Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Co-Lead Incentive
Published Date: 11/26/2025
Notice
Summary
The Long-Term Stock Exchange (LTSE) is rolling out a new Co-Lead Incentive starting October 1, 2025, to encourage traders to add more buy and sell orders and boost trading activity. This change affects anyone trading on LTSE by offering fee discounts to those who help improve market quality. It’s a smart move to make the exchange livelier and more attractive for investors.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
LTSE Co-Lead Rebate Program
If you are a Member who trades on the Long‑Term Stock Exchange (LTSE), starting October 1, 2025 you can earn an enhanced rebate of $0.0040 per share for displayed liquidity‑adding executions in securities priced at or above $1.00 (LIP Enhanced Securities are excluded). To qualify you must quote at least one round lot on a displayed basis at the national best bid or offer for at least 20% of the Regular Market Session in an average of at least 2,000 securities per trading day during the month; qualification is measured per MPID and certain days (system disruptions >60 minutes, scheduled early closes, and Russell Reconstitution Day) are excluded when calculating monthly averages. If a Member qualifies, the $0.0040 per‑share rebate applies to all displayed liquidity‑adding executions by that Member’s MPIDs in eligible securities during the qualifying month; executions in securities priced below $1.00 continue to receive the standard rebate (0.15% of the total dollar value).
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