SEC Receives Petition to Scrap Quarterly Financial Reporting (2)

A securities exchange focused on long-term value creation is formally asking the SEC to move the financial reporting schedule for public companies from a quarterly to a semiannual schedule—a shift that agency leaders have already endorsed as a way to cut costs and attract more public listings.

Long-Term Stock Exchange Inc.'s petition for rulemaking, submitted Tuesday to the US Securities and Exchange Commission, caps weeks of chatter about the pros and cons of twice-a-year reporting. The exchange argues in its petition that quarterly reporting, which started in 1970, has pressured markets, ramped up volatility, encouraged corporate short-sightedness, and stifled investment ...