Simple and Transparent Fee Schedule
Incentive Programs Built for Performance Across Every Order Type
LTSE programs are designed to align incentives with performance.
Liquidity Incentive Program (LIP)
The LTSE Liquidity Incentive Program (“LIP”) is designed around two goals: enhance market quality in specific securities (“LIP Enhanced Securities”) and generally improve liquidity in all securities traded on the Exchange. The LIP is available to all LTSE Members.
LIP Program Details:
80% of LTSE’s SIP Quote Revenue for LIP Enhanced Securities, distributed among qualifying Members based on quoting activity at the NBBO.
Reduced taker fees (20 mils) for LIP Enhanced Securities, available to all Members without quoting obligations.
For all other securities traded on LTSE (“LIP Standard Securities”), a choice between 50% of LTSE’s SIP Quote Revenue or a monthly credit against taker fees.
Co-Lead Program
The LTSE Co-Lead Incentive Program is designed to encourage greater displayed liquidity across a wide range of securities traded on the Exchange. Qualifying participants receive the highest transaction rebates across all exchanges, with a bonus rebate in the first month after qualifying. Further, once a participant is eligible for the CO-LEAD incentive, that participant will receive the enhanced rebate across all its MPIDs during that month.
Co-Lead Program Details:
Quote at least 1,000 securities per day (averaged across the month) at the NBBO 20% of the regular trading session.
Earn 40 mils/share rebate in all eligible securities for displayed liquidity-adding trades - with no volume tiers.
In the first month after qualifying, participants earn 57 mils/share rebate in all eligible securities, up to the total volume executed during the qualifying month.
Hidden Liquidity Program
LTSE’s Hidden Liquidity Incentive Program is designed to unlock missed execution opportunities. Access meaningful midpoint and non-displayed liquidity while benefiting from favorable economics and the potential for price improvement. The Program is available to all LTSE Members.
Hidden Liquidity Program Details:
Taker fee of 20 mils when accessing hidden liquidity on the LTSE order book.
Among the lowest take fee across all exchanges for this liquidity type.
Sub-Dollar Fee Incentive Program (“SDIP”)
The LTSE Sub-Dollar Fee Incentive Program is designed to reduce the cost of trading securities priced below $1 and improve execution efficiency across these securities. The program is available to all LTSE Members.
“SDIP” Program Details:
$0 taker fees for securities priced below $1, the only exchange which offers this.
LTSE pays the highest rebate (15bp) to displayed liquidity providers calculated as a percentage of total dollar volume.
Membership Launchpad Program
The LTSE Membership Launchpad Program is designed to reduce the cost of joining and trading on the Exchange, enabling new members to onboard, connect, and begin trading with no upfront investment. The program is available to new members, with additional details provided in the LTSE Fee Schedule.
Hidden Liquidity Program Details:
100% discount on membership, logical connectivity, and market data fees for the first 6 months;
50% discount on these fees for the following 6 months.
Why LTSE Programs Are Different
Aligned Incentives
Every program is built to reward behavior that improves market quality and execution outcomes.
Stackable Economics
Programs are designed to work together and cover a large swath of security types, allowing firms to optimize across multiple strategies simultaneously.
Transparent Structure
Clear qualification criteria and predictable economics remove uncertainty and enable better planning.