Davis Polk is advising the Long-Term Stock Exchange (“LTSE”) in connection with the SEC regulatory filing submitted by Investors’ Exchange LLC (“IEX”) to establish a new listing category on IEX. The new category, to be named LTSE Listings on IEX (“LTSE Listings”), will provide a differentiated choice for issuers and investors that prefer listing standards explicitly designed to promote long-term value creation. Upon SEC approval, companies will be eligible to list on IEX adhering to LTSE Listings standards. The LTSE will simultaneously continue pursuing regulatory approval to operate its own exchange, at which time qualified companies on LTSE Listings will have the opportunity to transfer to the Long-Term Stock Exchange.

The LTSE is focused on promoting and protecting long-term value creation within public companies through innovative listing standards that use additional disclosure and governance to incent long-term value creation for both companies and investors.

IEX is a next generation stock exchange, funded and backed by a consortium of long-term investors including mutual funds, hedge funds and family offices. IEX uses technology designed to level the playing field for investors and recently received approval from the SEC to list public companies.

The Davis Polk financial institutions team includes partner Annette L. Nazareth, counsel Zachary J. Zweihorn and associate Mark A. Sater. Counsel Ning Chiu is providing corporate governance advice. Members of the Davis Polk team are based in the Washington DC and New York offices.