# 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](https://cdn.prod.website-files.com/6462417e8db99f8baa069524/66bd2fdafde7195629fc7a99_(v1.12)%20LTSE%20MEMO%20FIX.pdf) and [MEMO SBE](https://cdn.prod.website-files.com/6462417e8db99f8baa069524/66bd2fed761ccc91c70891a5_(v1.12)%20LTSE%20MEMO%20SBE.pdf) 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. [Download User Guide](https://cdn.prod.website-files.com/6462417e8db99f8baa069524/66bcaf91783cec0a8f6eb3dd_LTSE-%20User-Manual-v1.0.pdf) ## Step One #### Select Order Type [Market](/content/trading/platform-capabilities#w-tabs-0-data-w-pane-0/index.html) [Limit](/content/trading/platform-capabilities#w-tabs-0-data-w-pane-1/index.html) [Pegged (Midpoint & Primary)](/content/trading/platform-capabilities#w-tabs-0-data-w-pane-2/index.html) ## Step Two #### Select Market Session [Pre-Market: 8:00am - 9:30am (EST)](/content/trading/platform-capabilities#w-tabs-1-data-w-pane-0/index.html) [Regular Market: 9:30am - 4:00pm (EST)](/content/trading/platform-capabilities#w-tabs-1-data-w-pane-1/index.html) [Post-Market: 4:00pm - 5:00pm (EST)](/content/trading/platform-capabilities#w-tabs-1-data-w-pane-2/index.html) ## Step Three #### Select Time in Force (TIF) [Immediate-or-Cancel](/content/trading/platform-capabilities#w-tabs-2-data-w-pane-0/index.html) [Fill-or-Kill, Day, Regular Hours Only](/content/trading/platform-capabilities#w-tabs-2-data-w-pane-1/index.html) [Good ‘til Time](/content/trading/platform-capabilities#w-tabs-2-data-w-pane-2/index.html) ### 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_ 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, 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. ### 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. SYMBOL SEARCH SYMBOL side Shares Price Ask 49278 405.86 TIME shares price May 13, 2022 - 2:09:43 PM 100 24.55 ## Learn more about trading [Contact Market Operations](/content/contact-exchange/index.html)