Frequently Asked Questions

For questions referencing the new platform, the information is subject to SEC approval.
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 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 ( 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 will offer this new service, pending SEC approval, 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.

In what timeframe is the expected live date for the replatforming?

LTSE is evaluating the timeline and milestones for going live. A date will be provided in a separate communication.

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) will continue to be “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 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.

How will the Exchange handle a potential locked market?

A locked market will not be displayed by the Exchange with respect to buy and sell orders. 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.

Will LTSE offer a separate testing environment?

Yes. Prior to the launch, LTSE will make available the Pre-Prod system for testing to all members. There will also be a separate LTF system available for development and functional testing. The LTF system will not be accessible via the Internet which is a change from today. New cross-connects will need to be in place to access the environments.

What will testing look like before the first day of trading?

The production environment will be available in a Pre-Prod state and testing will be available during the trading day throughout the week. Our testing plans include five industry weekend tests.  The LTSE Test Facility (LTF) system will be available for development and functional testing. Certification will be done in LTF.

Do you have a test symbol?

LTSE does not have a designated test symbol. However, the universal test symbols for UTP/CTA (ZVZZT, ZVV) will be made 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 with questions or requests for support.

How do I submit my Membership application?

Materials may be emailed to

Can I email my application materials to the Exchange?

Yes. Materials may be emailed to

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 provide notification 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, it will be applied on a prorated basis.

What are your listing rules?

The Exchange’s listing rules can be found in Chapter 14 of our rulebook, located at this link.

Will you be trading only Long-Term Stock Exchange-listed securities?

No. As a Member of the National Market System (NMS), the Exchange will trade all NMS stocks listed on all Exchanges including LTSE, NYSE, Nasdaq and CBOE.

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:


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