IEX Group
IEX Group operates a U.S. equities exchange and is launching IEX Options, serving institutional broker-dealers, retail brokers, and market makers with proprietary Speed Bump technology, patented order types, and the Signal algorithm to reduce latency arbitrage and adverse selection.
- Company typePrivate
- Founded2012
- HeadquartersNew York, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What IEX Group does
IEX Group, Inc. is a privately held U.S. exchange operator and technology company founded in 2012 and headquartered at 3 World Trade Center, New York. The company operates IEX Exchange, a registered national securities exchange serving institutional broker-dealers, retail brokers, and market makers, with a distinctive Speed Bump mechanism that introduces a 350-microsecond delay on all incoming orders to neutralize latency arbitrage. IEX's proprietary technology stack centers on the Signal (Crumbling Quote Indicator), a mathematical model that classifies quote stability, and a family of patented order types (D-Peg, M-Peg, P-Peg, D-Limit, O-Peg, Market Peg) that leverage the Signal to protect resting liquidity from adverse selection. The company is extending this framework into options via IEX Options, set to launch in 2026 as the 19th U.S. options exchange following a 2026 federal appellate court victory that upheld the speed bump against a Citadel Securities challenge.
IEX generates revenue through three principal streams: transaction fees on executed volume (using maker-taker or inverted pricing depending on order type), market data services sold to trading firms and data vendors, and connectivity/co-location fees charged to member firms. The customer base is institutionally focused, with a horizontal segmentation approach spanning institutional broker-dealers, retail brokers, and market makers, and an ownership model in which buy-side investors (mutual funds, hedge funds, family offices) hold equity in the exchange. Distribution is direct: member firms access the exchange through approved network connections and co-location, supported by the IEX Router and Retail Program. Recent operating signals are strong: IEX handles $36B in average daily traded volume (Q1 2026), holds 26% of on-exchange midpoint volume and 48% of midpoint block trades (Q3 2025), and has grown displayed market share more than 2.5x since introducing new pricing tiers in August 2024. Capital structure includes venture and strategic investors across rounds from 2012 through 2022 (including Spark Capital, Bain Capital Ventures, Franklin Templeton, Sapphire Ventures, CDPQ/La Caisse, Georgian, and a now-defunct FTX.US partnership).
IEX Group firmographics
Firmographics- Name
- IEX Group
- Legal name
- IEX Group, Inc.
- Website
- https://iex.io
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- IEX Group operates a U.S. equities exchange and is launching IEX Options, serving institutional broker-dealers, retail brokers, and market makers with proprietary Speed Bump technology, patented order types, and the Signal algorithm to reduce latency arbitrage and adverse selection.
- Ownership category
- akta.pro rank
IEX Group industry classification
Industry- Product category
- Stock Exchange Operations
- NAICS
- Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (523210)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Electronic Communication Networks (ECNs) & Alternative Trading Systems (ATS) — Equities (FSAFAAAD)
- akta.pro secondary industries
- Options Exchanges (Listed Options Markets) (FSAFABAK), Equity Index Futures & Options Exchanges (FSAFABAA), Algorithmic Trading & Execution Platforms (FSAFANAN), Electronic Communication Networks (ECNs) / Crossing Networks (Multi-Asset) (FSAFAEAD)
Keywords
Where IEX Group is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
IEX Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales, Others
Revenue model
- Transaction Fees: IEX charges transaction fees to broker-dealers and market participants that execute trades on its exchange. Fees are based on trading volume and include maker-taker or inverted pricing models depending on order type.
- Market Data Services: IEX generates revenue from selling real-time and historical market data to trading firms, institutional investors, and data vendors.
- Connectivity Fees: Fees charged to members for direct market access and co-location services, enabling low-latency connections to the exchange.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Maker-Taker Pricing for Displayed Orders |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
IEX Group product offering
Product offeringCore offering
IEX Group operates IEX Exchange, a U.S. national securities exchange for equities, and is building IEX Options, an options trading venue expected to launch in 2026. The exchange is built on proprietary technology including a 350-microsecond Speed Bump, the IEX Signal Crumbling Quote Indicator, and patented order types (D-Peg, M-Peg, P-Peg, D-Limit) that mitigate latency arbitrage and adverse selection. Complementary offerings include market data products, co-location and connectivity services, a retail broker program, and an order router.
Product overview
IEX Group operates a platform-plus-technology portfolio consisting of IEX Exchange (equities) and IEX Options, supported by proprietary technology including the Speed Bump and Signal. The core exchange products offer execution through multiple innovative order types: D-Peg, M-Peg, P-Peg, D-Limit, Offset Peg, and Market Peg, each designed for different trading strategies from conservative liquidity provision to aggressive midpoint trading. Dark Trading functionality provides non-displayed execution, while Market Data, Retail Program, and Router services support trading operations. The Square Edge content hub and Boxes and Lines podcast serve as educational and thought leadership resources.
Differentiator
Problem solved
Functional benefit
Brands
- IEX Exchange: The company's flagship U.S. equity exchange known for its speed bump technology and innovative order types.
- IEX Options
- D-Peg
- M-Peg
- P-Peg
- D-Limit
- The Signal
- Square Edge
- Boxes and Lines
Products and services
- IEX Exchange U.S. national securities exchange for equities, using proprietary Speed Bump and patented order types to deliver protected liquidity and improved execution quality to broker-dealer, institutional, and retail members.
- IEX Options Planned U.S. options exchange that will apply IEX's proprietary execution technology and order types to listed options trading for broker-dealer, institutional, and retail members.
- Market Data & Connectivity Suite of real-time and historical market data feeds (including IEX Real-Time Depth and IEX TOPS) plus co-location and direct connectivity services sold to broker-dealers, market makers, and data redistributors.
- Retail Program
Quantifiable outcome
- 90% of IEX midpoint volume remains stable (NBBO unchanged within 2ms) vs 69% on other exchanges
- +4 more outcomes
Companies that use IEX Group
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles4 records
IEX Group technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature8 records
IEX Group partnerships and signals
Strategic signalScale indicators9 records
Recent moves8 records
Expansion highlights6 records
IEX Group competitors and assessment
Company assessmentMarket position
Competitive moat4 records
Key highlights6 records
Customer concentration
IEX Group social profiles
Digital presenceIEX Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
IEX Group leadership team
Management profileNumber of profiles
Profiles10 records
IEX Group subsidiaries and ownership
Company hierarchySubsidiaries1 record
IEX Group funding detail
Funding detailFunding overview
Funding rounds7 records
Investors20 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
IEX Group M&A and investment
M&A and investmentM&A
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about IEX Group
What does IEX Group do?
IEX Group operates IEX Exchange, a U.S. national securities exchange for equities, and is building IEX Options, an options trading venue expected to launch in 2026. The exchange is built on proprietary technology including a 350-microsecond Speed Bump, the IEX Signal Crumbling Quote Indicator, and patented order types (D-Peg, M-Peg, P-Peg, D-Limit) that mitigate latency arbitrage and adverse selection. Complementary offerings include market data products, co-location and connectivity services, a retail broker program, and an order router.
Is IEX Group a public or private company?
IEX Group is a private company. It is classified as venture growth investor backed and is currently operating.
When was IEX Group founded?
IEX Group was founded in 2012. It employs 51 to 100 people.
Where is IEX Group based?
IEX Group is headquartered in New York, United States, in the North America region.
How does IEX Group make money?
Three revenue lines are on record. Transaction Fees are the primary driver. The others are market Data Services and connectivity Fees.
Does IEX Group have an API?
No public API is recorded for IEX Group.
What industry is IEX Group in?
IEX Group's product category is Stock Exchange Operations. Its primary akta.pro industry code is FSAFAAAD, Electronic Communication Networks (ECNs) & Alternative Trading Systems (ATS) — Equities, with a secondary code of FSAFABAK, Options Exchanges (Listed Options Markets). Its NAICS code is 5232 and its SIC code is 6200.