IEX

Name: IEX
Brand: IEX

Technology that elevates the playing field. Home of IEX Exchange.

Est 2012|Valuation $313M|Raised $100.9M

LinkedIn 16K|Web traffic 3K|FTEs 125|HQ New York, New York, US

MarketsMarket Data & Reference Data

01Competitive Landscape

Narrative analysis

Strengths: - Distinct market-design mechanism (Speed Bump and associated rules) intended to address certain latency advantages. - Straightforward proprietary feed pricing for TOPS/DEEP/DEEP+. - T+1 HIST PCAP is available for research and backtesting. Comparative advantages of competitors: - Liquidity concentration: Nasdaq, NYSE, and Cboe typically provide deeper liquidity for many symbols. - Ecosystem and tooling: major exchanges and data vendors offer extensive analytics, co-location options, and distribution partnerships. Adoption/market dynamics: - Market fragmentation persists; participants commonly rely on smart order routing across venues. - IEX’s visibility in market-structure debates and regulatory attention means its influence can extend beyond its share of volume.

	IEX (IEX Exchange market data)	Nasdaq (TotalView / BookViewer example)	NYSE (OpenBook Ultra reference via exchange connectivity schedules)
Starting Price	TOPS Real-Time: low-hundreds/mo; DEEP: low-thousands/mo; DEEP+: several-thousands/mo	Retail BookViewer: retail monthly tiers in the low tens; professional tiers are higher	Example connectivity schedule lists OpenBook Ultra in the low-thousands/mo (connectivity context; exchange fees separate)
Best For	Firms needing IEX order book visibility and those aligned with IEX’s market-structure approach	Traders and firms needing deep Nasdaq book depth; broad retail productization	Firms requiring NYSE depth products and integration with NYSE-centric liquidity
Key Strength	Clear proprietary feed pricing; T+1 HIST PCAP availability; distinct market-structure mechanism (Speed Bump)	Deep liquidity on Nasdaq-listed names; large distribution ecosystem	Deep liquidity and central role in U.S. equities; extensive product suite
Key Weakness	Smaller market share versus major exchanges; design choices that are subject to debate	Total costs can increase for professional/non-display/redistribution use cases	Complexity and potentially higher costs across entitlements and enterprise licensing

01Competitive Landscape

Narrative analysis

Strengths:

Distinct market-design mechanism (Speed Bump and associated rules) intended to address certain latency advantages.
Straightforward proprietary feed pricing for TOPS/DEEP/DEEP+.
T+1 HIST PCAP is available for research and backtesting.

Comparative advantages of competitors:

Liquidity concentration: Nasdaq, NYSE, and Cboe typically provide deeper liquidity for many symbols.
Ecosystem and tooling: major exchanges and data vendors offer extensive analytics, co-location options, and distribution partnerships.

Adoption/market dynamics:

Market fragmentation persists; participants commonly rely on smart order routing across venues.
IEX’s visibility in market-structure debates and regulatory attention means its influence can extend beyond its share of volume.

	IEX (IEX Exchange market data)	Nasdaq (TotalView / BookViewer example)	NYSE (OpenBook Ultra reference via exchange connectivity schedules)
Starting Price	TOPS Real-Time: low-hundreds/mo; DEEP: low-thousands/mo; DEEP+: several-thousands/mo	Retail BookViewer: retail monthly tiers in the low tens; professional tiers are higher	Example connectivity schedule lists OpenBook Ultra in the low-thousands/mo (connectivity context; exchange fees separate)
Best For	Firms needing IEX order book visibility and those aligned with IEX’s market-structure approach	Traders and firms needing deep Nasdaq book depth; broad retail productization	Firms requiring NYSE depth products and integration with NYSE-centric liquidity
Key Strength	Clear proprietary feed pricing; T+1 HIST PCAP availability; distinct market-structure mechanism (Speed Bump)	Deep liquidity on Nasdaq-listed names; large distribution ecosystem	Deep liquidity and central role in U.S. equities; extensive product suite
Key Weakness	Smaller market share versus major exchanges; design choices that are subject to debate	Total costs can increase for professional/non-display/redistribution use cases	Complexity and potentially higher costs across entitlements and enterprise licensing