FR 2025-00298

The document in question announces a proposed rule change filed by the Long-Term Stock Exchange, Inc. (LTSE) with the Securities and Exchange Commission (SEC). This change seeks to amend the LTSE's fee schedule by implementing new market data fees starting November 1, 2024. The proposal follows LTSE's recent transition to a new trading platform as part of its broader strategic changes.

General Summary

The document is a notification from the LTSE about adjustments to its fee structure, specifically targeting market data fees. This follows previous regulatory filings related to the LTSE's transition to a new trading system. The SEC is soliciting comments from stakeholders and the public to gather feedback on this proposal before its implementation.

Significant Issues or Concerns

Several issues arise from the document that might concern stakeholders and the general public:

• Lack of Explanation: The document does not provide a detailed rationale for the proposed increase in market data fees. Understanding the reasons behind the fee changes could help stakeholders assess the potential impact on their operations and planning.

• Technical and Legal Jargon: The document is laden with industry-specific terminology that might be difficult for individuals without a background in finance or securities regulation to comprehend. This may hinder effective public engagement.

• Absence of Comparison with Previous Filings: While it references earlier submissions, it does not elucidate the differences or improvements made from these prior proposals. This lack of contextual information might make it difficult for stakeholders to understand how the current proposal differs or improves from previous versions.

Impact on the Public

The proposed rule change could have several implications for the public:

• Market Participants: Investors, traders, and firms that rely on LTSE's market data might experience increased costs due to the new fees. This could impact small investors or firms with limited resources more significantly, potentially altering their trading strategies or financial planning.

• General Public: While the direct impact on the average citizen might be minimal, changes in how financial markets operate or are priced can eventually trickle down to broader economic impacts, such as affecting the price of goods and services or the health of pension funds invested in the market.

Impact on Specific Stakeholders

Specific stakeholder groups will be directly affected by the proposed changes:

• Financial Firms: Firms that use LTSE's services could face higher operational costs owing to the increased market data fees. Larger firms might be better equipped to absorb these costs or pass them on to their clients, whereas smaller firms might struggle.

• Regulators and Policymakers: The SEC and other regulatory bodies must consider whether the fee changes align with broader market stability and fairness objectives. They also have the responsibility to ensure transparency and protect investors from potential excesses.

In conclusion, while the proposal aims to update LTSE's fee schedule in light of its new trading platform, the lack of detailed explanations and potential impacts on various stakeholders require thorough consideration. Public and stakeholder engagement facilitated by the SEC through comments may provide critical insights into the fair implementation of the proposed changes.