Stock Exchange Invents Mysterious 'Co-Lead Incentive' Program
Published Date: 12/11/2025
Notice
Summary
The Long-Term Stock Exchange (LTSE) just rolled out a new Co-Lead Incentive to encourage traders to add more buy and sell action on their platform. Starting November 25, 2025, this change tweaks fees to reward those who boost trading activity, making the market livelier and more efficient. Traders and investors using LTSE will feel the impact as the exchange aims to create a win-win with better liquidity and more trades.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Co-Lead Incentive: $0.0040/share Rebate
If you are an LTSE Member, the exchange adopted a “Co-Lead Incentive” effective November 25, 2025 that gives a rebate of $0.0040 per share (40 mils per share) for displayed liquidity-adding executions in securities priced at or above $1.00 (LIP Enhanced Securities excluded). To qualify, a Member must display at least one round lot at the National Best Bid or Offer (NBBO) 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 over 60 minutes, scheduled early closes, and Russell Reconstitution Day) are excluded. The enhanced rebate, if earned, applies to all MPIDs of the qualifying Member for that month; executions in securities below $1.00 continue to receive the standard rebate (0.15% of the transaction value).
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