-Real%20(wide).webp" loading="lazy" width="1464" height="400" alt="Graph showing stable midpoint average daily value traded by exchange (2022 Q3) – IEX leading among the exchanges" srcset="https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/6414a03a1ccde7e22f76341b_Stat%20-%20Graph-Real%20(wide)-p-500.webp 500w, https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/6414a03a1ccde7e22f76341b_Stat%20-%20Graph-Real%20(wide)-p-800.webp 800w, https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/6414a03a1ccde7e22f76341b_Stat%20-%20Graph-Real%20(wide)-p-1080.webp 1080w, https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/6414a03a1ccde7e22f76341b_Stat%20-%20Graph-Real%20(wide)-p-1600.webp 1600w, https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/6414a03a1ccde7e22f76341b_Stat%20-%20Graph-Real%20(wide).webp 2196w" sizes="(max-width: 479px) 90vw, (max-width: 767px) 94vw, 85vw" class="chart-image"/><script type="application/json" class="w-json">{ "items": [ { "_id": "example_img", "origFileName": "Stat - Graph-Real (wide).svg", "fileName": "Stat - Graph-Real (wide).svg", "fileSize": 57680, "height": 150, "url": "https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/63b700b924e16ee3b7e48075_Stat%20-%20Graph-Real%20(wide).svg", "width": 150, "type": "image" } ], "group": "" }</script></a></div><div class="section small-spacing"><div class="container"><div class="content-narrow"><div class="overline-tag margin-bottom-12">Trading Performance</div><h2 class="heading-4">Trading on IEX Exchange is different</h2><div><h3 class="heading-5 margin-bottom-8">Industry Leader in Stable Midpoint Volume<br/>‍</h3><div class="standard-rich-text _2-col-paragraph-rich-text dark-mode w-richtext"><p>IEX Exchange offers products designed to facilitate stable trades at the midpoint, which is often considered the fairest price.<br/>Stable trades are defined as executions that do not see the National Best Bid/Offer move in the following 2 milliseconds. <br/><em>Source: NYSE TAQ</em></p></div></div><a href="https://iextrading.com/stats/" target="_blank" class="border-link w-inline-block"><div>View Latest Stats</div><div class="arrow-link-arrow w-embed"><svg width="17" height="16" viewBox="0 0 17 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.0084 15.4778L7.59419 14.0636L12.6686 8.98915L-5.18695e-05 8.98915L-5.1782e-05 6.98915L12.6686 6.98915L7.59419 1.9147L9.0084 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></a></div></div></div></section><div class="light-mode-wrap"><section data-w-id="85234b65-4058-500a-eadf-ae940ccc005e" class="section overflow-hidden"><div class="fixed-white-background"></div><div class="container"><div class="section-header-center"><div class="overline-tag gray margin-bottom-8">Our Products</div><h2 class="heading-3">Innovative Products</h2><p class="paragraph-jumbo">IEX Exchange offers tools, programs, and technologies to help our Members achieve their performance goals. </p></div><div class="product-swiper-component"><div id="product-swiper" class="swiper w-dyn-list"><div role="list" class="swiper-wrapper product-swiper-wrapper w-dyn-items"><div data-w-id="79ae9751-ed0f-6eeb-42bf-ce91461ab848" role="listitem" class="swiper-slide product-slide w-dyn-item"><a href="http://iexexchange.io/order-types/d-peg" class="product-slide-inner-wrapper w-inline-block"><div class="product-slide-inner"><div data-w-id="b4700d1f-07b5-02d9-79cf-7d5592706f46" class="card-hover-background"></div><div class="overline-tag light-mode">Drive performance</div><div class="featured-product-slide-flex"><div class="featured-product-slide-content"><h3 class="heading-5 margin-bottom-8">Discretionary Peg Order Type™</h3><div class="heading-6 text-color-secondary-04 margin-bottom-24">(D-Peg®)</div><p class="paragraph-large text-color-secondary-04 hide-on-mobile">Discretionary Peg (D-Peg) rests outside the NBBO and is willing to step to the midpoint—except when the Signal is on.</p><p class="text-color-secondary-04 margin-bottom-0 show-on-mobile">Discretionary Peg (D-Peg) rests outside the NBBO and is willing to step to the midpoint—except when the Signal is on.</p></div><div class="featured-product-slide-image-wrapper"><div data-w-id="904a4230-264c-9b28-050d-114f4eb1f073" class="card-lottie hide" data-animation-type="lottie" data-src="https://cdn.prod.website-files.com/plugins/Animation/assets/wf-placeholder.cd67a2c2ba.json" data-loop="0" data-direction="1" data-autoplay="1" data-is-ix2-target="0" data-renderer="svg" data-default-duration="4.08" data-duration="0"></div><div class="card-lottie-embed w-embed"><div data-w-id="904a4230-264c-9b28-050d-114f4eb1f073" data-wf-id="["904a4230-264c-9b28-050d-114f4eb1f073_instance-0"]" class="card-lottie" data-animation-type="lottie" data-src="https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/638f472e48ccb4fc38d2812e_D-Peg%20%E2%80%93%201.6.json" data-loop="0" data-direction="1" data-autoplay="0" data-is-ix2-target="1" data-renderer="svg" data-default-duration="4.08" data-duration="0" data-ix2-initial-state="0"> </div></div></div></div><div class="regular-product-slide-content w-condition-invisible"><h4 class="heading-5">Discretionary Peg Order Type™</h4><div><div class="overline margin-bottom-8">(D-Peg®)</div><p class="paragraph-large margin-bottom-0 text-color-secondary-04">Discretionary Peg (D-Peg) rests outside the NBBO and is willing to step to the midpoint—except when the Signal is on.</p></div></div></div><div class="stretch-button-wrapper"><div class="featured-product-slide-button"><div data-w-id="66b18ae3-74d0-fdfa-eb26-22cb6f4a2e78" class="box-button"><div data-w-id="3d89d98b-e31c-de29-d1e3-8102165a3563" style="display:none;opacity:0" class="button-glow"></div><div class="secondary-button-block orange-button flex-expand">Explore Discretionary Peg</div><div class="secondary-button-block orange-button button-arrow"><div class="button-arrow-svg w-embed"><svg width="100%" height="100%" viewBox="0 0 16.5 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.00846 15.4778L7.59425 14.0636L12.6687 8.98915L9.16569e-06 8.98915L9.25311e-06 6.98915L12.6687 6.98915L7.59425 1.9147L9.00846 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></div></div></div><div class="featured-product-slide-button w-condition-invisible"><div class="box-button"><div data-w-id="abe0f1da-3307-ae5d-4000-a12c1d9a593c" class="button-glow"></div><div class="secondary-button-block gray-button">Explore Discretionary Peg</div><div class="secondary-button-block gray-button button-arrow"><div class="button-arrow-svg w-embed"><svg width="100%" height="100%" viewBox="0 0 16.5 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.00846 15.4778L7.59425 14.0636L12.6687 8.98915L9.16569e-06 8.98915L9.25311e-06 6.98915L12.6687 6.98915L7.59425 1.9147L9.00846 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></div></div></div></div></a></div><div data-w-id="79ae9751-ed0f-6eeb-42bf-ce91461ab848" role="listitem" class="swiper-slide product-slide w-dyn-item"><a href="http://iexexchange.io/order-types" class="product-slide-inner-wrapper w-inline-block"><div class="product-slide-inner"><div data-w-id="b4700d1f-07b5-02d9-79cf-7d5592706f46" class="card-hover-background"></div><div class="overline-tag light-mode">Drive performance</div><div class="featured-product-slide-flex w-condition-invisible"><div class="featured-product-slide-content"><h3 class="heading-5 margin-bottom-8">Order Types</h3><div class="heading-6 text-color-secondary-04 margin-bottom-24 w-dyn-bind-empty"></div><p class="paragraph-large text-color-secondary-04 hide-on-mobile">Trade on IEX Exchange with order types designed to raise the bar for execution quality.</p><p class="text-color-secondary-04 margin-bottom-0 show-on-mobile">Trade on IEX Exchange with order types designed to raise the bar for execution quality.</p></div><div class="featured-product-slide-image-wrapper"><div data-w-id="904a4230-264c-9b28-050d-114f4eb1f073" class="card-lottie hide" data-animation-type="lottie" data-src="https://cdn.prod.website-files.com/plugins/Animation/assets/wf-placeholder.cd67a2c2ba.json" data-loop="0" data-direction="1" data-autoplay="1" data-is-ix2-target="0" data-renderer="svg" data-default-duration="4.08" data-duration="0"></div><div class="card-lottie-embed w-embed"><div data-w-id="904a4230-264c-9b28-050d-114f4eb1f073" data-wf-id="["904a4230-264c-9b28-050d-114f4eb1f073_instance-0"]" class="card-lottie" data-animation-type="lottie" data-src="" data-loop="0" data-direction="1" data-autoplay="0" data-is-ix2-target="1" data-renderer="svg" data-default-duration="4.08" data-duration="0" data-ix2-initial-state="0"> </div></div></div></div><div class="regular-product-slide-content"><h4 class="heading-5">Order Types</h4><div><div class="overline margin-bottom-8 w-dyn-bind-empty"></div><p class="paragraph-large margin-bottom-0 text-color-secondary-04">Trade on IEX Exchange with order types designed to raise the bar for execution quality.</p></div></div></div><div class="stretch-button-wrapper"><div class="featured-product-slide-button w-condition-invisible"><div data-w-id="66b18ae3-74d0-fdfa-eb26-22cb6f4a2e78" class="box-button"><div data-w-id="3d89d98b-e31c-de29-d1e3-8102165a3563" style="display:none;opacity:0" class="button-glow"></div><div class="secondary-button-block orange-button flex-expand">Explore Order Types</div><div class="secondary-button-block orange-button button-arrow"><div class="button-arrow-svg w-embed"><svg width="100%" height="100%" viewBox="0 0 16.5 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.00846 15.4778L7.59425 14.0636L12.6687 8.98915L9.16569e-06 8.98915L9.25311e-06 6.98915L12.6687 6.98915L7.59425 1.9147L9.00846 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></div></div></div><div class="featured-product-slide-button"><div class="box-button"><div data-w-id="abe0f1da-3307-ae5d-4000-a12c1d9a593c" class="button-glow"></div><div class="secondary-button-block gray-button">Explore Order Types</div><div class="secondary-button-block gray-button button-arrow"><div class="button-arrow-svg w-embed"><svg width="100%" height="100%" viewBox="0 0 16.5 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.00846 15.4778L7.59425 14.0636L12.6687 8.98915L9.16569e-06 8.98915L9.25311e-06 6.98915L12.6687 6.98915L7.59425 1.9147L9.00846 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></div></div></div></div></a></div><div data-w-id="79ae9751-ed0f-6eeb-42bf-ce91461ab848" role="listitem" class="swiper-slide product-slide w-dyn-item"><a href="http://iexexchange.io/products/market-data-connectivity" class="product-slide-inner-wrapper w-inline-block"><div class="product-slide-inner"><div data-w-id="b4700d1f-07b5-02d9-79cf-7d5592706f46" class="card-hover-background"></div><div class="overline-tag light-mode">Access data</div><div class="featured-product-slide-flex w-condition-invisible"><div class="featured-product-slide-content"><h3 class="heading-5 margin-bottom-8">Market Data and Connectivity</h3><div class="heading-6 text-color-secondary-04 margin-bottom-24 w-dyn-bind-empty"></div><p class="paragraph-large text-color-secondary-04 hide-on-mobile">Connect to IEX Exchange and receive our quote and trade feeds.</p><p class="text-color-secondary-04 margin-bottom-0 show-on-mobile">Connect to IEX Exchange and receive our quote and trade feeds.</p></div><div class="featured-product-slide-image-wrapper"><div data-w-id="904a4230-264c-9b28-050d-114f4eb1f073" class="card-lottie hide" data-animation-type="lottie" data-src="https://cdn.prod.website-files.com/plugins/Animation/assets/wf-placeholder.cd67a2c2ba.json" data-loop="0" data-direction="1" data-autoplay="1" data-is-ix2-target="0" data-renderer="svg" data-default-duration="4.08" data-duration="0"></div><div class="card-lottie-embed w-embed"><div data-w-id="904a4230-264c-9b28-050d-114f4eb1f073" data-wf-id="["904a4230-264c-9b28-050d-114f4eb1f073_instance-0"]" class="card-lottie" data-animation-type="lottie" data-src="" data-loop="0" data-direction="1" data-autoplay="0" data-is-ix2-target="1" data-renderer="svg" data-default-duration="4.08" data-duration="0" data-ix2-initial-state="0"> </div></div></div></div><div class="regular-product-slide-content"><h4 class="heading-5">Market Data and Connectivity</h4><div><div class="overline margin-bottom-8 w-dyn-bind-empty"></div><p class="paragraph-large margin-bottom-0 text-color-secondary-04">Connect to IEX Exchange and receive our quote and trade feeds.</p></div></div></div><div class="stretch-button-wrapper"><div class="featured-product-slide-button w-condition-invisible"><div data-w-id="66b18ae3-74d0-fdfa-eb26-22cb6f4a2e78" class="box-button"><div data-w-id="3d89d98b-e31c-de29-d1e3-8102165a3563" style="display:none;opacity:0" class="button-glow"></div><div class="secondary-button-block orange-button flex-expand">Explore Data</div><div class="secondary-button-block orange-button button-arrow"><div class="button-arrow-svg w-embed"><svg width="100%" height="100%" viewBox="0 0 16.5 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.00846 15.4778L7.59425 14.0636L12.6687 8.98915L9.16569e-06 8.98915L9.25311e-06 6.98915L12.6687 6.98915L7.59425 1.9147L9.00846 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></div></div></div><div class="featured-product-slide-button"><div class="box-button"><div data-w-id="abe0f1da-3307-ae5d-4000-a12c1d9a593c" class="button-glow"></div><div class="secondary-button-block gray-button">Explore Data</div><div class="secondary-button-block gray-button button-arrow"><div class="button-arrow-svg w-embed"><svg width="100%" height="100%" viewBox="0 0 16.5 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.00846 15.4778L7.59425 14.0636L12.6687 8.98915L9.16569e-06 8.98915L9.25311e-06 6.98915L12.6687 6.98915L7.59425 1.9147L9.00846 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></div></div></div></div></a></div><div data-w-id="79ae9751-ed0f-6eeb-42bf-ce91461ab848" role="listitem" class="swiper-slide product-slide w-dyn-item"><a href="http://iexexchange.io/products/retail-program" class="product-slide-inner-wrapper w-inline-block"><div class="product-slide-inner"><div data-w-id="b4700d1f-07b5-02d9-79cf-7d5592706f46" class="card-hover-background"></div><div class="overline-tag light-mode">Drive performance</div><div class="featured-product-slide-flex w-condition-invisible"><div class="featured-product-slide-content"><h3 class="heading-5 margin-bottom-8">Retail Program</h3><div class="heading-6 text-color-secondary-04 margin-bottom-24 w-dyn-bind-empty"></div><p class="paragraph-large text-color-secondary-04 hide-on-mobile">Designed to provide high-quality trading for the retail community on IEX Exchange.</p><p class="text-color-secondary-04 margin-bottom-0 show-on-mobile">Designed to provide high-quality trading for the retail community on IEX Exchange.</p></div><div class="featured-product-slide-image-wrapper"><div data-w-id="904a4230-264c-9b28-050d-114f4eb1f073" class="card-lottie hide" data-animation-type="lottie" data-src="https://cdn.prod.website-files.com/plugins/Animation/assets/wf-placeholder.cd67a2c2ba.json" data-loop="0" data-direction="1" data-autoplay="1" data-is-ix2-target="0" data-renderer="svg" data-default-duration="4.08" data-duration="0"></div><div class="card-lottie-embed w-embed"><div data-w-id="904a4230-264c-9b28-050d-114f4eb1f073" data-wf-id="["904a4230-264c-9b28-050d-114f4eb1f073_instance-0"]" class="card-lottie" data-animation-type="lottie" data-src="https://cdn.prod.website-files.com/635ad1b3d188c13ccc1ebcad/6389efdb7d2c2b332aebe9da_Retail%20Order%20%E2%80%93%201.1.json" data-loop="0" data-direction="1" data-autoplay="0" data-is-ix2-target="1" data-renderer="svg" data-default-duration="4.08" data-duration="0" data-ix2-initial-state="0"> </div></div></div></div><div class="regular-product-slide-content"><h4 class="heading-5">Retail Program</h4><div><div class="overline margin-bottom-8 w-dyn-bind-empty"></div><p class="paragraph-large margin-bottom-0 text-color-secondary-04">Designed to provide high-quality trading for the retail community on IEX Exchange.</p></div></div></div><div class="stretch-button-wrapper"><div class="featured-product-slide-button w-condition-invisible"><div data-w-id="66b18ae3-74d0-fdfa-eb26-22cb6f4a2e78" class="box-button"><div data-w-id="3d89d98b-e31c-de29-d1e3-8102165a3563" style="display:none;opacity:0" class="button-glow"></div><div class="secondary-button-block orange-button flex-expand">Explore Retail Program</div><div class="secondary-button-block orange-button button-arrow"><div class="button-arrow-svg w-embed"><svg width="100%" height="100%" viewBox="0 0 16.5 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.00846 15.4778L7.59425 14.0636L12.6687 8.98915L9.16569e-06 8.98915L9.25311e-06 6.98915L12.6687 6.98915L7.59425 1.9147L9.00846 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></div></div></div><div class="featured-product-slide-button"><div class="box-button"><div data-w-id="abe0f1da-3307-ae5d-4000-a12c1d9a593c" class="button-glow"></div><div class="secondary-button-block gray-button">Explore Retail Program</div><div class="secondary-button-block gray-button button-arrow"><div class="button-arrow-svg w-embed"><svg width="100%" height="100%" viewBox="0 0 16.5 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.00846 15.4778L7.59425 14.0636L12.6687 8.98915L9.16569e-06 8.98915L9.25311e-06 6.98915L12.6687 6.98915L7.59425 1.9147L9.00846 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></div></div></div></div></a></div><div data-w-id="79ae9751-ed0f-6eeb-42bf-ce91461ab848" role="listitem" class="swiper-slide product-slide w-dyn-item"><a href="http://iexexchange.io/products/router" class="product-slide-inner-wrapper w-inline-block"><div class="product-slide-inner"><div data-w-id="b4700d1f-07b5-02d9-79cf-7d5592706f46" class="card-hover-background"></div><div class="overline-tag light-mode">Access liquidity</div><div class="featured-product-slide-flex w-condition-invisible"><div class="featured-product-slide-content"><h3 class="heading-5 margin-bottom-8">Router</h3><div class="heading-6 text-color-secondary-04 margin-bottom-24 w-dyn-bind-empty"></div><p class="paragraph-large text-color-secondary-04 hide-on-mobile">Access liquidity on IEX Exchange and away markets.</p><p class="text-color-secondary-04 margin-bottom-0 show-on-mobile">Access liquidity on IEX Exchange and away markets.</p></div><div class="featured-product-slide-image-wrapper"><div data-w-id="904a4230-264c-9b28-050d-114f4eb1f073" class="card-lottie hide" data-animation-type="lottie" data-src="https://cdn.prod.website-files.com/plugins/Animation/assets/wf-placeholder.cd67a2c2ba.json" data-loop="0" data-direction="1" data-autoplay="1" data-is-ix2-target="0" data-renderer="svg" data-default-duration="4.08" data-duration="0"></div><div class="card-lottie-embed w-embed"><div data-w-id="904a4230-264c-9b28-050d-114f4eb1f073" 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Lines</div><div class="secondary-button-block button-arrow"><div class="button-arrow-svg w-embed"><svg width="100%" height="100%" viewBox="0 0 16.5 16" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M16.4971 7.98915L9.00846 15.4778L7.59425 14.0636L12.6687 8.98915L9.16569e-06 8.98915L9.25311e-06 6.98915L12.6687 6.98915L7.59425 1.9147L9.00846 0.500488L16.4971 7.98915Z" fill="currentColor"/> </svg></div></div></a></div></div></div><div class="vertical-blog-component"><div class="container mobile-padding-x-none"><div class="w-dyn-list"><div role="list" class="w-dyn-items"><div role="listitem" class="w-dyn-item"><a href="https://www.iex.io/article/iex-midpoint-now-in-new-xl-size?utm_source=linkedin&utm_medium=organic&utm_campaign=blog&utm_term=exchange" target="_blank" class="full-width-blog-feature-component w-inline-block"><div class="image-blog-feature"><img loading="lazy" sizes="(max-width: 767px) 100vw, 85vw" 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blog-slide first-slide-large w-dyn-item"><a href="https://www.iex.io/article/defying-gravity-iexs-quote-presence-climbs" target="_blank" class="blog-slide-inner w-inline-block"><div class="blog-slide-content"><div class="overline text-color-orange">Article</div><h3 class="heading-6">Defying Gravity: IEX’s Quote Presence Climbs</h3><p class="paragraph-small line-clamp-4 margin-bottom-0">How we’re bucking the trend of declining displayed liquidity</p></div><div class="blog-slide-image-wrap"><img loading="lazy" alt="" src="" class="blog-slide-image w-dyn-bind-empty"/></div></a></div><div role="listitem" class="swiper-slide blog-slide first-slide-large w-dyn-item"><a href="https://www.iex.io/podcast/did-deepseek-kill-the-nvidia-star---boxes-and-lines-lite" target="_blank" class="blog-slide-inner w-inline-block"><div class="blog-slide-content"><div class="overline text-color-orange">Podcast</div><h3 class="heading-6">Did DeepSeek Really Kill the Nvidia Star? - Boxes And Lines Lite</h3><p class="paragraph-small line-clamp-4 margin-bottom-0">Ronan and JR break down why markets reacted so dramatically to DeepSeek and whether this is just another dot-com-style overreaction or an actual shift in the AI arms race.</p></div><div class="blog-slide-image-wrap"><img loading="lazy" alt="" src="" class="blog-slide-image w-dyn-bind-empty"/></div></a></div><div role="listitem" class="swiper-slide blog-slide first-slide-large w-dyn-item"><a href="https://www.iex.io/podcast/its-gonna-be-weird-dave-nadig-on-2025-predictions-for-the-market" target="_blank" class="blog-slide-inner w-inline-block"><div class="blog-slide-content"><div class="overline text-color-orange">Podcast</div><h3 class="heading-6">It's Gonna Be Weird: Dave Nadig on 2025 Predictions for the Market</h3><p class="paragraph-small line-clamp-4 margin-bottom-0">Dave Nadig, veteran ETF expert and self-styled “financial futurist,” returns to Boxes and Lines to look into his crystal ball and let Ronan and JR know what he sees for finance in 2025.</p></div><div class="blog-slide-image-wrap"><img loading="lazy" alt="" src="" class="blog-slide-image w-dyn-bind-empty"/></div></a></div><div role="listitem" class="swiper-slide blog-slide first-slide-large w-dyn-item"><a href="https://podcasts.apple.com/us/podcast/grandmaster-of-her-domain-from-the-chessboard-to/id1481501647?i=1000677667186" target="_blank" class="blog-slide-inner w-inline-block"><div class="blog-slide-content"><div class="overline text-color-orange">Podcast</div><h3 class="heading-6">Grandmaster of Her Domain: From the Chessboard to Wall Street with Rusa Goletiani</h3><p class="paragraph-small line-clamp-4 margin-bottom-0">Ronan and JR sit down with Rusa Goletiani, a chess champion turned FX trader at BlackRock.</p></div><div class="blog-slide-image-wrap"><img loading="lazy" alt="" src="" class="blog-slide-image w-dyn-bind-empty"/></div></a></div><div role="listitem" class="swiper-slide blog-slide first-slide-large w-dyn-item"><a href="https://www.iex.io/podcast/what-the-ai-chunking-hallucinations-and-conor-twomeys-take-on-whats-next" target="_blank" class="blog-slide-inner w-inline-block"><div class="blog-slide-content"><div class="overline text-color-orange">Podcast</div><h3 class="heading-6">What the AI? Chunking, Hallucinations, and Conor Twomey’s Take on What's Next</h3><p class="paragraph-small line-clamp-4 margin-bottom-0">AI could change how businesses operate forever – but do executives truly understand how to harness its power and uncover patterns in their data? Former KX Managing Director Conor Twomey stops by to discuss how his new venture, AI One.</p></div><div class="blog-slide-image-wrap"><img loading="lazy" alt="" src="" class="blog-slide-image w-dyn-bind-empty"/></div></a></div><div role="listitem" class="swiper-slide blog-slide first-slide-large w-dyn-item"><a href="https://www.iex.io/article/midpoint-stability-share-price-iex-advantage" target="_blank" class="blog-slide-inner w-inline-block"><div class="blog-slide-content"><div class="overline text-color-orange">Article</div><h3 class="heading-6">Trading On Hard Mode</h3><p class="paragraph-small line-clamp-4 margin-bottom-0">How Midpoint Stability Is Achieved at IEX, Especially in the Toughest Trades.</p></div><div class="blog-slide-image-wrap"><img loading="lazy" alt="" src="" class="blog-slide-image w-dyn-bind-empty"/></div></a></div><div role="listitem" class="swiper-slide blog-slide first-slide-large w-dyn-item"><a href="https://www.iex.io/podcast/the-parent-trap-patrice-meagher-of-milkmate-on-creating-better-work-environments-for-new-moms" target="_blank" class="blog-slide-inner w-inline-block"><div class="blog-slide-content"><div class="overline text-color-orange">Podcast</div><h3 class="heading-6">The Parent Trap: Patrice Meagher of MilkMate on Creating Better Work Environments for New Moms </h3><p class="paragraph-small line-clamp-4 margin-bottom-0">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.</p></div><div class="blog-slide-image-wrap"><img loading="lazy" alt="" src="" class="blog-slide-image w-dyn-bind-empty"/></div></a></div><div role="listitem" class="swiper-slide blog-slide first-slide-large w-dyn-item"><a href="https://www.iex.io/article/dark-trading-grey-pools" target="_blank" class="blog-slide-inner w-inline-block"><div class="blog-slide-content"><div class="overline text-color-orange">Article</div><h3 class="heading-6">Dark Trading, Clear Results</h3><p class="paragraph-small line-clamp-4 margin-bottom-0">How the Signal and Speed Bump help IEX avoid the gray pool problem.</p></div><div class="blog-slide-image-wrap"><img loading="lazy" alt="" src="" class="blog-slide-image w-dyn-bind-empty"/></div></a></div><div role="listitem" class="swiper-slide blog-slide first-slide-large w-dyn-item"><a href="#" class="blog-slide-inner w-inline-block"><div class="blog-slide-content"><div class="overline text-color-orange">Podcast</div><h3 class="heading-6">Steering a Sovereign Wealth Fund with Emil Framnes of Norges Bank</h3><p class="paragraph-small line-clamp-4 margin-bottom-0">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. </p></div><div class="blog-slide-image-wrap"><img loading="lazy" alt="" src="" class="blog-slide-image w-dyn-bind-empty"/></div></a></div><div role="listitem" class="swiper-slide blog-slide first-slide-large w-dyn-item"><a href="https://www.iex.io/article/displayed-trading-nbbo-liquidity-rebates-price-improvement" target="_blank" class="blog-slide-inner w-inline-block"><div class="blog-slide-content"><div class="overline text-color-orange">Article</div><h3 class="heading-6">Take On Me </h3><p class="paragraph-small line-clamp-4 margin-bottom-0">Doubling Our Time at the NBBO -- Here's What the Numbers Show.</p></div><div class="blog-slide-image-wrap"><img loading="lazy" alt="" src="" class="blog-slide-image w-dyn-bind-empty"/></div></a></div><div role="listitem" class="swiper-slide blog-slide first-slide-large w-dyn-item"><a href="https://www.iex.io/podcast/the-penny-stock-problem---boxes-and-lines-lite" target="_blank" class="blog-slide-inner w-inline-block"><div class="blog-slide-content"><div class="overline text-color-orange">Podcast</div><h3 class="heading-6">The Penny Stock Problem – Boxes and Lines Lite</h3><p class="paragraph-small line-clamp-4 margin-bottom-0">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. </p></div><div class="blog-slide-image-wrap"><img loading="lazy" alt="" src="" class="blog-slide-image w-dyn-bind-empty"/></div></a></div><div role="listitem" class="swiper-slide blog-slide first-slide-large w-dyn-item"><a href="https://www.iex.io/article/what-the-reg-nms-amendments-mean-for-the-markets-and-investors" target="_blank" class="blog-slide-inner w-inline-block"><div class="blog-slide-content"><div class="overline text-color-orange">Article</div><h3 class="heading-6">What the Reg NMS Amendments Mean for the Markets and Investors</h3><p class="paragraph-small line-clamp-4 margin-bottom-0">Key SEC Amendments Aim to Lower Costs and Improve Transparency</p></div><div class="blog-slide-image-wrap"><img loading="lazy" alt="" src="" class="blog-slide-image w-dyn-bind-empty"/></div></a></div></div></div><div class="swiper-controls-wrap"><div class="swiper-slider-arrows"><div id="prev-blog" class="slider-button prev-slide"><div class="flex-horizontal w-embed"><svg width="25" height="25" viewBox="0 0 25 25" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M0.254303 12.737L11.4873 1.50397L13.6086 3.62529L5.99694 11.237L25 11.237L25 14.237L5.99695 14.237L13.6086 21.8487L11.4873 23.97L0.254303 12.737Z" fill="black"/> </svg></div></div><div id="next-blog" class="slider-button next-slide"><div class="flex-horizontal w-embed"><svg width="25" height="25" viewBox="0 0 25 25" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M24.7456 12.703L13.5126 23.936L11.3913 21.8147L19.003 14.203L-7.78042e-05 14.203L-7.76731e-05 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