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The LTSE wants to give entrepreneurs stability and smaller investors more of the upside.
LTSE希望給企業家帶來穩定，讓較小的投資者獲得更多的好處。
It aims for listing requirements that will encourage long-term thinking.
其目標是可鼓勵長期思考的上市條件。
One idea is to give longer-term shareholders more voting power.
一種想法是給更長期的股東更多投票權。
Instead of charging for transactions or data, as most stock exchanges do (though some offer rebates),
萊斯表示，它沒有像大部分交易所那樣對交易或數據收費（雖然有些提供回扣），
it will charge for add-ons that appeal to startups, says Mr Ries,
但它將對吸引初創企業的附加服務收費，
such as software enabling them to track which shareholders are "tourists" moving in and out and which are "citizens of the republic".
比如能使他們追蹤哪些股東是進進出出的“游客”，哪些是“共和國公民”的軟件。
He is cagey about specifics, for fear of derailing negotiations with the SEC,
他對具體細節諱莫如深，擔心會破壞與SEC的談判
which must approve them before the LTSE's launch later this year or early next.
他們必須在今年晚些時候或明年初LTSE推出之前獲得SEC的批準。
Within the limits set by the regulator and the LTSE's philosophy, he says,
他表示，在監管機構和LTSE理念設定的范圍內
companies should have "maximum discretion" in how they reward investors' loyalty.
公司應該在如何獎勵投資者的忠誠上擁有“最大的自由裁量權”。
The biggest difficulty, says Joseph Grundfest, a former SEC commissioner now at Stanford University,
現就職于斯坦福大學的前SEC委員約瑟夫 格朗得費斯特表示，
will be finding the right mix of listing requirements—a "sweet spot" where firms' desire for stability meets investors' desire for attractive returns.
最大的困難將會是尋找上市條件的正確組合—一個公司對穩定性的渴望與投資者對可觀回報的渴望相匹配的“甜蜜點”。
Some see the LTSE as a disguised ploy to entrench the power of founders, early investors and,
一些人認為LTSE是一種鞏固創始人、初期投資者以及
ultimately, the Silicon Valley elite, who would like to take over public markets.
硅谷精英這些想要接管公共市場之人權力的偽裝手段。
But if it becomes attractive established bourses, such as the New York Stock Exchange and NASDAQ,
但如果它變得有吸引力，那么像紐約證券交易所和納斯達克這樣的老牌交易所
are likely to launch "panels" of firms that sign up to similar listing requirements while continuing to be traded on these exchanges.
可能會成立“委員會”，由簽署類似上市條件的公司組成，同時繼續在這些交易所交易。
Indeed, instead of fighting the newcomer, incumbent exchanges should be rooting for it.
確實，與其與新來者競爭，現有交易所應該支持它。
Since a peak in 1996 the number of publicly traded companies in America has fallen by nearly half.
自1996年達到巔峰以來，美國公開上市交易公司的數量下降了近一半。
The experience of Uber and Lyft, a smaller competitor whose share price has fallen by even more since it floated in March,
優步和來福車（這家規模較小的競爭對手，其股價自3月份上市以來下跌幅度更大）的經歷
will have done nothing to make IPOS more appealing.
將不會讓IPO變得更具吸引力。
Rather, it is likely to speed up efforts under way in both Silicon Valley and New York to avoid IPOS altogether.
相反，它可能會加速硅谷和紐約為避免IPO而共同進行的努力。
Listings these days mostly happen to enable early investors and employees with stock options to cash out.
如今的上市大多是為了讓早期投資者和擁有股票期權的員工能夠套現。
But financial whizz-kids are already working on a fair, transparent way
但金融奇才們已經在以一種公平、透明的方式工作
to value the shares of fast-growing private companies without taking them public. How about calling it NOIPO?
以在不上市的情況下評估快速增長的私營企業的股票。稱這種方式為NOIPO怎樣？
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