LTSE adds market maker incentive program to fee schedule

On September 30, 2026, Long-Term Stock Exchange, Inc. (LTSE) filed a proposed rule change (File No. SR-LTSE-2026-22; Release No. 34-106653) to amend its fee schedule. The Commission published the filing on October 13, 2026 and designated the change as immediately effective. LTSE intends to implement the new Market Maker Incentive Program on October 1, 2026.

The program offers market makers monthly credits for quoting at the national best bid or offer (NBBO) on Market Maker Incentive-Eligible Securities. Dually-listed securities qualify for a $1,250 incentive when the market maker posts displayed quotes at the NBBO at least 70% of the regular market session. UTP securities that are not dually-listed receive $850 if quoted at the NBBO 50%-70% of the time, or $1,000 if quoted at least 70% of the time. Eligibility is calculated daily and averaged over the month.

A Monthly Incentive Cap restricts payouts for Non-LTSE Listed Securities to no more than 20 for every one Dually-Listed Security in which the market maker is registered. The cap limits the Exchange's liability and encourages registration in dually-listed securities. When a market maker meets the quoting requirements for both this program and the existing Liquidity Incentive Program, the Market Maker Incentive Program takes precedence, effecting a Liquidity Incentive Program Exclusion.

LTSE will maintain and annually review a list of Market Maker Incentive-Eligible Securities, providing advance notice of any changes. The Exchange asserts that the incentive amounts are reasonable under Section 6(b) of the Securities Exchange Act and comparable to tiered credits offered by NYSE American.