Investors Exchange LLC (IEX) has filed a proposed rule change with the Securities and Exchange Commission, effective immediately, to amend its fee schedule for certain sub-dollar orders. The change revises the fee for an order that routes to and removes liquidity from another exchange at a price under $1.00. Instead of charging the cost imposed by the away exchange plus $0.0001 per share, IEX will now charge this cost plus 0.02% of the total dollar value of the execution. Comments on the proposal are invited to be submitted to the Commission by February 6, 2025.
Simple Explanation
Investors Exchange, a stock market, is changing the way it charges for certain very cheap stock trades. Now, instead of just a small fee for each share, they're also adding a tiny percent of the total trade cost, which means the more the trade is worth, the more you pay.