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”).
  • Thank you to everyone that attended the call.
  • For anyone that missed the call, the presentation materials are now available to view at the below location:
    • Presentation materials from the Investors Exchange market-wide call

Additional resources regarding the IEX ATS to Investors Exchange transition

• Symbols for the three (3) week Pre-launch Period and two (2) week Phase-in Period of the Exchange transition are defined below.
• The roadmap and schedule below summarizes communications regarding the Exchange transition.
  • IEX Trading Alert #2015-030: Exchange Transition Plan, Test Opportunities, and Third-Party Identifier Information
  • IEX Trading Alert #2016-010: Updated Exchange Transition Plan and Test Opportunities
  • IEX Trading Alert #2016-014: Important Technical Notice Regarding IEX Transition from ATS to Exchange
  • IEX Trading Alert #2016-020: Introducing the Router Redesign and New Routing Options
  • IEX Trading Alert #2016-022: Introducing the Exchange-only TOPS Feed (TOPS v1.5) Containing Quotes and Trades
  • IEX Trading Alert #2016-024: 3rd Member Testing Opportunity Saturday, July 9
• The Exchange FAQ has been updated.

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
  Broker Priority Removed from the Order Book Priority
• 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)