How to admit securities to the International Securities Market
Admitting securities to International Securities Market (ISM) requires a direct submission only to London Stock Exchange. To support ISM issuers and advisers, the Primary Market Regulation (PMR) team, with a depth of regulatory and fixed income experience, are responsible for managing the admission process.
Full details on how to make an application are set out below.
Direct Access and Submission to LSE PMR team
Legal advisors/issuers can submit documentation directly to LSE; there is no requirement for listing agents.
Certainty of timing
Any comments or questions will be turned around within three days of the first submission and thereafter within 2 days of each subsequent submission.
A confirmation that there are no additional comments on the documentation in written form will be provided. Provided there are no further material changes to the documentation, eligibility for admission to trading is approved by such confirmation, subject to the satisfactory completion of normal LSE admission conditions.
Admission to Trading
One business day before the admission date, please submit a Form 1, additional sanctions confirmation if required and final admission particulars.
Upon satisfactory receipt and acceptance of the above, the securities will be admitted to trading on ISM.
The ISM Rulebook
ISM is an exchange regulated market and is an EU Multilateral Trading Facility and as such is outside the scope of the EU Prospectus Directive and the Transparency Directive. Any securities admitted to ISM will be subject to the LSE International Securities Market Rulebook, which has been designed based on extensive dialogue with market participants.
The International Securities Market Rulebook will support plain vanilla issuance as well as provide for a range of specialist debt products including, amongst others, structured products, convertibles, high yield and asset-backed securities.