Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Co-Lead Incentive

LTSE Co-Lead Rebate Program

If you are a Member who trades on the Long‑Term Stock Exchange (LTSE), starting October 1, 2025 you can earn an enhanced rebate of $0.0040 per share for displayed liquidity‑adding executions in securities priced at or above $1.00 (LIP Enhanced Securities are excluded). To qualify you must quote at least one round lot on a displayed basis at the national best bid or offer for at least 20% of the Regular Market Session in an average of at least 2,000 securities per trading day during the month; qualification is measured per MPID and certain days (system disruptions >60 minutes, scheduled early closes, and Russell Reconstitution Day) are excluded when calculating monthly averages. If a Member qualifies, the $0.0040 per‑share rebate applies to all displayed liquidity‑adding executions by that Member’s MPIDs in eligible securities during the qualifying month; executions in securities priced below $1.00 continue to receive the standard rebate (0.15% of the total dollar value).