Trading Resources
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Technical Specifications
Market Status
Exchange Notices
Frequently Asked Questions
What order entry protocols are supported?
The Exchange will accept order entry using the MEMO FIX or SBE protocols. Specifications can be found here.
How do I connect to the Exchange?
The physical connectivity offerings include Direct Connection, Extranet, and Telco. Please review the Connectivity Document here for details.
Does the Exchange require trading application certification?
The Exchange requires participants to certify their messaging before receiving access to the production trading system. Contact Market Operations (marketops@longtermstockexchange.com) for more detailed information.
Does the Exchange provide Drop Copies?
Yes, Drop Copy functionality is available.
Does the Long-Term Stock Exchange maintain a proprietary market data feed?
Yes. LTSE offers a new service which includes depth of book, top of book and last sale. The Market data feed utilizes the MEMOIR protocol. A copy of the specification may be found here.
What is the Market Center Originator ID for the Exchange on the SIP?
The Exchange’s Market Center Originator ID in UTP (UQDF/UTDF) and CTA (CQS/CTS) is “L.” Further information can be found at both the Consolidated Tape Association and the Unlisted Trading Privileges Plan websites.
How do I identify the Exchange on market data terminals, industry reports, and other technical documents?
The Exchange’s Market Center Originator ID in UTP (UQDF/UTDF) and CTA (CQS/CTS) will be “L.” Further information can be found at both the Consolidated Tape Association and the Unlisted Trading Privileges Plan websites.
Does the Exchange provide a routing service?
No. The Exchange does not offer any outbound routing functionality. Thus, all orders submitted will be treated as Long-Term Stock Exchange-only, though limit orders may also include the execution instructions of Inter-Market Sweep Order, if appropriate.
How will the Exchange handle a potential locked market?
A locked market is not displayed by the Exchange. An order eligible for display by the Exchange that, at the time of entry, would create a violation of Rule 610(d) of Regulation NMS by locking or crossing a Protected Quotation of an external market will be subject to “Price Sliding”.
How will my trades clear and settle?
Trades matched on the Exchange are considered locked-in and will be delivered in real-time through the Universal Trade Capture (UTC) to the National Securities Clearing Corporation (NSCC). Trades will not reveal the identities of counterparties.
Does LTSE offer a separate testing environment?
Yes. LTSE maintains a test system (LDE) available to all members by connecting to the NY4 environment. It is available for development and functional testing.
Do you have a test symbol?
LTSE does not have a designated test symbol. However, the universal test symbols for UTP/CTA (ZVZZT, ZVV) are available.
Who can be a Member of the Long-Term Stock Exchange?
Any broker-dealer that meets the Exchange’s rules and is a member of another self-regulatory organization can become a member.
How do I become a Member of the Exchange?
Application materials are available on the Membership application page at this link. Applicants may contact membership@longtermstockexchange.com with questions or requests for support.
How do I submit my Membership application?
Materials may be emailed to membership@longtermstockexchange.com.
Can I email my application materials to the Exchange?
Yes. Materials may be emailed to membership@longtermstockexchange.com.
Does the Exchange offer a waive-in process?
Yes, the Exchange offers a streamlined waive-in process for existing FINRA members. Details and forms may be found here.
Is membership in FINRA required for LTSE Membership?
No, the Exchange does not require firms to be Members of FINRA in order to apply for Membership. However, we offer a streamlined "waive-in" process for existing FINRA members.
How do I know if I’ve been approved for Membership?
LTSE Market Operations will notify new Members directly.
My firm has been approved for Membership. What impact does this have on my firms registered persons?
Persons associated with the firm in categories recognized by the Exchange must submit an updated Uniform Application for Securities Industry Registration or Transfer (Form U4) via FINRA’s central registration depository (CRD).
What are the fees associated with the application process?
The Exchange does not charge an application fee. A $10,000 membership fee will be assessed annually. For new members joining during the year, the membership fee will be prorated.
What are your listing rules?
The Exchange’s listing rules can be found in Chapter 14 of our rulebook, located at this link.
Do you only trade Long-Term Stock Exchange-listed securities?
No. As a Member of the National Market System (NMS), the Exchange trades all NMS stocks listed on all Exchanges.
Would investing in a stock on the Long-Term Stock Exchange prevent me from trading the stock?
Any shares purchased on LTSE may be sold on any other NMS stock exchange, and any shares purchased on another NMS exchange may be sold on LTSE.
What is the best way to contact the Exchange?
To contact the Exchange, please direct questions to:
Trading and Market: marketops@longtermstockexchange.com
Membership: membership@longtermstockexchange.com
To reach the Exchange by phone, please use 813-575-2602.