07.18.2016

Presentation Materials from the Investors Exchange Market-Wide Call – Transition Plan

IEX.com – New York – IEX Trading Alert #2016 – 029

What you need to know:

  • On Thursday, July 14th, IEX hosted a market-wide call to discuss IEX’s transition from the IEX ATS (the “ATS”) to Investors Exchange (the “Exchange”).

Additional resources regarding the IEX ATS to Investors Exchange transition

Transition from the IEX ATS to Investors Exchange

The ATS will transition to the Exchange using a security-by-security phase-in approach similar to that used by Electronic Communication Networks (“ECNs”) who transitioned to national securities exchanges in the past.

Pre-launch Period: There will be a three-week pre-launch period during which participants will be able to enter test orders on the Exchange using test symbols.

Phase-in Period: Following the launch date, there will be a two-week phase-in period during which securities currently trading on the ATS will be migrated from the ATS to the Exchange. Once a security is migrated from the ATS to the Exchange, it will no longer be available for trading on the ATS and will only be available for trading on the Exchange. Once the Exchange begins trading its first non-test security, it will operate in conjunction with the ATS until all securities are fully transitioned.

The schedule is as follows:

  • August 1 – 18 (M – Th): Test symbols transition (CBO, CBX, ZBZX, ZJZZT, ZTEST, ZVV, ZVZZT, ZWZZT, ZXZZT) (Pre-launch Period)
  • August 19 – 23 (F – Tu): Two non-test securities (VG, WIN) (“Launch Date”, Phase-in Period begins)
  • August 24 – 26 (W – F): Ten non-test securities (VALE.P, VG, VHC, VIAV, VIP, VLY, WIN, XOMA, YINN, ZIOP)
  • August 29 – 30 (M – Tu): All symbols starting with ‘Y’ – ‘Z’, VALE.P, VG, VHC, VIAV, VIP, VLY, WIN, XOMA
  • August 31 – September 1 (W – Th): All symbols starting with ‘V’ – ‘Z’
  • September 2 (F): All symbols (‘A’ – ‘Z’) (Phase-in Period ends, ATS ceases operation)

Roadmap and Schedule

  • Mon, Jul 18 – Fri, Jul 22
    Router Redesign and New Routing Options Live Phase Begins

    • Mon, Jul 18
      Two Non-test Symbols (VG, WIN)
    • Tues, Jul 19
      Ten Non-test Symbols (VALE.P, VG, VHC, VIAV, VIP, VLY, WIN, XOMA, YINN, ZIOP)
    • Wed, Jul 20
      All Symbols Starting with ‘Y’ – ‘Z’, VALE.P, VG, VHC, VIAV, VIP, VLY, WIN, XOMA
    • Thurs, Jul 21
      All Symbols Starting with ‘V’ – ‘Z’
    • Fri, Jul 22
      All symbols (‘A’ – ‘Z’)
  • Mon, Jul 25
  • Mon, Jul 25
    Recommended Target for Member Waive-in Applications
  • Sat, Jul 30
    4th Member Testing Opportunity
  • Mon, Aug 1
    Exchange Pre-launch Period Begins

    • Test Symbols (CBO, CBX, ZBZX, ZJZZT, ZTEST, ZVV, ZVZZT, ZWZZT, ZXZZT)
    • TOPS v1.5 Launched for Test Symbols
  • Sat, Aug 13
    5th Member Testing Opportunity
  • Fri, Aug 19 – Fri, Sep 2
    Exchange Launch Date, Phase-in Period Begins; TOPS v1.5 Phase-in Begins

    • Fri, Aug 19
      Two non-test securities (VG, WIN)
    • Wed, Aug 24
      Ten non-test securities (VALE.P, VG, VHC, VIAV, VIP, VLY, WIN, XOMA, YINN, ZIOP)
    • Mon, Aug 29
      All symbols starting with ‘Y’ – ‘Z’, VALE.P, VG, VHC, VIAV, VIP, VLY, WIN, XOMA
    • Wed, Aug 31
      All symbols starting with ‘V’ – ‘Z’
    • Fri, Sep 2
      All symbols (‘A’ – ‘Z’)
  • Fri, Sep 2
    Exchange Phase-in Period ends, ATS Ceases Operation
  • Thu, Sep 15
    Final Day to Submit Member Waive-in Applications
  • Fri, Dec 16
    Final Day TOPS v1.4 is in Operation (all Data Recipients must transition to TOPS v1.5 on or before Dec 16)

Related articles

  1. Auerbach Grayson Launches U.S. Equities Trading Business

    Investors include Nasdaq Ventures, Goldman Sachs, BMO, BoA, AllianceBernstein, and MaC Venture Capital.

  2. Data shows that the exchange data product is neither complimentary nor complementary.

  3. Digital Marketing Social Media Megaphone Concept

    One executive explains security token issuance and trading.

  4. Closure leaves broker with one other dark pool.

  5. Fidelity expat will be tasked with corporate development.