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The Long-Term Stock Exchange Opens for Business

blog.ltse.com

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Re: The Long-Term Stock Exchange Opens for Business

#301

Post by dfabulich »

eries wrote: post #289
dfabulich wrote: post #271

Earlier quoted context omitted.

Do I have to "call up" a broker to do this trade? I've only ever used online brokerages. Am I just supposed to call Etrade's 1-800 number or something? EDIT: Wait a minute. No individual stocks are listed yet on LTSE https://news.ycombinator.com/item?id=24421925 so what am I supposed to ask them to do? When I want to buy a share, the first thing the brokerage asks me is the stock's symbol. Without any listings, what…

Today's announcement is about our ability to trade all US exchange-listed securities. It's not about listing our own equities. This is what it means to be a National Securities Exchange in the US. So if you want to trade any US exchange-listed symbol, your broker can do that on LTSE (assuming they are a member)

So I could use LTSE to buy a share of MSFT? But MSFT hasn't agreed to follow any of the LTSE's rules. Why would/should anyone buy MSFT on the LTSE?

Or maybe the point is: there's no point in buying shares with LTSE today, even though you technically can do so, and instead I should wait until there are individual listings and buy those?

(And even then, I don't need to use LTSE, I can just buy their shares on NASDAQ with Etrade like I always do…?)

Re: The Long-Term Stock Exchange Opens for Business

#302

Post by ryan_j_naughton »

specialist wrote: post #152

Congratulations. "We shape our buildings; thereafter they shape us." -- Winston Churchill Though I barely understand such things, I'm very excited by your LTSE and Katsuyama's Investors Exchange (IEX). Listening to your interviews about LTSE, my takeaway is that your goal is to allow companies to be judged on their own merits, instead of someone else's. So one side effect may be to help migrate private equity funded…

I concur! Market design is so important.

Eric, I worked at the world's first carbon market over a decade ago (Chicago Climate Exchange) and a group of us are at the early stages of designing some new exchanges focused on fixing market failures across several sectors.

I've been following your work for a long time, and I am excited to see LTSE finally launch.

I am concerned about the ability for people to create secondary markets the undermine the intention of the LTSE. How do you resolve this?

Re: The Long-Term Stock Exchange Opens for Business

#303

Post by newbie789 »

eries wrote: post #270
libraryatnight wrote: post #237

This feels... not open. Click around the site, can't find anything useful just manifestos and principles. I really hate when startups do this. You're not "open for business" you're open to being in business. If you tell me you've started an exchange, you're open when there's listings and people can trade.

Good point: https://markets.cboe.com/us/equities/market_share/

I am kind of confused. Does this site have a list of the actual listings? Maybe I'm not navigating this cboe site correctly but that just looks like some numbers.

Edit: For example if I wanted to invest in a business through LTSE today, is cboe how I would do so? What would my order flow look like?

Re: The Long-Term Stock Exchange Opens for Business

#304

Post by terminalcommand »

rytill wrote: post #297
eries wrote: post #221

Earlier quoted context omitted.

Leaving aside some of your odd claims, I’m happy to answer the question. Our definitions and standards are laid out in excruciating detail in our hundreds of pages of legal filings. Here’s a good place to start if you are interested: https://www.sec.gov/rules/sro/ltse/2019/34-86327.pdf Also this may be of some interest: https://longtermstockexchange.com/static/principals_for_lt_s...

You don’t have any key ideas that you can express without linking to “hundreds of pages of legal filings”? His claims are not odd at all, you really haven’t put any effort into distilling the incentive design. It’s not impossible to express complex incentive design or push readers in the right direction to understand this. What is the essence of what is quantitatively or contractually different about LTSE?

The first link seems to be a 14-page memo and the second link a 28-page marketing document.

As someone who writes these docs for a living, don't be afraid to read the legal stuff. It's just text.

Re: The Long-Term Stock Exchange Opens for Business

#305

Post by Animats »

Oh, it's mostly a statement of principles to which a company can sign up. More like a "public benefit corporation". Are these binding? How are they enforced?

I was expecting some kind of exchange designed for lower volatility. There have been exchanges proposed where prices only change once a minute, or something like that, to stop high frequency trading. But this isn't one of them. Warren Buffett has proposed that any capital gain over a period less than a year be taxed at 100%, to force a buy and hold strategy. Not seeing any of that here.

Re: The Long-Term Stock Exchange Opens for Business

#308

Post by 11thEarlOfMar »

The entire trading industry is formed around the public markets. Large financial firms, both in accounting and investing depend on revenue from the quarterly reporting. I'd expect a tremendous amount of resistance to moving companies to LTSE.

Do you expect that any firms will transfer? Or do you expect a new ecosystem to develop side by side, over time?

Re: The Long-Term Stock Exchange Opens for Business

#309

Post by JumpCrisscross »

Animats wrote: post #305

Oh, it's mostly a statement of principles to which a company can sign up. More like a "public benefit corporation". Are these binding? How are they enforced? I was expecting some kind of exchange designed for lower volatility. There have been exchanges proposed where prices only change once a minute, or something like that, to stop high frequency trading. But this isn't one of them. Warren Buffett has proposed that a…

> Warren Buffett has proposed that any capital gain over a period less than a year be taxed at 100%, to force a buy and hold strategy

Well yes, anyone with ample liquidity would love this. Anyone needing short-term liquidity would be price indifferent between their acquisition price and the market price. Liquidity providers would make bank.

Re: The Long-Term Stock Exchange Opens for Business

#310

Post by eanzenberg »

rytill wrote: post #297
eries wrote: post #221

Earlier quoted context omitted.

Leaving aside some of your odd claims, I’m happy to answer the question. Our definitions and standards are laid out in excruciating detail in our hundreds of pages of legal filings. Here’s a good place to start if you are interested: https://www.sec.gov/rules/sro/ltse/2019/34-86327.pdf Also this may be of some interest: https://longtermstockexchange.com/static/principals_for_lt_s...

You don’t have any key ideas that you can express without linking to “hundreds of pages of legal filings”? His claims are not odd at all, you really haven’t put any effort into distilling the incentive design. It’s not impossible to express complex incentive design or push readers in the right direction to understand this. What is the essence of what is quantitatively or contractually different about LTSE?

Snake oil is snake oil.
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