Listing debt securities in London

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • Listing debt securities in London
  • London Stock Exchange market structure
  • The Main Market
  • The Professional Securities Market
  • International Securities Market
  • Order book for retail bonds
  • Sustainable Bond Market
  • Financial Conduct Authority
  • Legislative regime
  • HM Treasury review of the UK prospectus regime
  • More...

Listing debt securities in London

London Stock Exchange market structure

The London Stock Exchange (LSE) has three principal markets for listing debt securities:

  1. the Main Market

  2. the Professional Securities Market (PSM), and

  3. the International Securities Market (ISM)

In addition, the LSE maintains two markets for specific segments of the debt securities market:

  1. the Order book for retail bonds, and

  2. the Sustainable Bond Market

The Main Market

The Main Market is a UK regulated market and the principal UK regulated market for bond issuance. As a regulated market it is subject to the requirements of several onshored EU measures which apply as of IP completion day (31 December 2021), most notably Retained Regulation (EU) 2017/1129 (UK Prospectus Regulation) and Retained Directive 2004/109/EC (UK Transparency Directive). The key condition for listing on the Main Market is the production of a UK Prospectus Regulation-compliant prospectus.

The Financial Conduct Authority (FCA) approves the prospectuses of issuers listing on the Main Market, and admits the securities to the Official List. Issuers then apply to the LSE for admission to trading.

For general information on the UK Prospectus Regulation, see Practice Note: The Prospectus Regulation—essentials.

The Professional Securities Market

The PSM is an exchange-regulated market which enables issuers to raise capital by the issue of specialist debt securities or depositary receipts to professional investors.

Specialist debt securities are debt securities which, because of their nature, are normally bought and traded

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