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Yes, I think it's a very natural fit. The first wave of B-corps that went public had a very bad experience, and I think the problem was that they did not have the right financial infrastructure around them to support their vision. We hope to remedy that.

So far, we have taken the view that each company has to design its long-term program around its own philosophy and approach. I don't know if it would really work to adopt a one-size-fits-all rule like this, even if I personally liked it.

We will have to see how the concept of benefit corporations evolves. So far, it seems that a number of companies that truly exist for the benefit of humanity have chosen not to organize themselves under that framework. As long as this is true, I'd be wary of excluding them from LTSE.

We are currently a private tech company, so only accredited investors have been able to invest so far. We hope to list publicly one day.

Yes there is much research in this area. Personally, I first got interested in this as a philosophical matter from reading about Toyota and its history (which has been extensively researched)

I think it's interesting that you use the word "despite" here, since of course it's those very companies that provide the data for this area of research.

I don't have time to pull links to papers right now, but there are some referenced in our (rather old now) whitepaper:

https://longtermstockexchange.com/static/principals_for_lt_s...

as well as our original application to the SEC: https://www.sec.gov/rules/sro/ltse/2019/34-86327.pdf

Some of my favorite research shows what happens to pairwise-matched companies where one went public and one stayed private. The effects are totally predictable.

This is a great question. Let me take it in parts.

First off, you're right that the most important place for support is via companies. Ultimately, that's what matters. But you'd be surprised how much voice people have in influencing companies. For example, if you're an employee, I can tell you first hand how closely CEO's and executive teams monitor (for example) what gets asked about at all-hands meetings.

Shareholders matter too. Companies want to know what their investors think and many of them have whole "investor relations" departments whose job is, in part, to relay investor sentiment to the rest of the company.

In terms of trading, yes, you can specify what exchange your shares trade on. Almost every major broker is a member of LTSE and can route orders to the exchange. As the customer, you're in charge of where your orders get routed, and you're welcome to specify a specific venue. Not every broker supports this right in their web UI, although I've heard that Interactive Brokers (IBKR) does.

If you've been following the news about controversies such as "pay for order flow" and such, you might make a connection here. Most retail customers don't specify where their order should be routed and as a result, they lend their voice to many of these industry practices. Because LTSE is not focused on maximizing trading volume, things are a little different on our platform. If you route to LTSE, you can be sure that no intermediary is getting paid for your transaction, and LTSE does not take a trading fee either.

As to whether traffic on LTSE helps, I think it does lend a little bit of credibility. If you take the time to tell your broker this is what you want, they will probably notice.

Thanks for the thoughtful question!

Thank you!

Stay tuned...

Founder/CEO of LTSE here. Happy to answer questions if anyone wants to know more, AMA

Trading has to happen via a broker that is a member of the exchange (as is true for every other exchange). If you are part of a firm that would like to become a member, the information is here: https://longtermstockexchange.com/market/connectivity/

Thank you for sharing. I’m delighted you had a good experience

Each principle requires a corresponding policy enactment / which must be verifiable and enforceable

I do think there is such a thing as good activism, when investors use their own long-term position in a company to insist on changes and accountability which they plan to benefit from over time. And I also think there is bad activism, which has a different tenor and character.

Good governance means, in part, shifting the power structures of the corporation to make it easier to do the good and harder to do the bad kinds of activism.

No, that's not legal under US law at this time

Yes, similar to NYSE and NASDAQ. All of our exchange fees are regulated: https://www.sec.gov/rules/sro/ltse.htm

Sure. Here's Citadel's profile from FINRA: https://files.brokercheck.finra.org/firm/firm_116797.pdf

Scroll down to page 9, you'll see they are a member of The Long-Term Stock Exchange

I'm not sure I had any of those 5 things when I began this journey, tbh

Maybe start with the summary? https://longtermstockexchange.com/listings

Or the white paper: https://longtermstockexchange.com/static/principals_for_lt_s...

Or the rules themselves: https://www.sec.gov/rules/sro/ltse/2019/34-86327.pdf

Sure. All of the details are available in public filings and on our website. You might start here: https://longtermstockexchange.com/listings

or here: https://longtermstockexchange.com/static/principals_for_lt_s...

or here: https://www.sec.gov/rules/sro/ltse/2019/34-86327.pdf

I'm happy to clarify further. There is nothing in the summary above that is accurate so I wasn't sure what else to say. Please feel free to ask followup questions, I'll do my best to get to them today

thank you!

We offer the same level of liquidity as incumbent exchanges, per SEC requirements

Definitely not

No companies are listed on our exchange - yet

I'll try: The charter governs the relationship of the company to its investor. A share of stock is a contract between those parties. The charter controls what the stock "means" no matter where it trades.

I've posted links elsewhere in this thread to the exact points of differentiation. You can even read the legal filings, if you are so inclined.

We support (and encourage) dual-listing, so that a company can still benefit from our protections while accessing liquidity at the open/close from a legacy exchange.

Yes, you can buy or sell any US exchange-listed security on LTSE starting today. If you check the market share tracker at CBOE you can see the "notional dollar value" of the shares which have transacted on the platform today: https://markets.cboe.com/us/equities/market_share/

It's clearly not zero, so somebody sees some benefit in it. So I don't see the issue with saying that we are "open for business"

Exchanges don't hold your shares, so once you have them in a custodian account you can do whatever you want with them, regardless of what exchange you acquired them from.

If the reforms are embodied in the company's charter, they will follow the shares wherever they are traded

if a company's executives feel like gaining outperformance by doing extra work isn't a good deal, maybe don't invest in that company? I'm not an expert, but I do play one on TV sometimes

good idea

Today's announcement doesn't pertain to listings, so 1) is a ways off still

You can do 2) through your existing broker, so long as they are a member of the LTSE, which they likely already are. You can check their membership status here: https://brokercheck.finra.org/