LTSE Slashes Trading Fees: Rebates Drop for Liquidity Adds
Published Date: 6/26/2025
Notice
Summary
The Long-Term Stock Exchange (LTSE) is changing its fee schedule starting June 10, 2025. They’re lowering the rebates for trades that add visible liquidity at or above $1 per share and cutting fees for trades that remove hidden liquidity. These updates affect traders using LTSE and aim to keep the market fair and competitive.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Rebate Cut for Adding Displayed Liquidity
If you add displayed liquidity on LTSE in stocks priced at or above $1.00 per share that establish or match the national best bid or offer (NBBO), your per-share rebate is lowered from $0.0033 to $0.0023 beginning June 10, 2025. That is a $0.001.00 per-share reduction in the rebate for NBBO-joining or NBBO-setting displayed executions.
Lower Take Fee for Removing Hidden Liquidity
If you remove non-displayed (hidden) liquidity on LTSE in stocks priced at or above $1.00 per share, the take fee is reduced from $0.0030 to $0.0020 per share starting June 10, 2025. That cuts the cost to access hidden liquidity by $0.001 per share.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-09992 — Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 611
The SEC is asking to keep collecting info from about 305 financial firms to make sure they follow Rule 611, which stops bad trades that hurt investors. These firms spend around 60 hours a year updating their rules to avoid trading at worse prices than others. This extension keeps things running smoothly with an estimated yearly cost of about $9.5 million for legal and compliance work.
2026-09960 — Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 515A, MIAX Emerald Price Improvement Mechanism and PRIME Solicitation Mechanism
MIAX Emerald is updating its rules to let Market Makers join special auctions called PRIME and cPRIME as potential trading partners. This change helps speed up trades and could improve prices for investors using these options. The new rule took effect right after filing on May 1, 2026, so Market Makers and traders should get ready for smoother, faster deals!
2026-09967 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Chapter 8 of the Exchange's Rulebook Relating To Investigative and Disciplinary Matters
Cboe EDGX Exchange is updating its rules about how it investigates and disciplines its members and their associates. These changes clarify who the Exchange can discipline and improve the process to keep things fair and clear. The new rules took effect right after filing on May 4, 2026, with no new fees involved.
2026-10015 — U.S. Bancorp, et al.; Notice of Application and Temporary Order
U.S. Bancorp and its partners got a temporary green light to keep doing some fund services despite a court order against BTIG from 2022. This temporary okay lasts until the SEC decides on a permanent solution, so things keep running smoothly without money hiccups. If you want to speak up, you’ve got until June 9, 2026, to ask for a hearing.
2026-09990 — Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend 24X Rule 1.5(c) To Extend by Seven (7) Months the Deadline by Which 24X Must File With the Commission the 24X Market Session Proposed Rule Change Regarding the Commencement of the 24X Market Session
24X National Exchange is getting an extra seven months to file a rule change about when their market session starts. This gives them more time to get everything just right before sharing it with the SEC. Traders and market watchers should keep an eye out for updates, but no money changes or risks are happening right now.
Previous / Next Documents
Previous: 2025-11734 — Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Adopt an Intraday Mark-to-Market Charge at GSD
The Fixed Income Clearing Corporation (FICC) wants to add a new fee called the Intraday Mark-to-Market Charge to better protect against risks during the day. This change affects FICC members who will see updated margin requirements, possibly changing how much money they need to keep on hand. The SEC is now reviewing this proposal and will decide soon whether to approve or reject it.
Next: 2025-11736 — VA's National Academic Affiliations Council, Notice of Meeting
The VA’s National Academic Affiliations Council is meeting August 13-14, 2025, in Minneapolis to talk about how the VA teams up with schools and training programs. Veterans, students, and educators are affected as the Council reviews partnerships, teaching time, and trainee issues. Some sessions are open to the public, while tours protecting Veterans’ privacy are closed—no big costs or changes, just important updates and advice.