Rewarding Competitive Quoting.
The LTSE Market Maker Program provides registered Market Makers (MMs) with an opportunity to earn monthly incentive payments by meeting simple, transparent quoting standards in Dually-Listed Securities and select UTP Securities (“Market Maker Incentive-Eligible Securities”).
The program combines straightforward qualification criteria with predictable monthly incentive payments for MMs that meet the required quoting standards in the Market Maker Incentive-Eligible Securities in which they are registered.
Earn predictable monthly incentives by delivering competitive quoting performance.
$1,250
Monthly incentive for MM-registered Dually-Listed Securities.
Up to $1,000
Monthly incentive for select Non-LTSE Listed Securities.
Up to 20
Incentives in select Non-LTSE Listed Securities per registered Dually-Listed Security.
A Clear, Performance-Based Opportunity
Predictable Monthly Economics
MMs earn defined monthly incentive payments based on objective quoting performance in select registered securities.
Expand Your Opportunity
Participate in LTSE Dually-Listed Securities and a designated group of Non-LTSE Listed Securities.
Transparent Performance Standards
Know what is required to qualify through clearly defined Time-at-NBBO thresholds.
Earn Monthly Incentives Across Two Security Categories
LTSE Dually-Listed Securities
MMs qualify by maintaining 70% Time at the NBBO in a registered Dually-Listed Security.
LTSE Dually-Listed Securities
| TICKER | COMPANY |
|---|---|
| ASAN | Asana |
| TDUP | ThredUp |
| BLX | Bladex |
Four Steps to Participate
Register
Become a registered MM.
Request and Select Registrations
Register in Market Maker Incentive-Eligible Securities, keeping in mind the incentive cap on Non-LTSE Listed Securities.
Meet the Performance Standard
Maintain Market Maker Quoting Obligations and the required Time-at-NBBO level throughout the monthly measurement period.
Receive Monthly Incentives
Earn the applicable monthly payment when all program requirements are satisfied.
Everything You Need to Evaluate and Participate
Program Specifications
Complete program eligibility, performance and payment requirements.
LTSE Market Maker Registration
Requirements and materials for becoming an MM.
Frequently Asked Questions
Who is eligible to participate?
The program is available to registered MMs that have registered to make markets in one or more Market Maker Incentive-Eligible Securities.
How is performance measured?
To earn a fee incentive, an MM must quote at the NBBO during a percentage of the Regular Market Session. To comply with Exchange rules, MMs must continuously quote a two-sided market during the regular trading session.
How much can MMs earn?
• $1,250 per month for each Dually-Listed Security in which it is registered.
• $850 or $1,000 per month for each Non-LTSE Listed Security, depending on NBBO performance, subject to the incentive cap.
How many eligible non-listed securities may a MM request?
There is no limit to the number of Market Maker Incentive-Eligible Securities in which an MM may register. However, the number of incentives for Non-LTSE Listed Securities that an MM earns is limited by the number of registered Dually-Listed Securities: an MM may earn up to 20 incentives in Market Maker Incentive-Eligible Securities for each registered Dually-Listed Security.
Where can firms find the complete program requirements?
Explore the LTSE Market Maker Program
Review the program requirements, evaluate eligible securities and connect with the LTSE Business Development Team to discuss participation.
Disclaimer
Many of the services outlined in this document are provided by LTSE Services, Inc. LTSE Services and its affiliates, including the Long-Term Stock Exchange, Inc., which is a registered national securities exchange under the provisions of the Securities Exchange Act, do not provide tax, legal, accounting or investment banking or investment advisory services or advice.
Companies are not required to adopt or purchase any tools or services from LTSE Services in order to apply to list on the Long-Term Stock Exchange. Companies can customize their long-term policies; however, only the Exchange’s independent regulatory staff can determine whether proposed policies meet the principles-based requirements for listing under Exchange rules. Exchange rules differentiate between the products and services that it can offer to prospective listed companies and those that are available to companies currently or newly listed on the Exchange.
Neither LTSE nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding LTSE-listed companies are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results.
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