Earlier quoted context omitted.
Is there a publicly available list of companies that are listed on the LTSE?
Not yet
Can you say how many it is roughly? Like, are there 10? 100?
The Long-Term Stock Exchange Opens for Business
321–330 of 561 posts
Re: The Long-Term Stock Exchange Opens for Business
#322The 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?
We have indeed seen quite a bit of resistance, as you say. I kind of think of it as carving the grand canyon with water and gravity. With sufficient time, determination, and patience, you can make remarkable things happen. We've been able to win over many former skeptics to become allies over the years.
I can't predict the future. I know there are existing public companies for whom this would be a great fit. Can they overcome the inertia and bureaucracy that tends to set in once you go public enough to make a farsighted bet like this? Or will it be up to the next generation of corporate leaders to act with boldness? Time will tell.
Re: The Long-Term Stock Exchange Opens for Business
#323Earlier quoted context omitted.
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 wi…
Correct. There is no need for you to transact on LTSE for the specific use cases you've outlined in this thread. We are open for business so, for the first time, you're able to if you want to.
Re: The Long-Term Stock Exchange Opens for Business
#324Earlier quoted context omitted.
>Clearly there are long-term investors and companies in today’s markets. That's not really an answer to the question - so how do you define long-term, and how do you take reports? Are they still quarterly reports? Or are the reports longer-term? How do companies prove they're long-term to interact with your platform? You haven't really talked about the concrete definitions or parameters around 'long-term' in this thr…
In the SEC filing they say that companies will be required to issue long term policy documents and that their progress should be measured in Years or Decades and with long term compensation plans. The compensation piece seems like the most concrete requirement given that most companies will say they have long term plans. But those companies also reward executives based on stock price and earnings in a quarterly/yearl…
We don't allow companies to list if all they have are vague plans. Each policy requires companies to make structural, externally-verifiable commitments.
Re: The Long-Term Stock Exchange Opens for Business
#325Earlier quoted context omitted.
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?
I think you and I would need to lean on a Robinhood to do that. You can't walk up to NASDAQ / NYSE and perform a trade direct you need a broker.
correct
to find out if your preferred broker or market maker is a member of LTSE, you can ask FINRA: https://brokercheck.finra.org/
Re: The Long-Term Stock Exchange Opens for Business
#326Earlier quoted context omitted.
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?
CBOE maintains an exchange trading "market share" page, that's what I linked above. It shows the number of transactions that cleared today via code "L" on the SIP. That's LTSE.
Re: The Long-Term Stock Exchange Opens for Business
#327Oh, 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…
There are many ways to address volatility, and - more importantly - the corporate dysfunctions that volatility can enable. We are working on research that will show that the reforms we advocate with are linked to lower volatility.
In terms of the principles, we advocate for principle-based listing standards which are indeed binding and enforceable. The details are enumerated in our public filings with the SEC and on our website.
Re: The Long-Term Stock Exchange Opens for Business
#328Earlier quoted context omitted.
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?
I think you and I would need to lean on a Robinhood to do that. You can't walk up to NASDAQ / NYSE and perform a trade direct you need a broker.
Oh, I didn't know that this was on Robinhood! I can't find it at the moment but I'm not an experienced investor and not particularly savvy when it comes to the service. (I've got less than $5 on the app.)
It's correct that you can't just walk up to NASDAQ and make a trade, but I can find some information about what companies are listed there easily on their website. As far as I can tell, "open for business" kind of looks like "We've finished our copy about our ideals and goals and put it on a webpage" in this case.
I could be wrong or just totally missing the point but I still don't know what is listed or how to engage with it. Is it normal not to provide that information as a stock exchange?
Re: The Long-Term Stock Exchange Opens for Business
#329Earlier quoted context omitted.
I think you and I would need to lean on a Robinhood to do that. You can't walk up to NASDAQ / NYSE and perform a trade direct you need a broker.
correct to find out if your preferred broker or market maker is a member of LTSE, you can ask FINRA: https://brokercheck.finra.org/
I do not have a preferred broker, and I have no idea how to find LTSE on Robinhood. I'm sorry if this is a stupid question, but how would an average person find out what companies are listed on your exchange?
Re: The Long-Term Stock Exchange Opens for Business
#330Amazing to see you here Eric. Having worked in Equities most my life I love the idea you are putting forward here. We really need to stopthinking in terms of "next quarter" and structure our markets for the longer term. Question for you : What are your thoughts on corporate buybacks on your exchange?
I think buybacks have occasional legitimate uses, but there’s a reason that they were considered basically illegal not that long ago I think if companies are sincere in their desire to use buybacks only for good purposes, they should commit to report “EPS net of buybacks”
Do you think fraudulent business practices would be able to hide more easily and for longer periods in the ltse exchange? I'm wondering if fewer large traders that focus on short term profits would mean less eyes would be focused on companies so that it would be easier to hide fraudulent activities.