LTSE Rolls Out Fees for Market Data Services
Published Date: 5/27/2025
Notice
Summary
The Long-Term Stock Exchange (LTSE) is updating its fee schedule to start charging for certain market data feeds, like Depth of Book and Top of Book, starting May 12, 2025. This change affects traders and firms who use LTSE’s data to make smart market moves. Expect new fees when accessing these data feeds, helping LTSE keep its platform running smoothly and fairly.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 3 costs, 1 mixed.
Depth-of-Book: $2,500/month fee
If your firm receives LTSE's Depth of Book market data, LTSE will charge $2,500 per data recipient per month for that feed starting May 12, 2025. The fee is charged once per data recipient per month whether the feed is used internally or distributed externally.
Top-of-Book: $500/month fee
If your firm receives LTSE's Top of Book market data, LTSE will charge $500 per data recipient per month for that feed starting May 12, 2025. The fee is charged once per subscribing entity per month and applies for internal or external distribution.
Projected revenue, costs, and one-year fee review
LTSE expects the proposed market data fees to generate about $52,000 per month in 2025 while its aggregate monthly cost to provide data is $223,336, and LTSE commits to a one-year review after implementation. The Exchange says it may propose fee increases if revenues fail to cover costs or decreases if revenue materially exceeds projections.
Flat per-recipient pricing regardless of firm size
LTSE will charge the same market data fee to each subscriber regardless of the subscriber's size or type; fees apply uniformly to all data recipients that choose to subscribe. That means small firms and large firms pay the same per-recipient monthly rates for a given feed.
Last-Sale feed available free
LTSE will provide its Last Sale market data feed at $0 per month. Firms can receive execution (last sale) data from LTSE without paying a monthly fee.
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