Regulation

Resources, rule filings, NMS plans, and rules incorporated - read and download them here.

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Long-Term Stock Exchange, along with other U.S. exchanges and FINRA, is a party to several National Market System (NMS) Plans which govern various aspects of equity market structure.


Consolidated Data Plans ("SIP" Plans)

The securities information processor (SIP) Plans govern the collection, processing and distribution of quotation and transaction information for exchange-listed securities. Data is derived from various market centers, including securities exchanges, FINRA, and broker-dealers. Under the SIP Plans, all U.S. exchanges and associations that quote and trade exchange-listed securities must provide their data to a SIP for data consolidation and dissemination.

Consolidated Tape Association Plan                  
Unlisted Trading Privileges Plan


Consolidated Audit Trail ("CAT")

This Plan implements Exchange Act Rule 613, which calls for the creation of a single comprehensive database that will enable regulators to more efficiently and thoroughly track all trading activity in the U.S. equity and options markets. The CAT plan, among other things, details the methods by which self-regulatory organizations and broker-dealers will record and report information, including the identity of the customer, resulting in a range of data elements that together provide the complete lifecycle of all orders and transactions in the U.S. equity and options markets.

Consolidated Audit Trail

Limit Up-Limit Down Plan ("LULD" Plan)

This Plan governs the establishment, operation and administration of a market-wide limit up-limit down mechanism that is intended to address extraordinary market volatility in NMS stocks, as defined in Rule 600(b)(47) of Regulation NMS under the Exchange Act. The Plan sets forth market-wide limit up-limit down requirements designed to prevent trades in individual NMS Stocks from occurring outside of the specified price bands and also governs quotations in NMS stocks.

Limit Up-Limit Down Plan

National Market System Plan for the Selection and Reservation of Securities Symbols

The Intermarket Symbol Reservation Authority (ISRA) Plan governs the establishment, operation, and administration of a uniform system for the selection and reservation of securities symbols (the "Symbol Reservation System"). Self-regulatory organizations (SROs) that have joined the plan utilize this system to reserve one- to five-character root symbols, utilizing a web-based tool developed and maintained by the Options Clearing Corporation, the Plan Processor.

ISRA Plan

Order Execution Quality Disclosure Plan (Rule 605)

This plan establishes procedures under Rule 605 of Regulation NMS (previously Rule 11Ac1-5 under the Securities Exchange Act of 1934). Rule 605 generally requires a market center that trades Regulation NMS stocks to make available to the public monthly electronic execution reports that include uniform statistical measures of execution quality.

Rule 605 Reports

This information may not be directly comparable to data displayed by other market centers due to differences in market structures and computation methods. While LTSE has used reasonable efforts to prepare these reports in compliance with Rule 605, these statistics have not been audited and may contain errors. Accordingly, any decision about whether to send orders to LTSE should not be based solely on these statistics.

February
2022
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2022
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2021
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November
2021
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