Federal Register #SR-LTSE-2026-22

LTSE proposes monthly Market Maker incentives for NBBO quoting

The Securities and Exchange Commission notice describes Long-Term Stock Exchange, Inc.’s proposed monthly Market Maker incentive program. - Government agency: U.S. Securities and Exchange Commission (SEC); no sub-agency or office is identified in the provided information. - Proposal: Long-Term Stock Exchange, Inc. (LTSE) would pay registered Market Makers monthly incentives for quoting eligible securities at the national best bid or offer (NBBO). - $1,250 for quoting at the NBBO at least 70% of the time in a dually listed security. - $850 for quoting at the NBBO at least 50% but less than 70% of the time in a non-LTSE-listed UTP security. - $1,000 for quoting at the NBBO at least 70% of the time in a non-LTSE-listed UTP security. - Eligibility and cap: Dually listed securities would be automatically eligible. LTSE would select eligible non-LTSE-listed securities using objective trading factors and review eligibility annually. Eligible non-LTSE-listed securities would be capped at 20 for each dually listed security in which a Market Maker is registered. - Other named organizations: NYSE American LLC is cited as a comparison; Cboe BZX, NYSE, and IEX are referenced in discussions of exchange programs. - Procurement status: This is a proposed exchange fee-schedule change, not a procurement. No products, services, quantities, or part numbers are requested.

Description

Long-Term Stock Exchange, Inc. proposes to amend its Fee Schedule to add a Market Maker Incentive Program. The program would provide monthly incentives to registered Market Makers for displaying quotes at the national best bid or offer in eligible securities, with incentive amounts and quoting thresholds varying by security type. Incentives are subject to a monthly cap, and LTSE proposes to implement the fee schedule changes on October 1, 2026. The notice solicits comments on the proposed rule change.

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