Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Fee Schedule To Establish a Fee for Real-Time Access to DEEP+

<NOTICE> SECURITIES AND EXCHANGE COMMISSION <DEPDOC>[Release No. 34-104060; File No. SR-IEX-2025-25]</DEPDOC> <SUBJECT>Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Fee Schedule To Establish a Fee for Real-Time Access to DEEP+</SUBJECT> <DATE>September 25, 2025.</DATE> Pursuant to Section 19(b)(1)  <SU>1</SU> <FTREF/> of the Securities Exchange Act of 1934 (the “Act”)  <SU>2</SU> <FTREF/> and Rule 19b-4 thereunder, <SU>3</SU> <FTREF/> notice is hereby given that, on September 19, 2025, the Investors Exchange LLC (“IEX” or the “Exchange”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I, II and III below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. <FTNT> <SU>1</SU>  15 U.S.C. 78s(b)(1). </FTNT> <FTNT> <SU>2</SU>  15 U.S.C. 78a. </FTNT> <FTNT> <SU>3</SU>  17 CFR 240.19b-4. </FTNT> <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD> Pursuant to the provisions of Section 19(b)(1) under the Act, <SU>4</SU> <FTREF/> and Rule 19b-4 thereunder, <SU>5</SU> <FTREF/> the Exchange is filing with the Commission a proposed rule change to amend the IEX Fee Schedule (“Fee Schedule”), pursuant to IEX Rules 15.110(a) and (c), to establish a fee for real-time access to the DEEP+ market data product. <SU>6</SU> <FTREF/> DEEP+ is an uncompressed data feed that provides order-by-order depth of book quotations for all displayed orders resting on the Exchange's Order Book  <SU>7</SU> <FTREF/> at each price level, and execution information ( <E T="03">i.e.,</E> last sale information) for executions on the Exchange. Since launching DEEP+ on December 9, 2024, the Exchange has offered the DEEP+ market data product free of charge for an initial incentive period. <FTNT> <SU>4</SU>  15 U.S.C. 78s(b)(1). </FTNT> <FTNT> <SU>5</SU>  17 CFR 240.19b-4. </FTNT> <FTNT> <SU>6</SU>   <E T="03">See</E> IEX Rule 11.330(a)(3). The proposed rule change establishing DEEP+ was immediately effective on September 19, 2024. <E T="03">See</E> Securities Exchange Act Release No. 101231 (Oct. 2, 2024), 89 FR 81608 (Oct. 8, 2024) (SR-IEX-2024-20) (“DEEP+ Product Filing”). </FTNT> <FTNT> <SU>7</SU>   <E T="03">See</E> IEX Rule 1.160(p). </FTNT> Changes to the Fee Schedule pursuant to this proposal are effective upon filing, <SU>8</SU> <FTREF/> and will be operative beginning on October 1, 2025. <SU>9</SU> <FTREF/> <FTNT> <SU>8</SU>  15 U.S.C. 78s(b)(3)(A)(ii). </FTNT> <FTNT> <SU>9</SU>  The Exchange initially filed these proposed Fee Schedule changes on August 6, 2025 (SR-IEX-2025-19). The Exchange withdrew SR-IEX-2025-19 and replaced it with SR-IEX-2025-21, which was filed on August 26, 2025. On September 19, 2025, the Exchange withdrew SR-IEX-2025-21 and submitted it with this rule filing proposal. </FTNT> The text of the proposed rule change is available at the Exchange's website at <E T="03">https://www.iexexchange.io/resources/regulation/rule-filings</E> and at the principal office of the Exchange. <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change</HD> In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change</HD> <HD SOURCE="HD3">1. Purpose</HD> The Exchange proposes to amend the Market Data Fees section of the Fee Schedule to adopt a fee for real-time access to DEEP+, which is currently offered free of charge. <SU>10</SU> <FTREF/> DEEP+ is an uncompressed data feed, <SU>11</SU> <FTREF/> available on a Real-Time and Delayed basis, <SU>12</SU> <FTREF/> that disseminates, order-by-order depth of book quotations for all displayed orders resting on the Order Book at each price level, and execution information ( <E T="03">i.e.,</E> last sale information) for executions on the Exchange. <SU>13</SU> <FTREF/> DEEP+ provides details on each displayed order resting on the Order Book including OrderID, symbol, side, timestamp associated with the message, price, and size, and updates each order's data when there are amendments, cancels, and executions. DEEP+ also disseminates a Retail Liquidity Identifier (“RLP”) for each security for which the Exchange has the requisite RLP Interest. <SU>14</SU> <FTREF/> <FTNT> <SU>10</SU>   <E T="03">See</E> DEEP+ Product Filing, <E T="03">supra</E> note 6. </FTNT> <FTNT> <SU>11</SU>  An uncompressed data feed is a transmission of raw, unprocessed data without applying compression techniques. </FTNT> <FTNT> <SU>12</SU>  “Real-Time IEX Market Data” is IEX Market Data that is accessed, used or distributed less than fifteen (15) minutes after it was made available by the Exchange. “Delayed IEX Market Data” is IEX Market Data that is accessed, used or distributed at least fifteen (15) minutes after it was made available by the Exchange. <E T="03">See</E> IEX Fee Schedule—Market Data Fees, available at <E T="03">https://www.iexexchange.io/resources/trading/fee-schedule#market-data-fees</E> . IEX only provides Real-Time IEX Market Data and will not itself delay the dissemination of IEX Market Data to Data Subscribers. </FTNT> <FTNT> <SU>13</SU>   <E T="03">See</E> IEX Rule 11.330(a)(3). The Exchange also offers two additional Real-Time market data products, TOPS and DEEP. TOPS is an uncompressed data feed that provides aggregated top of book quotations for all displayed orders resting on the Order Book and execution information ( <E T="03">i.e.,</E> last sale information) for executions on the Exchange. <E T="03">See</E> IEX Rule 11.330(a)(1). DEEP is an uncompressed data feed that provides aggregated depth of book quotations for all displayed orders resting on the Order Book at each price level, and execution information ( <E T="03">i.e.,</E> last sale information) for executions on the Exchange. <E T="03">See</E> IEX Rule 11.330(a)(2). </FTNT> <FTNT> <SU>14</SU>   <E T="03">See</E> IEX Rule 11.232(f). </FTNT> In September 2024 the Exchange filed an immediately effective rule filing with the Commission to amend IEX Rule 11.330 to add DEEP+ and provide that for an initial incentive period DEEP+ would be provided free of charge for all purposes. IEX also modified the Fee Schedule to add DEEP+ to the table of Market Data Fees and to indicate that DEEP+ would be offered free of charge for an initial incentive period. <SU>15</SU> <FTREF/> DEEP+ became available on December 9, 2024. <SU>16</SU> <FTREF/> During this initial incentive period, IEX has not charged fees to access DEEP+, irrespective of whether Data Subscribers  <SU>17</SU> <FTREF/> are Exchange Members, <SU>18</SU> <FTREF/> the manner in which the data is received or used, or whether it is received on a Real-Time or Delayed basis, free of charge. In the DEEP+ Product Filing, the Exchange stated “[s]hould IEX in the future decide to charge for DEEP+, it will make a fee filing pursuant to the SEC rule filing process.”  <SU>19</SU> <FTREF/> <FTNT> <SU>15</SU>   <E T="03">See</E> DEEP+ Product Filing, <E T="03">supra</E> note 6. </FTNT> <FTNT> <SU>16</SU>   <E T="03">See</E> IEX Trading Alert #2024-037. </FTNT> <FTNT> <SU>17</SU>  “Data Subscriber” means any natural person or entity that receives Real-Time IEX market data either directly from the Exchange or from another non-affiliated Data Subscriber via uncontrolled distribution where such non-affiliated Data Subscriber does not control both the entitlement to and display of the Real-Time IEX Market Data by the Data Subscriber. A Data Subscriber must enter into a Data Subscriber Agreement with IEX in order to receive Real-Time IEX market data. A natural person or entity that receives Real-Time IEX market data from an affiliated Data Subscriber is subject to the Data Subscriber Agreement of such affiliated Data Subscriber. <E T="03">See</E> IEX Fee Schedule—Market Data Fees, <E T="03">supra</E> note 12. </FTNT> <FTNT> <SU>18</SU>   <E T="03">See</E> IEX Rule 1.160(s). </FTNT> <FTNT> <SU>19</SU>  DEEP+ Product Filing, <E T="03">supra</E> note 6, footnote 23. </FTNT> The Exchange now proposes to amend the Market Data section of the Fee Schedule to adopt a new fee for the DEEP+ real-time market data feed, referred to therein as DEEP+ Feed (Real-Time). As proposed, the Exchange proposes to adopt a monthly fee of $3,500 per month for real-time access to DEEP+ that would cover all uses of the feed, as discussed below. The Exchange is not proposing to adopt any fee for delayed access to DEEP+. <SU>20</SU> <FTREF/> <FTNT> <SU>20</SU>  The Exchange does not provide direct access to, or charge fees for, its “Delayed” market data products. <E T="03">See</E> IEX Fee Schedule—Market Data Fees, <E T="03">supra</E> note 12. </FTNT> A single fee covering all uses of the market data feed is consistent with the Exchange's current fee structure for its other real-time market data products, which also have single, unitary fees. <SU>21</SU> <FTREF/> The amou ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 37k characters. Full document text is stored and available for version comparison. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━