LTSE Sharpens Fee Schedule for Crystal-Clear Incentives
Published Date: 2/18/2026
Notice
Summary
The Long-Term Stock Exchange (LTSE) is updating its fee schedule to make the Co-Lead Incentive clearer and easier to understand. This change introduces a month-based system for earning rebates, helping companies know exactly how fees and rewards work. The update takes effect immediately, aiming to boost transparency and keep the market running smoothly.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Lowered Quoting Requirement
The number of securities a Member must satisfy the quoting requirement on during a Qualification Month is reduced from 2,000 securities to 1,000 securities. This lowers the operational barrier to qualify for the Co-Lead Incentive.
Month-Based Rebate Qualification
If you are an LTSE Member, eligibility for the Co-Lead Incentive is now measured by your quoting activity during a calendar month (a "Qualification Month"), and any applicable rebates are applied prospectively to your executions during the following calendar month. This introduces a one-month look-back so Members have advance notice of the rebates that will apply.
Rebate Rate Remains $0.0040
The Co-Lead Incentive rebate amount remains $0.0040 per share and is not changed by this filing. Members that qualify under the new timing and eligibility rules will receive rebates at the $0.0040 per share rate.
Price Threshold and Security Exclusion
The applicable Co-Lead Incentive will apply only to executions of securities priced at or above $1 and will exclude LIP Enhanced Securities. Those executions that meet those conditions during the following calendar month are eligible for the rebate.
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