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Lexis®PSL Corporate and Market Tracker have conducted research to examine current market trends in respect of equity capital markets (ECM) transactions in 2019.
Background and approach
This review looks at the 22 companies which listed on the standard segment of the Official List 2019 (by way of IPO, introduction or transfer from AIM) and forms part of our annual trend report which aims to provide insight into the current dynamics of ECM activity in the UK. The other parts of our 2019 trend report comprise:
• IPOs in 2019—Main Market and AIM
• Secondary Offers in 2019—Main Market and AIM
• Risk factor disclosure in 2019 IPOs
• Legal and regulatory developments in Equity Capital Markets 2019
Introduction to standard listings
Prior to the harmonisation of certain key elements of capital markets regulation across the EU, the UK listing regime was divided into a system of primary and secondary listing. A primary listing was the main listing category available to both UK and overseas issuers able to comply with the high standards of primary market regulation in the UK. The secondary listing category was reserved for overseas companies with a primary listing in their home jurisdiction and such companies were subject to a lower level of regulation under the UK Listing Rules.
The primary and secondary listing categories morphed into what we now know as the premium and standard listing segments when EU capital markets regulation relating to listing and disclosure was more closely aligned in 2005.
The UK’s more stringent ‘gold-plated’ primary listing rules which were over and above the EU minimum standards for admission to trading on an EU regulated market were retained for the premium listing segment whilst the standard listing segment was preserved for those issuers only able to comply with the EU minimum requirements.
More recently in 2017, the FCA launched a review of the split of the listing
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Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.
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