Long-Term Stock Exchange

The exchange's five principles are embedded in its listing rules, which the SEC has approved. Companies must adopt measures such as multi-year director compensation, board oversight of long-term strategy, and stakeholder-focused disclosure. LTSE can suspend or delist issuers that fail to comply or provide required reporting, making the principles a binding regulatory covenant rather than a voluntary pledge.

LTSE operates its public exchange and private-markets arm as complementary channels. The private-markets team provides cap-table management, governance software, and round-closing services to late-stage companies; the public exchange then offers those companies a listing path where the governance infrastructure they built in private becomes a compliance asset under LTSE's rules.

LTSE is a venture-backed corporation that owns and operates a registered national securities exchange. This hybrid structure is unusual: the parent company raised traditional venture capital from investors such as Founders Fund and Collaborative Fund, while its exchange subsidiary operates as a self-regulatory organization overseen by the SEC.

Early listed issuers included Twilio and Asana (per SEC filings, 2020). Asana joined the exchange alongside a direct listing, while Twilio transferred its existing listing from the NYSE to LTSE. The exchange has since pursued additional transfers and new listings, though it has not disclosed a full, up-to-date roster publicly.

LTSE's matching engine is designed for a quiet end-of-day auction process, dampening intraday volatility and reducing the signaling role of tick-by-tick price movements. The exchange does not compete on co-location speed or high-frequency order flow; its pitch is that the microstructure should reward long-horizon investors rather than algorithmic traders.

No. LTSE is registered as a national securities exchange under the Securities Exchange Act of 1934 and operates only within the United States. Its private-markets service also serves U.S.-based late-stage companies, though many are globally active.

Eric Ries is the Founder and Executive Chairman of LTSE. He also hosts 'The Eric Ries Show,' a podcast interviewing CEOs and founders on long-term governance, which operates separately from the exchange but reinforces its market-positioning message.