The U.S. Securities and Exchange Commission (SEC) issued an order on Friday approving an application from San Francisco-based Long-Term Stock Exchange Inc. (LTSE) to register as a national securities exchange.
LTSE says it wants to empower longer-term investors by focusing on listing companies that pursue long-term success rather than short-term results. It expects to list companies and open trading later this year.
“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, CEO of LTSE, in a statement.
In a recent online post, Perkov said, “Unlike most U.S. stock exchanges, which look to trading and the data it generates as main sources of revenue, we expect to earn the bulk of our revenue from providing companies with software and services that are designed to enable issuers to thrive over the long term.”