youre able to route orders to specific market trading venues. If you open up IBKR and look at the subwindow (forgot the name sorry) that shows realtime orders, you'll see stuff like ARCA and BATS and these are different venues basically. Similarly if you do a simple 10,000 share order for TWLO at 7.50 limit, the advanced order entry system will let you click (probably with a dropdown or something) which venue to route your order to.
Personally I'm not really sold on the idea of LTSE. I mean it sounds good I guess, but governance of a public company doesn't start with the venues it is able to be traded on. It starts with the company, or at least with our regulatory bodies (lol imagine that)
I actually agree with you. Exchanges are regulatory bodies (so-called SROs) in our capital markets system. We think there should be a new one with different incentives to do a good job for companies
Personally I'm not really sold on the idea of LTSE. I mean it sounds good I guess, but governance of a public company doesn't start with the venues it is able to be traded on. It starts with the company, or at least with our regulatory bodies (lol imagine that)