SEC
Securities and Exchange Commission (US)
SEC Notice: IEX Options Rule 20.140A Codifies OLPP Strike-Price Series Standards
Published
Sep 28, 2026
Effective
Sep 23, 2026
Topics
Options, Self-Regulatory Organizations, Options Listing Procedures Plan, Strike Prices, IEX Options, Market Structure
Executive Summary
The SEC published notice of IEX’s immediately effective proposed rule change to adopt new IEX Options Rule 20.140A, “Select Provisions of Options Listing Procedures Plan.” The rule codifies selected provisions of the Options Listing Procedures Plan (OLPP) relating to new options series selection and objective standards for the range of exercise, or strike, prices available for trading on IEX Options. IEX states the filing does not introduce novel requirements beyond provisions already approved in the amended OLPP and reflected in comparable rules at other options exchanges. The SEC waived the normal 30-day operative delay under Rule 19b-4(f)(6), making the rule operative upon filing on September 23, 2026, ahead of IEX Options’ planned commencement of trading on October 2, 2026. Business impact is mainly operational and reference-data focused: firms should ensure IEX Options onboarding, series-reference data, strike-range controls, routing logic, and compliance rule inventories reflect Rule 20.140A and the OLPP-based standards.
What Changed
Previous
IEX had recently become an OLPP Plan Sponsor, but the cited OLPP series-selection provisions were not codified in a dedicated IEX Options Rule 20.140A.
New
IEX Options Rule 20.140A codifies selected OLPP provisions concerning new options series selection and strike-setting parameters.
Previous
The standards existed under the OLPP and were codified by other participant exchanges, but not yet in the IEX Options rulebook.
New
IEX states its new rule is essentially identical to other participant-exchange rules, except for internal cross-references and terminology.
Previous
Rule 19b-4(f)(6) filings normally do not become operative before 30 days after filing.
New
The SEC designated the proposed rule change operative upon filing with the Commission on September 23, 2026.
Previous
IEX stated that written comments were neither solicited nor received before filing.
New
Comments must reference file number SR-IEX-2026-35 and are due 21 days after Federal Register publication; the PDF does not state the calendar deadline.
Business Impact
Who is affected
Directly affected
IEX Options members, options market makers, broker-dealers, and firms routing or trading listed options on IEX Options.
Indirectly affected
options reference-data vendors, OMS/EMS and smart-order-routing providers, market-data teams, compliance surveillance teams, and customers whose options orders may be routed to IEX Options.
Jurisdictions
United States
Business processes
Options series onboarding and eligibility controls, Strike-price range configuration and validation, IEX Options venue onboarding, Order routing and market access controls, Options reference-data management, Regulatory change management and rule inventory maintenance, SEC SRO filing comment monitoring
Estimated effort
Low
Compliance risk
Low
Affected Reports
| Field | Validation rule |
|---|---|
| IEX Options rule reference | Add and map new Rule 20.140A, “Select Provisions of Options Listing Procedures Plan,” in internal rule inventories and controls. |
| Options series exercise / strike price range | Apply OLPP-based uniform objective standards to the range of strike prices available for trading on IEX Options. |
| New options series selection | Reflect the codified OLPP provisions governing selection of new options series for IEX Options. |
| SRO filing identifier | Use file number SR-IEX-2026-35 for any SEC comment submission or internal tracking of the rule change. |
Recommended Actions
- 1AI generatedStep 1 of 6
Update compliance rule inventories and control mappings to add IEX Options Rule 20.140A and link it to OLPP series-selection and strike-price standards.
- 2AI generatedStep 2 of 6
Confirm options reference-data feeds and validation rules can support IEX Options series and strike-price availability under the OLPP-based parameters.
- 3AI generatedStep 3 of 6
Review IEX Options routing, market-access, and venue-onboarding controls before planned trading commencement on October 2, 2026.
- 4AI generatedStep 4 of 6
Compare IEX Rule 20.140A implementation assumptions against equivalent rules already used for Cboe, MIAX, Nasdaq ISE, and NYSE Arca options markets.
- 5AI generatedStep 5 of 6
Monitor the SEC comment file for SR-IEX-2026-35 and any later SEC suspension or proceedings within the statutory 60-day post-filing window.
- 6AI generatedStep 6 of 6
Document that this is an operational/reference-data change rather than a new SEC regulatory report or customer disclosure requirement, unless internal policy requires otherwise.
Timeline
other
Jul 6, 2001
The SEC approved the Options Listing Procedures Plan, according to the IEX filing.
other
Aug 19, 2009
The SEC approved Amendment 3 to the OLPP, which adopted uniform objective standards for the range of options series strike prices as a quote-mitigation strategy.
other
Aug 27, 2026
The SEC issued the release adding IEX as a Plan Sponsor of the OLPP, according to the IEX filing.
effective date
Sep 23, 2026
IEX filed SR-IEX-2026-35 with the SEC; the SEC notice states the rule became effective under Section 19(b)(3)(A) and was designated operative upon filing.
publication
Sep 28, 2026
The SEC notice of filing and immediate effectiveness was dated September 28, 2026.
implementation
Oct 2, 2026
IEX Options was expected to commence trading, which the SEC cited as a reason for waiving the 30-day operative delay.
Sources
AI-generated analysis is based on the following primary sources. Always verify against the official publication.
- SEC SRO noticeU.S. Securities and Exchange CommissionSep 28, 2026Release No. 34-106515; File No. SR-IEX-2026-35; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Adopt Rule 20.140A ↗
https://www.sec.gov/files/rules/sro/iex/2026/34-106515.pdf
- SEC SRO plan fileU.S. Securities and Exchange CommissionDate not specifiedSEC SRO Rulemaking File 4-443: Options Listing Procedures Plan amendments, including addition of Investors Exchange LLC as Plan Sponsor ↗
https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/4-443
Related Evidence
Verified source support for this analysis
The evidence agent checks whether the drafted finding is supported by official publications and relevant public source material.
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