Introducing the new
Long-Term Stock Exchange
trading platform.

Pending Securities and Exchange Commission approval, we expect to replace our existing trading platform with a new trading system targeted to go-live on July 29, 2024.

Order types & modifiers

New order types and expanded order management capabilities should enhance the overall trading experience for market participants. Members will be able to integrate with the trading platform through the MEMO FIX aMEMO 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.
DescriptionTrading hourstime-in-forcesizedisplayReserveisore-price
Market9:30 a.m. through 4:30 p.m. ET
Immediate-or Cancel,
Fill-or-kill,
Day,
Regular Hours Only
Odd/Round/Mixed Lot/Min QtyN/AN/AN/AN/A
Limit8:00 a.m. through 5:00 p.m. ET
Immediate-or-Cancel,
Fill-or-kill, 

Good ‘til Time,
Day,
Regular Hours Only
Odd/Round/Mixed Lot/Min QtyDisplay, Non-displayRandom and Fixed ReplenishISOPrice Sliding
Pegged (Midpoint, Primary)8:00 a.m. through 5:00 p.m. ET
Immediate-or-Cancel,
Fill-or-kill, 

Good ‘til Time,
Day,
Regular Hours Only
Odd/Round/Mixed Lot/Min QtyNon-displayN/AN/AN/A
IOC1 - Immediate-or-Cancel - An routable order that is to be executed in whole or in part upon receipt and canceled otherwise.
FOK2 - Fill-or-kill - An order that is to be immediately executed in its entirety upon receipt and canceled otherwise.
Day3 - Day - An  order eligible for execution from the start of the Pre-Market Session until the end of the Market Session. Day orders shall be canceled at the end of the Market Session.
GTT4 - Good ‘til Time - An order eligible for execution from the start of the Pre-Market Session until the time specified in the order. GTT orders including an expiration time prior to the start of the Pre-Market Session or with an expiration time in the past shall be rejected. GTT orders including an expiration date other than T-Day shall [EQ-49] be rejected.  GTT orders shall be canceled at expiration or at the end of the Post-Market Session.
RHO5 - Regular Hours Only - An order eligible for execution only during the Market Session. RHO orders shall be canceled at the end of the Market Session.

Risk management

Robust safeguards to manage risk, help to prevent potential 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 help ensure that trading complies with set thresholds and erroneous orders are not executed.

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 average daily value (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 telecom, extranet providers, or direct colocation. 

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
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
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, that provide access to real-time exchange data across all eligible securities.

Depth of book feed

LTSE Depth is a full depth of book feed that 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.

Order book viewer

The Long-Term Stock Exchange order book viewer shows for each security aggregated top-of-book quotations for all orders resting on the order book, aggregated depth of book quotations for all orders resting on the order book at each price level, and execution information (i.e., last sale information) for executions on the exchange.
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SYMBOL
side
Shares
Price
Ask
49278
405.86
TIME
shares
price
May 13, 2022 - 2:09:43 PM
100
24.55