Bloomberg is reporting that best-selling author of "The Lean Startup" Eric Ries believes we need yet another stock exchange here in the United States. Whodda thunk? This is pretty interesting as most of the insiders in the trading markets are bemoaning the recent onslaught of more exchanges, and the subsequent dispersion of market liquidity. However, he has already raised a seed round of investment from over 30 investors (including VC titan Marc Andreessen), with a team of nearly 20 attorneys, egineers and finance execs already lined up.
Ries is also in early discussions with the US Securities and Exchange Commission to bring LTSE, which stands for "Long Term Stock Exchange" to reality, with the objective to fix what he believes plagues today's markets: short term investing that eradicates rational long term economic decision-making. Lofty goal, but in a society that is all about quick reads (thank you very much!), quant-based markets and instant gratification, can that actualy work? We salute the effort and we shall see.
Original Source for Story: Bloomberg