Stock Exchange Charges for Data Depth: Insights Come at a Price
Published Date: 9/8/2025
Notice
Summary
The Long-Term Stock Exchange (LTSE) is rolling out new fees for its special market data feeds starting August 21, 2025. This means traders and firms using LTSE’s Depth of Book and Top of Book data will now pay for access. The change helps LTSE cover costs and keep the data flowing smoothly.
Analyzed Economic Effects
6 provisions identified: 2 benefits, 3 costs, 1 mixed.
Depth-of-Book Feed: $2,500/month
Starting August 21, 2025, access to LTSE's Depth of Book market data feed will cost $2,500 per data recipient per month. The fee applies whether you use the feed internally or distribute it to affiliates or third parties and is charged once per data recipient per month per subscribing entity.
Top-of-Book Feed: $500/month
Starting August 21, 2025, access to LTSE's Top of Book market data feed will cost $500 per data recipient per month. The fee applies to recipients using the feed for internal purposes or for distribution to affiliates or external users and is charged once per subscribing entity per month.
Flat Fees Apply to All Subscribers
LTSE will charge the same market data fees to each subscriber regardless of the subscriber's size or type of market participant. Fees are uniform and charged once per data recipient per month per subscribing entity.
Last-Sale Feed Remains Free
LTSE's Last Sale market data feed will be provided at $0 per month starting August 21, 2025. Firms can receive only execution (last sale) information from LTSE without paying a monthly fee.
One-Year Review May Change Fees
LTSE commits to a one-year review after implementation and may propose to increase fees if revenues do not cover costs or decrease fees if revenues materially exceed projections. Any future fee changes would be filed with the SEC.
No Subscription Requirement; Alternatives Exist
Market participants are not required to subscribe to any LTSE data feed and may choose alternatives (e.g., the free Last Sale feed, Top of Book instead of Depth of Book, or SIP data). Firms can decide which feed(s) fit their business model.
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