Stock Exchange Slaps Fees on Market Data Feeds
Published Date: 4/2/2025
Notice
Summary
The Long-Term Stock Exchange (LTSE) is rolling out new fees for its special market data feeds, like Depth of Book and Top of Book, starting March 14, 2025. This means traders and data users will now pay to access these valuable insights. The change helps LTSE keep improving its services while making sure everyone chips in fairly.
Analyzed Economic Effects
6 provisions identified: 1 benefits, 4 costs, 1 mixed.
Depth of Book: $2,500/month fee
If your firm subscribes to LTSE's Depth of Book feed, LTSE will charge $2,500 per data recipient per month, charged once per subscribing entity. This fee is effective March 14, 2025 and applies whether the feed is used internally, shared with Affiliates, or distributed externally.
Top of Book: $500/month fee
If your firm subscribes to LTSE's Top of Book feed, LTSE will charge $500 per data recipient per month, charged once per subscribing entity. This fee is effective March 14, 2025 and applies for internal use, affiliate distribution, or external distribution.
Fees apply uniformly to subscribers
LTSE will charge the same Exchange Data Feed fees to all data recipients who choose to subscribe, regardless of the subscriber's size or business type. Fees are charged once per data recipient per month per subscribing entity and apply to internal use, Affiliate distribution, and External Use.
LTSE projections and one-year fee review
LTSE projects monthly revenues from the new data fees of about $52,000 (approximately $624,000 annually) while estimating aggregate monthly costs of $272,627 (about $3,271,527 annually). LTSE commits to conduct a one-year review after implementation and may propose to increase fees if revenues fail to cover costs or decrease fees if revenues materially exceed projections.
Last Sale feed: provided free
LTSE's Last Sale feed will be provided at no charge ($0 per month). This pricing is part of the new Market Data Fees that LTSE adopted effective March 14, 2025.
Immediate effectiveness and SEC review window
LTSE's market data fee changes took effect March 14, 2025 upon filing with the SEC. The Commission may summarily suspend the rule within 60 days, and the SEC opened a comment period with submissions due by April 23, 2025.
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