Who can be a Member of IEX Exchange?
U.S. registered broker-dealers are eligible to become Members of Investors Exchange LLC (the "Exchange" or "IEX Exchange"), subject to the requirements of Chapter 2 of the Exchange Rule Book. Broker-dealers must be a member of another Self-Regulatory Organization (SRO) and maintain an active clearing relationship with an NSCC member clearing firm who is also a Member of the Exchange.
Does the Membership application process cost anything?
No, the Exchange does not charge an application or Membership fee.
How can my firm apply for Membership to IEX Exchange?
Our team requires a completed set of application materials to determine your firm's eligibility for membership to the Exchange. Market Operations are available to review your firm’s specific needs and provide step-by-step guidance about how to start trading at the Exchange.
Membership Application Material Checklist
Firm is a registered broker-dealer
- Member Application
- Member Agreements
- ~~a. Clearing Letter of Guarantee (if your firm is not self-clearing
- ~~b. User Agreement
- ~~c. Routing Agreement (if interested in using the IEX Router)
- Most recent signed Form BD
- A Form U-4 for each officer, director and equity holder who owns 5% or more of Applicant’s outstanding equity interests, if not available on WebCRD
- Most recent audited annual financial statements, if applicable, and unaudited financial statements as of the last month-end
- All FOCUS Reports since last annual audit
- Organizational documents (Articles of Incorporation, LLC Agreement, etc.)
- List of all traders that your firm will register with the Exchange
Does my firm need to be registered with FINRA before it can be a Member of IEX Exchange?
No, your firm is not required to be a FINRA member in order to apply for Exchange Membership. However, the Exchange may require extra documentation from non-FINRA applicants.
Supplemental Member Application Materials Checklist (Non-FINRA firms)
- Firm is not a FINRA member.
- Pro Forma Financial Statements for next twelve (12) months
- Anti-Money Laundering - Description of the financial controls employed by the Applicant with respect to IEX Rule 5.160
- A copy of any decision or order by a federal or state authority or SRO taking permanent or temporary adverse action with respect to a registration or licensing determination regarding the Applicant or an Associated Person
- Two (2) years of examination reports from the Applicant’s DEA
- Designation of Accountant Form and Auditor Engagement Letter provided to Applicant’s DEA pursuant to SEC Rule 17a-5(f)
Can I email my application materials to IEX Exchange?
Yes. Please email your completed application materials to Market Operations.
When my firm becomes a Member of IEX Exchange, what impact does this have on my firm’s registered persons?
When a firm is approved as a Member of the Exchange, all persons associated with the firm that are registered in categories recognized by IEX Exchange (see IEX Rule 2.160(n)) must be registered with IEX Exchange in the FINRA Central Registration Depository (CRD) by submitting updated U4s for each individual to CRD.
How will a firm know its membership application has been approved?
Market Operations will provide confirmation via email when a decision has been rendered.