At least with AMEX you have the historical case for Tape B listings, and with ARCA the strong local ETF business.

LTSE is trying to be principled, but I see this similarly to the TXSE/NYSE TX thing where they're trying to capitalize on a cultural issue that is fleeting and the general public really doesn't care about.

Poor BZX has never really recovered from botching their own IPO. Similar to how Nasdaq lost a bunch of business to NYSE following the Facebook IPO fiasco. As a corporate board I imagine you'd really need to justify why you would take the extra risk of working with an unproven exchange when it comes to your first day of trading.