Earlier quoted context omitted.
Same question. How do I buy a share?
Ask your broker. They are probably a member already.
"Ask your broker" is so 1998.
The Long-Term Stock Exchange Opens for Business
281–290 of 561 posts
Re: The Long-Term Stock Exchange Opens for Business
#282Earlier quoted context omitted.
I don’t think multiples are the issue. The question is: are companies set up to support a philology of long-term decision making? Talk to almost any middle manager in any public company in America if you are confused about whether this is the common case today
> I don’t think multiples are the issue If multiples aren't higher, why would a company list on your exchange versus on the public market?
Companies care about many things other than mere multiples. And there are many factors that influence multiples. So I think it's accurate to say that companies consider many factors when deciding where and how to list.
Re: The Long-Term Stock Exchange Opens for Business
#283If you want long term thinking, pay packages for executives should take that into account. This can be done regardless of exchange.
Re: The Long-Term Stock Exchange Opens for Business
#284Earlier quoted context omitted.
I don’t think multiples are the issue. The question is: are companies set up to support a philology of long-term decision making? Talk to almost any middle manager in any public company in America if you are confused about whether this is the common case today
If investors are not irrational about the long term, then I don't see how there can be a problem. Prices will correctly reflect long-term expectations, and managers who are paid in options/hold equity will face the right set of incentives. If managers focus on the short term it's probably because it maximizes long-term value.
There's a lot of literature on this topic, and many empirical studies that call these assumptions into question. Just picking one at random from the set I've seen recently:
https://www.ey.com/Publication/vwLUAssets/EY_Poland_Report/%...
Re: The Long-Term Stock Exchange Opens for Business
#285Earlier quoted context omitted.
Yes, all of our standards are enforceable, that’s part of the responsibility of being an SRO. When a company makes promises as part of listing on LTSE, the public can believe them
Nothing here seems very "concrete" TBH, it all seems quite "hand wavy" and vague. Can you provide any specific examples of standards that could be enforced, and how?
Re: The Long-Term Stock Exchange Opens for Business
#286Earlier quoted context omitted.
Yes, all of our standards are enforceable, that’s part of the responsibility of being an SRO. When a company makes promises as part of listing on LTSE, the public can believe them
Let’s say the largest flagship company on LTSE decides to move to short-term governance strategies. How can investors be sure this company really would be delisted, even if it’s the company that makes LTSE the most money?
Everything we do is completely transparent. If a company deliberately violates the policies they have publicly adopted, not only would they be delisted they would likely be committing securities fraud. I think it's likely you'd hear about it.
You imply rather than state directly that you fear our regulatory decisions would be influenced by our commercial interests, so just to address that part, we have an extensive set of checks and balances in our own corporate structure that double-buffer these decisions.
Re: The Long-Term Stock Exchange Opens for Business
#287Earlier quoted context omitted.
We require companies that list with us to adopt corporate governance that aligns their behavior and incentives to the long term. I know that doesn’t sound super sexy but we believe this is a high-leverage point for reforms We will have more to say on reforms that relate to reading in the future, but we don’t limit the ability of “tourists” to trade in and out of stocks as normal.
This might not be a great comparison, however, when Japan was ascendant some of that might was attributed to their “long-view”. Companies on the nikkei were government backed and didn’t have the same quarterly results demands seen in other exchanges... and that was proven right to about the mid-90s. Then it was revealed that those companies on occasion invested in areas they had no expertise or had poor returns. Not…
As with everything, there is a delicate balance to be maintained. Toyota is an interesting example from the Japanese context. Luckily (?) things are today so out of whack that I don't think we have to worry about overcorrecting - for now.
Re: The Long-Term Stock Exchange Opens for Business
#288Earlier quoted context omitted.
Ask your broker. They are probably a member already.
"Ask your broker" is so 1998.
Re: The Long-Term Stock Exchange Opens for Business
#289Earlier quoted context omitted.
Yes, the major broker-dealers and market makers are members of the exchange. You can route orders to LTSE via your existing broker, just call them up and ask them to do so. I believe Interactive Brokers, in particular, extends this privilege to all of their retail customers. But I don't have first-hand knowledge of this, just what I've heard.
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)
Re: The Long-Term Stock Exchange Opens for Business
#290I don't understand from the website this bit which is about the "Long-Term Stakeholder Policy". What was the motivation for adding specific fields to this policy regarding diversity, the environment, and employee retention strategies? are these just examples? - The company’s impact on the environment and its community - The company’s approach to diversity and inclusion - The company’s approach to investing in its emp…
It's a gov policy, really: companies get special status, i.e. smaller taxes, if such and such criteria are met.