INVESTORS EXCHANGE

TOPS SPECIFICATION
Version 1.66

Updated: October 19, 2021

Copyright © 2021 Investors’ Exchange LLC. All rights reserved. This document may not be modified, reproduced, or redistributed without the written permission of IEX Group, Inc.
Table of Contents
OVERVIEW ................................................................................................................................................................................... 3

TRANSPORT PROTOCOL OPTIONS ..................................................................................................................................... 3

ARCHITECTURE .......................................................................................................................................................................... 3

DATA TYPES ................................................................................................................................................................................ 4

NETWORK DETAILS .................................................................................................................................................................. 5

ADMINISTRATIVE MESSAGE FORMATS.............................................................................................................................. 7

TRADING MESSAGE FORMATS.............................................................................................................................................16

AUCTION MESSAGE FORMATS ........................................................................................................................................... 23

APPENDIX A: FLAGS ............................................................................................................................................................... 26

APPENDIX B: BITWISE REPRESENTATION ...................................................................................................................... 29

APPENDIX C: STATE DIAGRAMS ......................................................................................................................................... 41

REVISION HISTORY ................................................................................................................................................................ 44

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OVERVIEW
Participants of Investors Exchange (“IEX” or the “Exchange”) may use TOPS to receive real-time top of book quotations,
last sale information, short sale restriction status, regulatory trading status, and auction information direct from IEX.
Market data distributors may use TOPS to feed dynamically updating stock tickers, portfolio trackers, trade alert
programs, time and quote graphs, and other display systems.

The quotations received via TOPS provide an aggregated size and do not indicate the number or size of individual
orders at the best bid or ask. Non-displayed orders and non-displayed portions of reserve orders are not represented in
TOPS. TOPS also provides last trade price and size information. Trades resulting from either displayed or non-
displayed orders matching on IEX are reported. Routed executions are not reported.

Complete depth of book market data can be received via the IEX DEEP protocol.

TOPS also provides short sale restriction and regulatory trading status information. For IEX-listed securities, TOPS
provides current price, size, imbalance information, auction collar information, and other relevant information about
upcoming auctions.

TOPS cannot be used to enter orders. For order entry, refer to the IEX FIX Specification.

For ordering information, contact IEX Market Operations at 646.343.2300 or [email protected] or simply
submit completed IEX Data Agreements and Forms.

TRANSPORT PROTOCOL OPTIONS

For direct data feed subscribers, IEX provides TOPS using the IEX Transport Protocol (IEX-TP) on UDP multicast for
sequenced delivery. Additionally, IEX provides retransmission of TOPS data (i.e., gap fills) using IEX-TP on TCP or UDP
unicast. See the IEX Transport Specification for details on sequenced delivery and requesting delivery of missed data.

Protocol Identification on IEX-TP

• Message Protocol ID: 0x8003

• Channel ID: 1

ARCHITECTURE
TOPS is made up of a series of sequenced messages. Each message is variable in length based on the message type.
IEX reserves the right to add message types and grow the length of any messages without notice. Subscribers should
develop their decoders to deal with unknown message types and messages that grow beyond the expected length.
Messages will only be grown to add additional data to the end of a message or to add additional flag values at the end
of a flags field. The messages that make up the data feed are delivered using a lower level protocol that takes care of
sequencing and delivery guarantees. Note that a Message Length field is provided with every message as part of
framing defined in IEX-TP.

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DATA TYPES
• String: Fixed-length ASCII byte sequence, left justified and space filled on the right
• Long: 8 bytes, signed integer
• Price: 8 bytes, signed integer containing a fixed-point number with 4 digits to the right of an implied decimal
point
• Integer: 4 bytes, unsigned integer
• Byte: 1 byte, unsigned integer
• Timestamp: 8 bytes, signed integer containing a counter of nanoseconds since POSIX (Epoch) time UTC
• Event Time: 4 bytes, unsigned integer containing a counter of seconds since POSIX (Epoch) time UTC

All binary fields are in little endian format.

Note that in examples within this specification, each byte is represented by two hexadecimal digits.

Timestamp Relationships
Timestamps establish a total ordering of a happened-before relationship within the IEX Trading System. If Message A
has a lower Timestamp than Message B, then the event causing Message A happened before (i.e., preceded) the event
causing Message B. Messages with the same Timestamp (regardless of Message Type or Symbol) were caused by the
same event and may be interpreted to have happened simultaneously and atomically within the IEX Trading System.

For a given <Message Type, Symbol> pairing, the subsequence of messages matching this <Message Type, Symbol>
pairing on the data feed will have a progression of Timestamps which either remain equal (due to simultaneity) or
increase (due to precedence) — within this subsequence Timestamps will never decrease.

No progression of Timestamps between messages having different Symbols may be expected. No progression of
Timestamps between messages having the same Symbol but different Message Type may be expected, except in the
following circumstance:

• The receipt of a Security Event Message for a given security implies that all preceding Price Level Update
Messages for the same security have been transmitted.

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NETWORK DETAILS
Multicast Addresses

SITE XC Type Group Port Source IP Subnet

IEX POP Primary (A) 233.215.21.3 10377 23.226.155.128/28

(Equinix NY5) Secondary (B) 233.215.21.131 10377 23.226.155.192/28
Disaster Recovery
Tertiary (C) 233.215.21.67 10377 23.226.155.176/28
(Equinix CH4)
IEX Testing Facility (“ITF”)
ITF (I) 233.215.21.240 32002 23.226.155.8/29
(Equinix NY5)

Unicast Gap Fill Details

Gap Fill Server Configuration

• Supported Retransmission Protocol(s): TCP and UDP

• Maximum UDP Retransmission Response: 1,000 messages per Retransmission Request
• Maximum TCP Retransmission Response: N/A (there is no limit to the retransmission response via TCP)
• Supported Request Type(s): Sequenced Messages

UDP Gap Fill Server Addresses

SITE XC Type Server Port

IEX POP Primary (A) 23.226.155.166 11377

(Equinix NY5) Secondary (B) 23.226.155.230 11377
Disaster Recovery
Tertiary (C) 23.226.155.246 11377
(Equinix CH4)
IEX Testing Facility
ITF (I) 23.226.155.18 33002
(Equinix NY5)

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TCP Gap Fill Server Addresses

SITE XC Type Server Port

IEX POP Primary (A) 23.226.155.167 11377

(Equinix NY5) Secondary (B) 23.226.155.231 11377
Disaster Recovery
Tertiary (C) 23.226.155.247 11377
(Equinix CH4)
IEX Testing Facility
ITF (I) 23.226.155.19 33002
(Equinix NY5)

PIM RP Configuration Examples

SITE XC Type PIM RP Statement Sample*

IEX POP Primary (A) ip pim rp-address x.x.x.x 233.215.21.0/28

(Equinix NY5) Secondary (B) ip pim rp-address y.y.y.y 233.215.21.128/28
Disaster Recovery
Tertiary (C) ip pim rp-address z.z.z.z 233.215.21.64/28
(Equinix CH4)
IEX Testing Facility
ITF (I) ip pim rp-address i.i.i.i 233.215.21.240/29
(Equinix NY5)
* x.x.x.x, y.y.y.y, z.z.z.z, and i.i.i.i in above samples refer to respective IEX-side BGP Peer IPs.

Please note that this is only one of several ways to configure multicast. Additionally, RP IPs are not advertised at this
time.

IEX statically subscribes and floods individual data feed multicast groups to applicable direct data feed subscribers on
cross-connects designated A, B, C, or I.

Network Prefixes Advertised

SITE XC Type Market Data Unicast Prefixes Advertised

23.226.155.128/28 (Multicast Sources)

Primary (A)
IEX POP 23.226.155.160/28 (Gap Fill Servers)
(Equinix NY5) 23.226.155.192/28 (Multicast Sources)
Secondary (B)
23.226.155.224/28 (Gap Fill Servers)

Disaster Recovery 23.226.155.176/28 (Multicast Sources)

Tertiary (C)
(Equinix CH4) 23.226.155.240/28 (Gap Fill Servers)

IEX Testing Facility 23.226.155.8/29 (Multicast Source)

ITF (I)
(Equinix NY5) 23.226.155.0.16/29 (Gap Fill Servers)

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ADMINISTRATIVE MESSAGE FORMATS
System Event Message – S (0x53)
The System Event Message is used to indicate events that apply to the market or the data feed.

There will be a single message disseminated per channel for each System Event type within a given trading session.

Field Name Offset Length Type Description/Notes

Message Type 0 1 Byte ‘S’ (0x53) – System Event

System Event 1 1 Byte System event identifier

Timestamp 2 8 Timestamp Time stamp of the system event

Total Message Data length is 10 bytes. See Appendix B for the bitwise representation.

System Event

• ‘O’ (0x4f): Start of Messages – Outside of heartbeat messages on the lower level protocol, the start of day
message is the first message sent in any trading session.
• ‘S’ (0x53): Start of System Hours – This message indicates that IEX is open and ready to start accepting orders.
• ‘R’ (0x52): Start of Regular Market Hours – This message indicates that DAY and GTX orders, as well as market
orders and pegged orders, are available for execution on IEX.
• ‘M’ (0x4d): End of Regular Market Hours – This message indicates that DAY orders, market orders, and pegged
orders are no longer accepted by IEX.
• ‘E’ (0x45): End of System Hours – This message indicates that IEX is now closed and will not accept any new
orders during this trading session. It is still possible to receive messages after the end of day.
• ‘C’ (0x43): End of Messages – This is always the last message sent in any trading session.

Timestamp

The time of the update event as set by the IEX Trading System logic.

Example

Message Type 53 // S = System Event

System Event 45 // End of System Hours

Timestamp 00 a0 99 97 e9 3d b6 14 // 2017-04-17 17:00:00.000000000

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Security Directory Message – D (0x44)
IEX disseminates a full pre-market spin of Security Directory Messages for all IEX-listed securities. After the pre-market
spin, IEX will use the Security Directory Message to relay changes for an individual security.

Field Name Offset Length Type Description/Notes

Message Type 0 1 Byte ‘D’ (0x44) – Security Directory

Flags 1 1 Byte See Appendix A for flag values

Timestamp 2 8 Timestamp Time stamp of the security information

Symbol 10 8 String Security identifier

Round Lot Size 18 4 Integer Number of shares that represent a round lot

Corporate action adjusted previous official closing

Adjusted POC Price 22 8 Price
price
Indicates which Limit Up-Limit Down price band
LULD Tier 30 1 Byte
calculation parameter is to be used
Total Message Data length is 31 bytes. See Appendix B for the bitwise representation.

Timestamp

The time of the update event as set by the IEX Trading System logic.

Symbol

IEX-listed security represented in Nasdaq Integrated symbology.

Round Lot Size

The number of shares that represent a round lot for the security.

Adjusted POC Price

The corporate action adjusted previous official closing price for the security (e.g., stock split, dividend, rights offering),
where the decimal portion is zero filled on the right. The decimal point is implied by position and does not explicitly
appear in the field. For example, 123400 = $12.34. When no corporate action has occurred, the Adjusted POC Price will
be populated with the previous official close price. For new issues (e.g., an IPO), this field will be the issue price.

LULD Tier

• 0 (0x0): Not applicable

• 1 (0x1): Tier 1 NMS Stock
• 2 (0x2): Tier 2 NMS Stock

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Example

Message Type 44 // D = Security Directory

Flags 80 // Test security, not an ETP,

not a When Issued security
Timestamp 00 20 89 7b 5a 1f b6 14 // 2017-04-17 07:40:00.000000000

Symbol 5a 49 45 58 54 20 20 20 // ZIEXT

Round Lot Size 64 00 00 00 // 100 shares

Adjusted POC Price 24 1d 0f 00 00 00 00 00 // $99.05

LULD Tier 01 // Tier 1 NMS Stock

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Trading Status Message – H (0x48)
The Trading Status Message is used to indicate the current trading status of a security. For IEX-listed securities, IEX
acts as the primary market and has the authority to institute a trading halt or trading pause in a security due to news
dissemination or regulatory reasons. For non-IEX-listed securities, IEX abides by any regulatory trading halts and
trading pauses instituted by the primary or listing market, as applicable.

IEX disseminates a full pre-market spin of Trading Status Messages indicating the trading status of all securities. In the
spin, IEX will send out a Trading Status Message with “T” (Trading) for all securities that are eligible for trading at the
start of the Pre-Market Session. If a security is absent from the dissemination, firms should assume that the security is
being treated as operationally halted in the IEX Trading System.

After the pre-market spin, IEX will use the Trading Status Message to relay changes in trading status for an individual
security. Messages will be sent when a security is:

• Halted
• Paused*
• Released into an Order Acceptance Period*
• Released for trading

* The paused and released into an Order Acceptance Period status will be disseminated for IEX-listed securities only.
Trading pauses on non-IEX-listed securities will be treated simply as a halt.

Field Name Offset Length Type Description/Notes

Message Type 0 1 Byte ‘H’ (0x48) –Trading Status

Trading Status 1 1 Byte Trading status identifier

Timestamp 2 8 Timestamp Time stamp of the trading status

Symbol 10 8 String Security identifier

Reason 18 4 String Reason for the trading status change

Total Message Data length is 22 bytes. See Appendix B for the bitwise representation.

Trading Status

Trading Status will be set to “H” (Trading Halt) when a non-IEX-listed security is paused by the listing exchange.

• ‘H’ (0x48): Trading halted across all US equity markets

• ‘O’ (0x4f): Trading halt released into an Order Acceptance Period on IEX (IEX-listed securities only)
• ‘P’ (0x50): Trading paused and Order Acceptance Period on IEX (IEX-listed securities only)
• ‘T’ (0x54): Trading on IEX

Timestamp

The time of the update event as set by the IEX Trading System logic.

Symbol

Security represented in Nasdaq Integrated symbology.

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Reason

IEX populates the Reason field for IEX-listed securities when the Trading Status is “H” (Trading Halt) or “O” (Order
Acceptance Period). For non-IEX-listed securities, the Reason field will be set to “NA” (Reason Not Available) when the
Trading Status is “H” (Trading Halt). The Reason will be blank when the Trading Status is “P” (Trading Pause and Order
Acceptance Period) or “T” (Trading).

• Trading Halt Reasons

o T1: Halt News Pending
o IPO1: IPO Not Yet Trading
o IPOD: IPO Deferred
o MCB3: Market-Wide Circuit Breaker Level 3 – Breached
o NA: Reason Not Available
• Order Acceptance Period Reasons
o T2: Halt News Dissemination
o IPO2: IPO Order Acceptance Period
o IPO3: IPO Pre-Launch Period
o MCB1: Market-Wide Circuit Breaker Level 1 – Breached
o MCB2: Market-Wide Circuit Breaker Level 2 – Breached

Example

Message Type 48 // H = Trading Status

Trading Status 48 // H = Trading Halted

Timestamp ac 63 c0 20 96 86 6d 14 // 2016-08-23 15:30:32.572715948

Symbol 5a 49 45 58 54 20 20 20 // ZIEXT

Reason 54 31 20 20 // T1 = Halt News Pending

State Diagram

See Appendix C for a state diagram illustrating the potential Trading Status and Reason transitions.

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Retail Liquidity Indicator Message – I (0x49)
TOPS broadcasts a real-time Retail Liquidity Indicator Message each time there is an update to IEX's eligible retail
liquidity interest during the trading day. Prior to the start of trading, IEX publishes a "no interest indicator" (Retail
Liquidity Indicator is set to '0x20') for all symbols in the IEX Trading System.

Field Name Offset Length Type Description/Notes

Message Type 0 1 Byte 'I' (0x49) - Retail Liquidity Indicator Message

Retail Liquidity Indicator 1 1 Byte Retail Liquidity Indicator identifier

Timestam Time stamp of the Retail Liquidity Indicator

Timestamp 2 8
p Message

Symbol 10 8 String Security identifier

Total Message Data length is 18 bytes. See Appendix B for the bitwise representation.

Retail Liquidity Indicator

• [space] (0x20) - Retail indicator not applicable
• 'A' (0x41) - Buy interest for Retail
• 'B' (0x42) - Sell interest for Retail
• 'C' (0x43) - Buy and sell interest for Retail

Timestamp
The time an event triggered the Retail Liquidity Indicator Message as set by the IEX Trading System logic.

Symbol

Security represented in Nasdaq Integrated symbology.

Example

Message Type 49 // I = Retail Liquidity

Indicator Message

Retail Liquidity Indicator 41 // A = Buy Interest for Retail

Timestamp ac 63 c0 20 96 86 6d 14 // 2016-08-23 15:30:32.572715948

Symbol 5a 49 45 58 54 20 20 20 // ZIEXT

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Operational Halt Status Message – O (0x4f)
The Exchange may suspend trading of one or more securities on IEX for operational reasons and indicates such
operational halt using the Operational Halt Status Message.

IEX disseminates a full pre-market spin of Operational Halt Status Messages indicating the operational halt status of all
securities. In the spin, IEX will send out an Operational Halt Message with “N” (Not operationally halted on IEX) for all
securities that are eligible for trading at the start of the Pre-Market Session. If a security is absent from the
dissemination, firms should assume that the security is being treated as operationally halted in the IEX Trading System
at the start of the Pre-Market Session.

After the pre-market spin, IEX will use the Operational Halt Status Message to relay changes in operational halt status
for an individual security.

Field Name Offset Length Type Description/Notes

Message Type 0 1 Byte ‘O’ (0x4f) – Operational Halt Status

Operational Halt Status 1 1 Byte Operational halt status identifier

Timestamp 2 8 Timestamp Time stamp of the operational halt status

Symbol 10 8 String Security identifier

Total Message Data length is 18 bytes. See Appendix B for the bitwise representation.

Operational Halt Status

• ‘O’ (0x4f): IEX specific operational trading halt

• ‘N’ (0x4e): Not operationally halted on IEX

Timestamp

The time of the update event as set by the IEX Trading System logic.

Symbol

Security represented in Nasdaq Integrated symbology.

Example

Message Type 4f // O = Operational Halt Status

Operational Halt Status 4f // O = Operationally halted on IEX

Timestamp ac 63 c0 20 96 86 6d 14 // 2016-08-23 15:30:32.572715948

Symbol 5a 49 45 58 54 20 20 20 // ZIEXT

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Short Sale Price Test Status Message – P (0x50)
In association with Rule 201 of Regulation SHO, the Short Sale Price Test Message is used to indicate when a short sale
price test restriction is in effect for a security.

IEX disseminates a full pre-market spin of Short Sale Price Test Status Messages indicating the Rule 201 status of all
securities. After the pre-market spin, IEX will use the Short Sale Price Test Status Message in the event of an intraday
status change.

The IEX Trading System will process orders based on the latest short sale price test restriction status.

Field Name Offset Length Type Description/Notes

Message Type 0 1 Byte ‘P’ (0x50) – Short Sale Price Test Status

Short Sale Price Test Status 1 1 Byte Reg. SHO short sale price test restriction status

Timestamp 2 8 Timestamp Time stamp of the short sale price test status

Symbol 10 8 String Security identifier

Detail of the Reg. SHO short sale price test

Detail 18 1 Byte
restriction status
Total Message Data length is 19 bytes. See Appendix B for the bitwise representation.

Short Sale Price Test Status

• 0 (0x0): Short Sale Price Test Not in Effect

• 1 (0x1): Short Sale Price Test in Effect

Timestamp

The time of the update event as set by the IEX Trading System logic.

Symbol

Security represented in Nasdaq Integrated symbology.

Detail

IEX populates the Detail field for IEX-listed securities; this field will be set to “N” (Detail Not Available) for non-IEX-listed
securities.

• [space] (0x20): No price test in place

• ‘A’ (0x41): Short sale price test restriction in effect due to an intraday price drop in the security (i.e., Activated)
• ‘C’ (0x43): Short sale price test restriction remains in effect from prior day (i.e., Continued)
• ‘D’ (0x44): Short sale price test restriction deactivated (i.e., Deactivated)
• ‘N’ (0x4e): Detail Not Available

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Example

Message Type 50 // P = Short Sale Price Test Status

Short Sale Price Test Status 01 // Short Sale Price Test in Effect

Timestamp ac 63 c0 20 96 86 6d 14 // 2016-08-23 15:30:32.572715948

Symbol 5a 49 45 58 54 20 20 20 // ZIEXT

Detail 41 // A = Short Sale Price Test Activated

State Diagram

See Appendix C for a state diagram illustrating the potential Short Sale Price Test Status and Detail transitions.

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TRADING MESSAGE FORMATS
Quote Update Message – Q (0x51)
TOPS broadcasts a real-time Quote Update Message each time IEX’s best bid or offer quotation is updated during the
trading day. Prior to the start of trading, IEX publishes a “zero quote” (Bid Price, Bid Size, Ask Price, and Ask Size are
zero) for all symbols in the IEX Trading System.

Field Name Offset Length Type Description/Notes

Message Type 0 1 Byte ‘Q’ (0x51) – Quote Update

Flags 1 1 Byte See Appendix A for flag values

Timestamp 2 8 Timestamp Time stamp of the top of book update

Symbol 10 8 String Quoted symbol

Bid Size 18 4 Integer Aggregate quoted best bid size

Bid Price 22 8 Price Best quoted bid price

Ask Price 30 8 Price Best quoted ask price

Ask Size 38 4 Integer Aggregate quoted best ask size

Total Message Data length is 42 bytes. See Appendix B for the bitwise representation.

Timestamp

The time an event triggered the quote update as set by the IEX Trading System logic.

Symbol

Quoted symbol represented in Nasdaq Integrated symbology.

Price

Price of the quote, where the decimal portion is zero filled on the right. The decimal point is implied by position and
does not explicitly appear in the field. For example, 123400 = $12.34.

Size

Size of the quote represented in number of shares.

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Example

Message Type 51 // Q = Quote Update

Flags 00 // Active and Regular Market Session

Timestamp ac 63 c0 20 96 86 6d 14 // 2016-08-23 15:30:32.572715948

Symbol 5A 49 45 58 54 20 20 20 // ZIEXT

Bid Size e4 25 00 00 // 9,700 shares

Bid Price 24 1d 0f 00 00 00 00 00 // $99.05

Ask Price ec 1d 0f 00 00 00 00 00 // $99.07

Ask Size e8 03 00 00 // 1,000 shares

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Trade Report Message – T (0x54)
Trade Report Messages are sent when an order on the IEX Order Book is executed in whole or in part. TOPS sends a
Trade Report Message for every individual fill.

Field Name Offset Length Type Description/Notes

Message Type 0 1 Byte ‘T’ (0x54) – Trade Report

Sale Condition Flags 1 1 Byte See Appendix A for flag values

Timestamp 2 8 Timestamp Time stamp of the trade

Symbol 10 8 String Security identifier

Size 18 4 Integer Trade volume

Price 22 8 Price Trade price

IEX Generated Identifier. Trade ID is also

Trade ID 30 8 Long
referenced in the Trade Break Message.
Total Message Data length is 38 bytes. See Appendix B for the bitwise representation.

Timestamp

The time an event triggered the trade (i.e., execution) as set by the IEX Trading System logic.

Symbol

Traded symbol represented in Nasdaq Integrated symbology.

Size

Size of the trade represented in number of shares.

Price

Execution price, where the decimal portion is zero filled on the right. The decimal point is an implied by position (always
4 decimal places) and does not explicitly appear in the field. For example, 123400 = $12.34.

Trade ID

IEX generated trade identifier. A given trade is uniquely identified within a day by its Trade ID.

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Example

Message Type 54 // T = Trade Report

Sale Condition Flags 00 // Non-ISO, Regular Market Session, Round or

Mixed Lot, Trade is subject to Rule 611,
execution during continuous trading
Timestamp c3 df f7 05 a2 86 6d 14 // 2016-08-23 15:31:23.662974915

Symbol 5A 49 45 58 54 20 20 20 // ZIEXT

Size 64 00 00 00 // 100 shares

Price 24 1d 0f 00 00 00 00 00 // $99.05

Trade ID 96 8f 06 00 00 00 00 00 // 429974

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Official Price Message – X (0x58)
Official Price Messages are sent for each IEX-listed security to indicate the IEX Official Opening Price and IEX Official
Closing Price. The latest IEX Official Opening (Closing) Price sent by IEX overrides previously disseminated IEX Official
Opening (Closing) Price(s).

Field Name Offset Length Type Description/Notes

Message Type 0 1 Byte ‘X’ (0x58) – Official Price

Price Type 1 1 Byte Price type identifier

Timestamp 2 8 Timestamp Time stamp of the official price determination

Symbol 10 8 String Security identifier

Official Price 18 8 Price Official opening or closing price, as specified

Total Message Data length is 26 bytes. See Appendix B for the bitwise representation.

Price Type

• ‘Q’ (0x51) – IEX Official Opening Price.

• ‘M’ (0x4d) – IEX Official Closing Price.

Timestamp

The time an event triggered the official price calculation (e.g., auction match) as set by the IEX Trading System logic.

Symbol

Security represented in Nasdaq Integrated symbology.

Official Price

IEX Official Opening or Closing Price of an IEX-listed security, as specified, where the decimal portion is zero filled on
the right. The decimal point is an implied by position (always 4 decimal places) and does not explicitly appear in the
field. For example, 123400 = $12.34.

Example

Message Type 58 // X = Official Price

Price Type 51 // Q = IEX Official Opening Price

Timestamp 00 f0 30 2a 5b 25 b6 14 // 2017-04-17 09:30:00.000000000

Symbol 5a 49 45 58 54 20 20 20 // ZIEXT

Official Price 24 1d 0f 00 00 00 00 00 // $99.05

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Trade Break Message – B (0x42)
Trade Break Messages are sent when an execution on IEX is broken on that same trading day. Trade breaks are rare and
only affect applications that rely upon IEX execution based data.

Field Name Offset Length Type Description/Notes

Message Type 0 1 Byte ‘B’ (0x42) – Trade Break

Sale Condition Flags 1 1 Byte See Appendix A for flag values

Timestamp 2 8 Timestamp Time stamp of the trade break

Symbol 10 8 String Security identifier

Size 18 4 Integer Trade break volume

Price 22 8 Price Trade break price

IEX trade identifier of the trade that was

Trade ID 30 8 Long broken. Trade ID refers to the previously sent
Trade Report Message.
Total Message Data length is 38 bytes. See Appendix B for the bitwise representation.

Timestamp

The time an event triggered the trade break as set by the IEX Trading System logic.

Symbol

Traded symbol represented in Nasdaq Integrated symbology.

Size

Size of the trade represented in number of shares.

Price

Execution price, where the decimal portion is zero filled on the right. The decimal point is an implied by position (always
4 decimal places) and does not explicitly appear in the field. For example, 123400 = $12.34.

Trade ID

IEX generated trade identifier of the broken trade. A given trade is uniquely identified within a day by its Trade ID.

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Example

Message Type 42 // B = Trade Break

Sale Condition Flags 00 // Non-ISO, Regular Market Session, Round or

Mixed Lot, Trade is subject to Rule 611,
execution during continuous trading
Timestamp b2 8f a5 a0 ab 86 6d 14 // 2016-08-23 15:32:04.912754610

Symbol 5A 49 45 58 54 20 20 20 // ZIEXT

Size 64 00 00 00 // 100 shares

Price 24 1d 0f 00 00 00 00 00 // $99.05

Trade ID 96 8f 06 00 00 00 00 00 // 429974

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AUCTION MESSAGE FORMATS
Auction Information Message – A (0x41)
TOPS broadcasts an Auction Information Message every one second between the Lock-in Time and the auction match
for Opening and Closing Auctions, and during the Display Only Period for IPO, Halt, and Volatility Auctions. Only IEX-
listed securities are eligible for IEX Auctions. See the IEX Auction Process Specification for details regarding IEX
Auctions and IEX Auction Information.

Field Name Offset Length Type Description/Notes

Message Type 0 1 Byte ‘A’ (0x41) – Auction Information

Auction Type 1 1 Byte Auction type identifier

Timestamp 2 8 Timestamp Time stamp of the auction information

Symbol 10 8 String Security identifier

Number of shares paired at the Reference Price

Paired Shares 18 4 Integer
using orders on the Auction Book
Clearing price at or within the Reference Price
Reference Price 22 8 Price
Range using orders on the Auction Book

Indicative Clearing Price 30 8 Price Clearing price using Eligible Auction Orders

Number of unpaired shares at the Reference Price

Imbalance Shares 38 4 Integer
using orders on the Auction Book
Side of the unpaired shares at the Reference Price
Imbalance Side 42 1 Byte
using orders on the Auction Book

Extension Number 43 1 Byte Number of extensions an auction received

Scheduled Auction Time 44 4 Event Time Projected time of the auction match

Auction Book Clearing Price 48 8 Price Clearing price using orders on the Auction Book

Collar Reference Price 56 8 Price Reference priced used for the auction collar, if any

Lower Auction Collar 64 8 Price Lower threshold price of the auction collar, if any

Upper Auction Collar 72 8 Price Upper threshold price of the auction collar, if any
Total Message Data length is 80 bytes. See Appendix B for the bitwise representation.

Auction Type

• ‘O’ (0x4f): Opening Auction

• ‘C’ (0x43): Closing Auction
• ‘I’ (0x49): IPO Auction
• ‘H’ (0x48): Halt Auction
• ‘V’ (0x56): Volatility Auction

Investors Exchange Page 23 of 45

Timestamp

The time of the update event as set by the IEX Trading System logic.

Symbol

IEX-listed security represented in Nasdaq Integrated symbology.

Shares

Size of the paired shares or imbalance shares represented in number of shares.

Price

Reference, clearing, or collar price, where the decimal portion is zero filled on the right. The decimal point is an implied
by position (always 4 decimal places) and does not explicitly appear in the field. For example, 123400 = $12.34. If the
Collar Reference Price, Lower Auction Collar, and Upper Auction Collar are not utilized (e.g., a Halt Auction), the value
will be set to 0.

Imbalance Side

The side of the imbalance:

• ‘B’ (0x42): buy-side imbalance

• ‘S’ (0x53): sell-side imbalance
• ‘N’ (0x4e): no imbalance

Extension Number

Total number of automatic extensions an IPO, Halt, or Volatility Auction has received.

Scheduled Auction Time

Projected time of the auction match represented in seconds since POSIX (Epoch) time UTC.

Example

Message Type 41 // A = Auction Information

Auction Type 43 // C = Closing Auction

Timestamp dd c7 f0 9a 1a 3a b6 14 // 2017-04-17 15:50:12.462929885

Symbol 5a 49 45 58 54 20 20 20 // ZIEXT

Paired Shares a0 86 01 00 // 100,000 shares

Reference Price 24 1d 0f 00 00 00 00 00 // $99.05

Indicative Clearing Price 18 1f 0f 00 00 00 00 00 // $99.10

Imbalance Shares 10 27 00 00 // 10,000 shares

Imbalance Side 42 // B = buy-side imbalance

Extension Number 00 // 0 extensions
Continued on next page.

Investors Exchange Page 24 of 45

Scheduled Auction Time 80 e6 f4 58 // 2017-04-17 16:00:00
Auction Book Clearing Price 0c 21 0f 00 00 00 00 00 // $99.15

Collar Reference Price c0 1c 0f 00 00 00 00 00 // $99.04

Lower Auction Collar a4 99 0d 00 00 00 00 00 // $89.13

Upper Auction Collar dc 9f 10 00 00 00 00 00 // $108.95

Investors Exchange Page 25 of 45

APPENDIX A: FLAGS
Security Directory: Flags
Definition

Bit Name Description

0: Symbol is not a test security

7 T: Test Security Flag
1: Symbol is a test security
0: Symbol is not a when issued security
6 W: When Issued Flag
1: Symbol is a when issued security
0: Symbol is not an ETP (i.e., Exchange Traded Product)
5 E: ETP Flag
1: Symbol is an ETP

Usage

T W E Mask Meaning

X Flags & 0x80 Test security

X Flags & 0x40 When issued security

X Flags & 0x20 ETP

Quote Update: Flags

Definition

Bit Name Description

0: Symbol is active (available for trading)

7 A: Symbol Availability Flag
1: Symbol is halted, paused, or otherwise not available for trading on IEX
0: Regular Market Session
6 P: Market Session Flag
1: Pre/Post-Market Session

Usage

A P Mask Meaning

X Flags & 0x80 Symbol is halted, paused, or otherwise not available for trading on IEX

X Flags & 0x40 Pre/Post-Market Session

Investors Exchange Page 26 of 45

Trade Report & Trade Break: Sale Condition Flags
Definition

Bit Name Description

0: Non-Intermarket Sweep Order

7 F: Intermarket Sweep Flag
1: Intermarket Sweep Order ("ISO")
0: Regular Market Session Trade
6 T: Extended Hours Flag
1: Extended Hours Trade (i.e., Form T sale condition)
0: Round or Mixed Lot Trade
5 I: Odd Lot Flag
1: Odd Lot Trade
0: Trade is subject to Rule 611 (Trade Through) of SEC Reg. NMS
4 8: Trade Through Exempt Flag
1: Trade is not subject to Rule 611 (Trade Through) of SEC Reg. NMS*
0: Execution during continuous trading
3 X: Single-price Cross Trade Flag
1: Trade resulting from a single-price cross
* Applied when the taking order was an ISO that traded through a protected quotation, OR the NBBO was crossed at the time of the
trade, OR the trade occurred through a self-helped venue's quotation, OR the trade was a single-price cross.

Usage

F T I 8 X Mask Meaning

X Flags & 0x80 Trade resulted from an ISO

X Flags & 0x40 Trade occurred before or after the Regular Market Session (i.e., Form T)

X Flags & 0x20 Trade is less than one round lot

X Flags & 0x10 Trade is not subject to Trade Through Rule 611 of SEC Reg. NMS*

X Flags & 0x08 Trade is a single price cross

* Applied when the taking order was an ISO that traded through a protected quotation, OR the NBBO was crossed at the time of the
trade, OR the trade occurred through a self-helped venue's quotation, OR the trade was a single-price cross.

Trade Eligibility Guidelines

• Last Sale Eligible

o Intermarket Sweep Flag: 0 or 1
o Extended Hours Flag: 0
o Odd Lot Flag: 0
o Trade Through Exempt Flag: 0 or 1
o Single-price Cross Trade Flag: 0 or 1
• High/Low Price Eligible
o Intermarket Sweep Flag: 0 or 1
o Extended Hours Flag: 0
o Odd Lot Flag: 0
o Trade Through Exempt Flag: 0 or 1

Investors Exchange Page 27 of 45

 o Single-price Cross Trade Flag: 0 or 1
• Volume Eligible
o Intermarket Sweep Flag: 0 or 1
o Extended Hours Flag: 0 or 1
o Odd Lot Flag: 0 or 1
o Trade Through Exempt Flag: 0 or 1
o Single-price Cross Trade Flag: 0 or 1

Investors Exchange Page 28 of 45

APPENDIX B: BITWISE REPRESENTATION
System Event Message in a Single Segment
0 1 2 3
0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Transport Header | B 0-3
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 4-7
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 8-11
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 12-15
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 16-19
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 20-23
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 24-27
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 28-31
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 32-35
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 36-39
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Message Length | Message Type | System Event | B 40-43
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 44-47
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 48-51
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+

Investors Exchange Page 29 of 45

Security Directory Message in a Single Segment
0 1 2 3
0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Transport Header | B 0-3
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 4-7
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 8-11
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 12-15
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 16-19
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 20-23
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 24-27
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 28-31
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 32-35
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 36-39
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Message Length | Message Type |T|W|E| (Flags) | B 40-43
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 44-47
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 48-51
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 52-55
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 56-59
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Round Lot Size | B 60-63
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Adjusted POC Price | B 64-67
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Adjusted POC Price | B 68-71
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| LULD Tier | | B 72-75
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+

Investors Exchange Page 30 of 45

Trading Status Message in a Single Segment
0 1 2 3
0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Transport Header | B 0-3
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 4-7
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 8-11
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 12-15
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 16-19
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 20-23
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 24-27
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 28-31
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 32-35
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 36-39
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Message Length | Message Type |Trading Status | B 40-43
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 44-47
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 48-51
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 52-55
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 56-59
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Reason | B 60-63
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------

Investors Exchange Page 31 of 45

Operational Halt Status Message in a Single Segment
0 1 2 3
0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Transport Header | B 0-3
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 4-7
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 8-11
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 12-15
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 16-19
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 20-23
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 24-27
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 28-31
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 32-35
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 36-39
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Message Length | Message Type |Op. Halt Status| B 40-43
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 44-47
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 48-51
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 52-55
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 56-59
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+

Investors Exchange Page 32 of 45

Retail Liquidity Indicator (“RLI”) Message in a Single Segment
0 1 2 3
0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Transport Header | B 0-3
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 4-7
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 8-11
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 12-15
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 16-19
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 20-23
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 24-27
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 28-31
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 32-35
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 36-39
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Message Length | Message Type | RLI | B 40-43
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 44-47
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 48-51
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 52-55
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 56-59
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+

Investors Exchange Page 33 of 45

Short Sale Price Test Status Message in a Single Segment
0 1 2 3
0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Transport Header | B 0-3
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 4-7
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 8-11
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 12-15
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 16-19
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 20-23
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 24-27
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 28-31
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 32-35
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 36-39
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Message Length | Message Type |Px. Test Status| B 40-43
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 44-47
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 48-51
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 52-55
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 56-59
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Detail | | B 60-63
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------

Investors Exchange Page 34 of 45

Quote Update Messages in a Single Segment
0 1 2 3
0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Transport Header | B 0-3
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 4-7
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 8-11
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 12-15
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 16-19
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 20-23
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 24-27
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 28-31
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 32-35
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 36-39
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Message Length | Message Type |P|A| (Flags) | B 40-43
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 44-47
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 48-51
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 52-55
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 56-59
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Bid Size | B 60-63
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Bid Price | B 64-67
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Bid Price | B 68-71
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Ask Price | B 72-75
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Ask Price | B 76-79
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Ask Size | B 80-83
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+

Investors Exchange Page 35 of 45

Trade Report Messages in a Single Segment
0 1 2 3
0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Transport Header | B 0-3
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 4-7
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 8-11
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 12-15
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 16-19
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 20-23
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 24-27
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 28-31
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 32-35
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 36-39
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Message Length | Message Type |F|T|I|8|X| | B 40-43
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 44-47
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 48-51
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 52-55
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 56-59
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Size | B 60-63
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Price | B 64-67
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Price | B 68-71
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Trade ID | B 72-75
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Trade ID | B 76-79
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+

Investors Exchange Page 36 of 45

Official Price Messages in a Single Segment
0 1 2 3
0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Transport Header | B 0-3
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 4-7
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 8-11
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 12-15
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 16-19
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 20-23
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 24-27
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 28-31
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 32-35
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 36-39
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Message Length | Message Type | Price Type | B 40-43
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 44-47
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 48-51
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 52-55
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 56-59
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Official Price | B 60-63
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Official Price | B 64-67
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+

Investors Exchange Page 37 of 45

Trade Break Messages in a Single Segment
0 1 2 3
0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Transport Header | B 0-3
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 4-7
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 8-11
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 12-15
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 16-19
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 20-23
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 24-27
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 28-31
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 32-35
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 36-39
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Message Length | Message Type |F|T|I|8|X| | B 40-43
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 44-47
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 48-51
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 52-55
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 56-59
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Size | B 60-63
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Price | B 64-67
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Price | B 68-71
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Trade ID | B 72-75
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Trade ID | B 76-79
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+

Investors Exchange Page 38 of 45

Auction Information Messages in a Single Segment
0 1 2 3
0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Transport Header | B 0-3
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 4-7
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 8-11
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 12-15
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 16-19
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 20-23
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 24-27
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 28-31
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 32-35
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Transport Header | B 36-39
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Message Length | Message Type | Auction Type | B 40-43
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 44-47
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Timestamp | B 48-51
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 52-55
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Symbol | B 56-59
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Paired Shares | B 60-63
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Reference Price | B 64-67
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Reference Price | B 68-71
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Indicative Clearing Price | B 72-75
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Indicative Clearing Price | B 76-79
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Imbalance Shares | B 80-83
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
|Imbalance Side | Extension Num | Scheduled Auction Time | B 84-87
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Scheduled Auction Time | Auction Book Clearing Price | B 88-91
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Auction Book Clearing Price | B 92-95
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Auction Book Clearing Price | Collar Reference Price | B 96-99
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Collar Reference Price | B 100-103
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Collar Reference Price | Lower Auction Collar | B 104-107
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Lower Auction Collar | B 108-111
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
Continues on next page.

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+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Lower Auction Collar | Upper Auction Collar | B 112-115
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+
| Upper Auction Collar | B 116-119
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+--------------
| Upper Auction Collar | | B 120-123
+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+

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APPENDIX C: STATE DIAGRAMS
Trading Status Messages

Continues on next page.

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Investors Exchange Page 42 of 45
Short Sale Price Test Status Messages

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REVISION HISTORY
Version Date Change

1.00 November 3, 2014 Initial document

1.10 December 10, 2014 Added Multicast Addresses section

1.20 April 29, 2015 Added DR multicast details

1.30 May 12, 2015 Updated Address and Contact Info

1.40 October 27, 2015 Updated DR A-side source IP address

Added Trade Report and Trade Break Messages

Provided new Multicast Addresses
1.50 June 28, 2016
Added retransmission capabilities and connectivity details
Removed the 30 second quote refresh functionality

1.51 July 14, 2016 Corrected PIM RP Statement Sample

Update the timestamp description to identify cases where timestamps

may not monotonically increase.
1.52 July 28, 2016
Identified that a zero quote will be sent prior to market open for each
eligible symbol.

1.53 July 29, 2016 Added Message Protocol ID and Channel ID to the specification

1.54 August 23, 2016 Added Example Messages section

Added administrative and auction messages to communicate system

events, security directory (IEX-listed only), trading status, operational
trading halts, short sale price test status, and auction information (IEX-
listed only).
Added Timestamp and Event Time data types.
Updated Message Protocol ID for v1.6.
1.60 May 25, 2017 Updated Network Details for v1.6.
Updated the name of the first flag in the Quote Update Message from
Symbol Halt (H) to Symbol Availability (A) (usage did not change).
Removed Reserved bytes from Trade Report and Trade Break Messages.
Added the Single-price Cross Trade Flag (X) to the Sale Condition Flags
in Trade Report and Trade Break Messages.
Added Appendix C.

1.61 June 30, 2017 Minor wording change to Trading Status = ‘O’ (0x4f).

Fixed typo on pg. 21.

1.62 July 24, 2017 Added clarity to the usage of Collar Reference Price, Lower Auction
Collar, and Upper Auction Collar in the Auction Information Message.

1.63 December 20, 2017 Added message type identifier to the headings of each section.

Investors Exchange Page 44 of 45

 Removed IEX Official Opening Price Determination and IEX Official
Closing Price Determination sections from the Trade Report Message
details, as it was determined to be an incorrect methodology.
Added an Official Price Message ‘X’ (0x58).
Clarified the Reason descriptions in the Trading Status Message to
remove New Issue from IPO1, IPO2, and IPOD.
1.64 February 27, 2018 Clarified that a receiver may request an unlimited retransmission via
TCP.

1.65 October 5, 2021 Added interim Retail Liquidity Indicator message details with highlights.

1.66 October 19, 2021 Removed interim highlights.

Added full support for Retail Liquidity Indicator message and associated
details.

Investors Exchange Page 45 of 45