Q&As

Why is there a Main Market and a Professional Securities Market on the London Stock Exchange?

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Last updated on 17/05/2016

The following Banking & Finance Q&A provides comprehensive and up to date legal information covering:

  • Why is there a Main Market and a Professional Securities Market on the London Stock Exchange?
  • What requirements are there on issuers wishing to list debt securities in London?
  • What is the Main Market?
  • What is the Professional Securities Market?
  • Key differences between the Main Market and the Professional Securities Market

Why is there a Main Market and a Professional Securities Market on the London Stock Exchange?

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for DCM lawyers? [Archived]

What requirements are there on issuers wishing to list debt securities in London?

Under the Prospectus Directive 2003/71/EC and its implementing measures (and subject to a number of exemptions) a prospectus must be approved and published before:

  1. an offer of securities is made to the public within any European Economic Area (EEA) Member State, or

  2. securities are admitted to trading—ie listed—on a regulated market in any EEA Member State

What is the Main Market?

If an issuer wants to list debt securities on a regulated market in London, it will do so on the Main Market. The Main Market of the London Stock Exchange is approved as a regulated market under Article 44 of Directive 2014/65/EU, Markets in Financial Instruments (recast) Directive (MiFID II) and is the principal market for listing debt securities

Related documents:
Key definition:
Main Market definition
What does Main Market mean?

The main market for listed securities of the stock-exchange'>London Stock Exchange. The Main Market is a UK regulated market and has several segments: the Premium and Standard listing segments (for securities admitted to the Official List), the Specialist Fund Segment, the High Growth Segment and the Shanghai-London Stock Connect Segment. Companies wishing to have their shares admitted to trading on the Main Market will have to comply with the LSE’s Admission and Disclosure Standards.

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