On May 10, 2019, the SEC approved a new stock exchange, the Long-Term Stock Exchange, or LTSE, a Silicon Valley-based national securities exchange promoting what it says is a unique approach to governance and voting rights, while reducing short-term market pressures on public companies. According to their website, the LTSE strives to provide a new way of being public for companies that aims to build their businesses, advance their visions and generate value for decades to come.The SEC’s approval made the exchange one of a handful of U.S. exchanges qualified to conduct listings and authorized the company to operate a fully automated electronic platform for the buying and selling of shares. The exchange anticipates being ready to accept listings and start trading later this year after completing administrative and technical steps.
"We welcome the approval, which advances our vision of a new way of being public for a generation of companies that aspire to build their businesses and generate value for decades to come," said Zoran Perkov, the exchange's chief executive.
LTSE is the only national exchange located in California. According to reporting from Reuters, the LTSE is a bid to build a stock exchange in the country’s tech capital that appeals to hot startups, particularly those that are money-losing and want the luxury of focusing on long-term innovation even while trading in the glare of the public markets.