I don't know about red tape, but NYSE/NASDAQ have multi-year backlogs: https://www.google.com/search?q=NYSE+Nasdaq+ipo+backlog https://www.google.com/search?q=N

I don't know about red tape, but NYSE/NASDAQ have multi-year backlogs: https://www.google.com/search?q=NYSE+Nasdaq+ipo+backlog https://www.google.com/search?q=NYSE+Nasdaq+ipo+backlog Assuming the backers can attract capital to this new market, then I can see a win for companies who list here and then move to the majors if their capital needs exceed what this market can provide.