IEX launches market data vendor partnership program to broaden U.S. feed distribution

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IEX market data vendor program

Highlights

IEX launched a market data vendor partnership program with a revenue-sharing model, offering incentives for vendors tied to new client subscriptions starting September 16.
IEX's market share reached approximately 4% of total U.S. equity trading volume and nearly 8% of exchange-traded volume in Q2 2026, increasing the value of its data products.
Eligible products under the new program include IEX TOPS, IEX DEEP and IEX DEEP+, with initiatives to enhance vendor engagement and simplify market data distribution.

Revenue-sharing model for data vendors

According to IEX, the new program creates a commercial framework aimed at expanding access to direct IEX Exchange market data through vendors that support distribution, connectivity, infrastructure and end-user applications.

Participating vendors are eligible for incentives tied to qualifying new client subscriptions to IEX market data products for a set period. The exchange says the structure is designed to keep pricing simple, transparent and cost-effective while encouraging vendors to give greater priority to direct IEX feeds.

Kristen Pross, head of market data, access and member services at IEX, said vendors play a critical role in helping firms manage a complex market data environment and deliver solutions tailored to different participants' needs. She said growing demand for direct access to IEX data reflects the expansion of IEX's equities business.

Equities growth supports broader data push

In the second quarter of 2026, IEX's market share is approximately 4% of overall U.S. equity trading volume and nearly 8% of exchange-traded volume, increasing the value of its data for firms seeking more detailed insight into trading activity and liquidity.

Eligible products under the program include IEX TOPS, IEX DEEP and IEX DEEP+. IEX says the launch builds on broader efforts to deepen engagement with the market data vendor community through expanded outreach, technical support resources and other measures intended to make distribution and adoption easier.

Stacie Swanstrom, global head of market services at Pico, said direct exchange data can add insights that complement consolidated feeds and support trading and analytics use cases. She said Pico welcomes IEX's collaborative approach with vendors to expand access, simplify adoption and share revenue.

In our earlier article on NSE’s September 2026 batch of new listings, we covered how seven companies were admitted to trading starting September 17, including main-board IPOs in the EQ series and an SME listing initially placed in the ST (trade-for-trade) framework. We also explained how different trading series and settlement rules shape investor access, liquidity, surveillance, and price discovery once shares begin trading on the exchange.

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