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Suppose LTSE becomes a thing, and they find some companies that they can certify as Long-Term(TM). What stops those shares from being traded on some other exchange, eg BATS?

What is it about the venue that makes it special? It seems that once an investor thinks a company has some desired characteristic, all they'd care about is where to get the shares as cheaply as possible.

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NMS shares can trade on any exchange, but there is still a primary listing exchange. They're mainly (AIUI) responsible for publishing data on various administrative minutia such as the handling of dividends and splits. I imagine most of LTSE's attraction to companies is enhancing the perception of only accepting listings from companies with a long-term view

Much like as an investor you'd think twice before purchasing an OTCBB share today, or perhaps 30 years ago pay more attention to the difference in listing requirements between Nasdaq and NYSE, I think that's what's intended here

I think the companies can be traded on any exchange - it's not really a function of stock price. The LTSE kind of venn-diagrams around the requirements of the other exchanges (for now). So a company is then held to different (greater) standards (even if its also listed on other exchanges).

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