IEX Group

IEX Group, Inc. is a financial services company based in New York. Its IEX Exchange is described as a high-performance U.S. stock exchange with innovative design and product offerings, including the Speed Bump, the Signal, and a range of order types such as D-Limit, D-Peg, P-Peg, and C-Peg.

• The Speed Bump

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

• The Signal

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

• Discretionary Limit (D-Limit)

  Rests at the limit price; if the Signal fires, it reprices to one tick outside the unstable price. Lit or dark.

• Discretionary Peg (D-Peg)

  Rests outside the NBBO and is willing to step to the midpoint, except when the Signal is on. Dark.

• Primary Peg (P-Peg)

  Rests outside the NBBO and is willing to step up to the NBB or NBO to trade, except when the Signal is on. Dark.

• Corporate Discretionary Peg (C-Peg)

  Rests outside the NBBO, at the last sale, or at the order's limit price, whichever is least aggressive; from there it is willing to step up to the less aggressive of the midpoint or the last sale to trade, except when the Signal is on. Dark.

• IEX Exchange Router

  Sends orders to the IEX Exchange Order Book to check for available shares in a way designed to minimize market impact, before sending any remainder to destinations on the System routing table.

• Retail Order

  A D-Peg or Midpoint Peg order priced to trade at the midpoint on entry; must represent the trading interest of a retail investor and can trade against any order, including RLP orders.

• Retail Liquidity Provider (RLP)

  A variation of M-Peg that passively rests on the IEX Exchange book for incoming retail orders; dark by default, but IEX publishes a Retail Liquidity Indicator if there is RLP interest at the midpoint for at least one round lot.

1. 1Welcome to IEX Equities | Investors Exchange LLC | IEXiex.io
2. 2About Us | IEX Group, Inc.iex.io
3. 3IEX Exchange Router | Use the Router to Capture Liquidity with Confidence | IEXiex.io
4. 4IEX Order Types | Order Type Summaries | IEX Exchange | IEXiex.io
5. 5IEX Groupwikidata.org