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Long-Term Stock Exchange Trading Platform Capabilities
Order Types & Modifiers
New LTSE order types and expanded order management capabilities are designed to enhance the overall trading experience for LTSE’s market participants. Members will be able to integrate with the trading platform through the MEMO FIX and MEMO SBE order entry protocols, which support a unified message standard and consistent functionality for order submission, modification, and cancellation. LTSE FIX Drop Copy will now support order and trade drops.
Risk management
Safeguards to manage risk, help prevent trading errors, and facilitate compliance with market rules and regulations.
Integrated pre-trade risk management
Every order submitted to LTSE will be processed through a mandatory set of pre-trade risk controls. These controls include validations for order size, price limits, and overall exposure to decrease risk for members.
User-configurable settings
LTSE will allow participants to configure their own set of risk controls for an individual session or aggregated set of sessions. Risk controls include collars on the max notional value of orders, pricing orders with percentage-based or dollar-based controls, order size relative to ADV in a security, and disallowing trading in certain order types, modifiers, or securities. Users may also restrict the overall rate of orders, prohibit duplicative orders, and set daily gross and/or net notional exposure limits.
Automated risk responses
In the event of risk limit breaches, system issues, or market anomalies, our trading platform can automatically execute predefined responses such as pausing or ceasing trading activities, canceling all open orders, or blocking new orders.
Connectivity
We offer connectivity via direct colocation, extranet providers, or telco.
Direct colocation connectivity
Ultra-low latency for fast trading
For members seeking the fastest possible access, we support direct cross-connects into our primary and secondary data centers.
Extranet provider connectivity
Secure and flexible extranet connections
through trusted partners
through trusted partners
LTSE also supports connectivity through extranet providers for participants who require reliable, secure access but do not demand the ultra-low latency of a direct cross-connect.
Telco provider connectivity
Dedicated private-line
connectivity
connectivity
We also support ethernet private-line services for members that require a telco backhaul.
Market Data Feeds
Direct market data feeds from the Exchange, leveraging the MEMOIR protocol, provide access to real-time exchange data across all eligible securities.
Depth of Book feed
LTSE Depth of Book feed provides order-by-order data for displayed orders placed on the Exchange. Subscribers can also receive last sale, administrative, and instrument directory data.
Top of Book feed
Users that do not require full depth of book can subscribe to our Top of Book feed to receive the LTSE Best Bid and Best Offer (LBBO) in each active security, as well as last sale, administrative, and instrument directory data.
Last Sale feed
LTSE’s Last Sale feed focuses exclusively on trade execution data, administrative messages, and instrument directory data.