Self-Regulatory Organizations: Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Fee Schedule To Modify the Liquidity Incentive Program
Published Date: 2/2/2026
Notice
Summary
The Long-Term Stock Exchange (LTSE) is updating its fee schedule to change how it rewards traders who add liquidity to the market. Starting January 22, 2026, these tweaks aim to make trading smoother and more attractive for members by adjusting the Liquidity Incentive Program. If you trade on LTSE, expect new incentives that could impact your trading costs and benefits right away!
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Revenue Share Raised 20%→50%
If you are an LTSE Member quoting in LIP Standard Securities, the portion of LTSE SIP Quote Revenue available under Incentive #3 increases from 20% to 50%. The change is proposed to take effect on January 22, 2026 and increases the percentage of market-data revenue shared with qualifying Members.
Minimum Quoted Size Lowered to One Lot
The LTSE will set the Minimum Quoted Size (MQS) for LIP Enhanced Securities to one round lot (returning from previously higher levels that ranged from 200 to 700 shares). The MQS for each LIP Enhanced Security will be calculated and published monthly on the Exchange's website, and the Exchange may update MQS monthly without a separate rule filing.
Clarify: Only Displayed Quotes Count
The Exchange added the word "displayed" to the Percent Time at NBBO definition so only displayed quotes at the National Best Bid or Offer during Regular Market Session count toward the Percent Time at NBBO calculation. The Exchange states this is a clarifying edit and not a substantive change to the calculation.
$25 Incentive Credit Expires After One Year
For Members who earn the optional Incentive #3 $25 monthly credit, the Exchange states that the credit expires at the end of the calendar month one year after it is earned on a rolling basis (for example, a credit earned in January 2026 may be applied through the end of January 2027).
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