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Long-Term Stock Exchange Chooses IEX to Launch New IPO Venue
Traders Magazine Online News, December 14, 2017
The Long-Term Stock Exchange (LTSE) has chosen IEX’s stock exchange platform to host a new public markets experience that rewards modern companies and investors committed to a long-term vision.
The LTSE is a new market entrant focused on promoting and protecting long-term value creation within public companies. The company plans to do this through innovative listing standards that use additional disclosure and governance to incent long-term value creation for both companies and investors. LTSE’s listing standards, tools and services will be implemented on ‘LTSE Listings on IEX.’
IEX is a next generation stock exchange, funded and backed by a consortium of long-term investors including mutual funds, hedge funds and family offices. IEX uses technology designed to level the playing field for investors and recently received approval from the SEC to list public companies.
IEX’s recently approved listing standards are traditional and appeal to a broad set of public companies looking to switch from their current listings exchange to IEX. Under this new agreement, IEX will create a new listings category, ‘LTSE Listings on IEX,’ that will provide a specialized set of standards designed for those private companies looking to go public while making a commitment to long-term value-creation. The LTSE will simultaneously continue pursuing regulatory approval to operate its own exchange marked by this differentiated approach. When regulatory approval is received, qualified companies on ‘LTSE Listings on IEX’ will have the opportunity to seamlessly transfer to LTSE.
“We believe that for many companies, the public company experience today is inherently antithetical to the long-term value creation they want to be their focus—leaders are pressured to manage to the quarter instead of long-term fundamentals,” said LTSE founder and CEO Eric Ries. “We are excited to leverage IEX’s platform, which shares our values of transparency, fairness and innovation, to more quickly bring our long-term principles to life and serve companies and investors eager for a more long-term-focused public market experience.”
“We are thrilled LTSE has selected IEX as the exchange to offer their long-term focused listing standards to companies looking to go public. We think LTSE offers a differentiated choice for companies, and will add to much needed competition in the listings market,” said Brad Katsuyama, IEX co-founder and CEO. “IEX was built to protect and serve both companies and investors by offering a fairer option, and we are proud to support innovative ideas and companies.”
IEX is working with LTSE to submit ‘LTSE Listings on IEX’ to the Securities and Exchange Commission (SEC) for approval. Upon SEC approval, companies will be eligible to list adhering to ‘LTSE Listings on IEX’ standards.
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