The Long-Term Stock Exchange, an attempt to create an alternative to the NYSE, NASDAQ, and other exchanges, said Friday it had recruited a board of directors and begun tests of its trading platform.
Ries said the LTSE will offer lower fees and simpler operations than other exchanges, and will not be aimed at high-frequency traders. The LTSE, masterminded by "The Lean Startup" author Eric Ries, was designed as a counterweight to short-term business planning by company leaders. The alternative stock market plans to require listing companies to make commitments to their investors to focus on long-term thinking and long-term growth.
"You have double uncertainty," Ries said. "You have to be real enough for companies to take you seriously. And then the timing of their going public, IPO, or direct listing has to be such that they would want to do that."
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