Trading

Any registered broker-dealer who meets the requirements set forth in Chapter 2 of the Exchange rule book may become a Member of the Exchange. Broker-dealers who wish to become Members of the Exchange must be a Member of at least one other self-regulatory organization and be a self-clearing Member of the National Securities Clearing Corporation (NSCC) or maintain an active clearing relationship with an NSCC clearing Member firm that is also a Member of the Exchange.

Application materials are available on our website. Applicants may contact membership@longtermstockexchange.com with questions or requests for support. 

Yes, the Exchange offers a streamlined waive-in process for members of the Financial Industry Regulatory Authority (FINRA). Further details are available on our Membership application.

No, the Exchange does not require firms to be Members of FINRA in order to apply for Membership.

Please email your completed application materials to membership@longtermstockexchange.com. 

LTSE Market Operations will provide notification directly when a decision has been rendered. 

Each person associated with the firm who is registered 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). 

The Exchange does not charge an application fee. A $10,000 membership fee will be assessed annually. For new members, it will be done on a prorated basis. 

Members can connect to the Exchange via a point-to-point cable link (i.e., cross-connect) in the Equinix NY4 data center and the disaster recovery site in the CH2 data center. Members may also use an extranet provider or an approved service bureau. Further details can be found in our Connectivity Manual, which is available by contacting Market Operations.

The Exchange does not charge fees for connections or fees related to the maintenance of the connections. Members should expect to incur costs with their respective method of connecting (e.g., data center provider cross connect, fees set by a service bureau).

No, the Exchange will not maintain a proprietary market data feed. Market data information will be distributed using the Securities Information Processor (SIP). 

Drop Copy functionality will be available by request.

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.  

The MIC for the Exchange is "LTSE."

The Exchange will accept order entry using the FIX 4.2 protocol. Fix specifications can be found here.

Yes, the LTSE testing environment is currently available through the internet. For access, send requests via email. 

The Exchange will require participants to certify their messaging before receiving access to the production trading system. Contact Market Operations for more detailed information.

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. 

Yes, Members can register as Market Makers by providing additional information for review using the Market Maker Registration Application, which is available upon request. 

Market Makers will be obligated to enter and maintain two-sided quotes at prices that meet the designated percentage, as defined in Exchange Rule 11.151. Please review the Exchange Rule Book for complete requirements.

The Exchange’s opening process will begin at the commencement of regular trading hours, with orders queued during the pre-market session processed as incoming orders. Orders will be ranked by the time they enter the queue.

The Exchange will use price/time priority.

No. The Exchange will 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.

A locked market will not be displayed by the Exchange with respect to orders to buy and orders to sell submitted to 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” pursuant to LTSE Rule 11.190(g).

The exchange will not charge transaction fees, we operate on a Free / Free model. Trading for both adding and removing is Free.

The table below includes various industry market identifiers for LTSE: 

The Exchange rule book is available here.

No. The Long-Term Stock Exchange will not impose holding periods, lockups or any other restriction on securities listed or traded on it.

No. As a Member of the national market system (NMS), the Exchange will trade all NMS stocks included on Tape Plan A, Tape Plan B, and Tape Plan C.

The Exchange’s listing rules can be found in Chapter 14 of our Rulebook, including our Long-Term Policies.

To contact the Exchange, please reference the following table based on the functional area.

To reach the Exchange by phone, please contact 813-575-2602.