Long-Term Stock Exchange Adds Fees for Market Data Feeds
Published Date: 7/21/2025
Notice
Summary
The Long-Term Stock Exchange (LTSE) is rolling out new fees for its special market data feeds starting July 3, 2025. This means traders and data users will now pay for access to detailed stock info like Depth of Book and Top of Book feeds. These changes help LTSE keep improving its services while making sure everyone pays their fair share.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Depth-of-Book Feed: $2,500/mo
If you receive LTSE's Depth of Book market data feed, the Exchange will charge $2,500 per data recipient per month starting July 3, 2025. The fee applies whether the feed is used internally, distributed to Affiliates, or provided externally, and it is charged only once per data recipient per month per subscribing entity.
Top-of-Book Feed: $500/mo
If you receive LTSE's Top of Book market data feed, the Exchange will charge $500 per data recipient per month starting July 3, 2025. The fee applies for internal use, affiliate distribution, or external distribution and is charged once per data recipient per month per subscribing entity.
One-Year Review; Possible Fee Changes
LTSE projects monthly costs of $223,336 and aggregate yearly costs of $2,680,027 to offer market data and expects approximately $52,000 in monthly revenue based on usage through May 1, 2025. The Exchange commits to a one-year review after implementation and may propose fee increases if revenues fail to cover costs (plus a reasonable mark-up) or decreases if revenue materially exceeds projections.
Last-Sale Feed: No monthly fee
LTSE will provide its Last Sale market data feed at $0 per month starting July 3, 2025. Firms can receive Last Sale data without a monthly charge.
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