International Securities Market
London Stock Exchange’s Enhanced Offering for Fixed Income Securities
Page 1 LSE’s International Securities Market Offering a Full Suite of Differentiated Routes to Market for Issuers
• As part of London Stock Exchange’s commitment to offering a full suite of options for issuers, in May 2017 we will be launching the International Securities Market • The International Securities Market is a multilateral trading facility which will operate alongside the Main Market and Professional Securities Market • Any securities admitted to International Securities Market will be subject to disclosure requirements outlined in the LSE International Securities Market Rulebook • This market will deliver a customer-centric approach and an efficient admission process, together with maintaining the appropriate regulatory standards expected of a London debt listing
Main Market Professional Securities Market International Securities Market
Applicable Regulation EU Regulated Market MTF Market MTF Market
Reviewer UKLA UKLA London Stock Exchange
Listing Documents Full prospectus Listing Particulars Admission Particulars
Designation All investors Professional investors only Professional investors only Disclosure PD/MAR/TD LR applying PD/MAR LSE ISM Rulebook/MAR Obligations
2 International Securities Market Value Proposition
International Securities Market provides issuers with all the benefits of London’s extensive experience as a global financial centre, whilst offering an efficient admission process utilising an innovative Rulebook
LSE is aware of the challenging time frames under which issuers and their advisers have to operate in the LSE can provide issuers and investors with complimentary Eurobond market. fixed income trading services that can support market liquidity and price transparency LSE has a team of Debt specialist who will consider Liquid Process eligibility for admission to ISM. This ensures a smooth and efficient process with strict turnaround timings. Markets Efficiency London is a gateway not only to Europe, Middle East and Africa but also to the US, Asia and beyond and guarantees maximum investor diversification. LSE Primary Market regulators are not restricted
by prescriptive Prospectus Directive requirements. Listing on LSE will offer issuers a prestige that Customer- Accordingly, based on extensive dialogue with issuers cannot obtain through other MTF listings market participants, International Securities and recognition among the global investor Prestige centric Market rules will look to incorporate, among other community. LSE can also help raise issuer things, simplified requirements relating to profiles through Market Opens and other Approach incorporation by reference and derogations as well dedicated events as offering a simplified disclosure regime for
certain issuers The benefit of London finance ‘ecosystem’ means that debt market advisors are close at Knowledgeable hand to help ensure a quick and efficient listing process Debt Team
Debt specialists will work to build and maintain strong relationships with market participants, to foster a collaborative application process where market participants feel able to engage with LSE early in relation to applications and trust the expertise of the team to deliver an efficient process
3 International Securities Market Summary Market Model
London Stock Exchange will use a customer-centric approach towards admission applications of bonds to International Securities Market with a decision given within a competitive timeframe
• We have put in place a knowledgeable debt specialist team who will be accessible and on hand to provide timely comments
• The debt specialists will work to build relationships and engage with the advisory community in order to foster a collaborative application process
• Advisors will be able to contact the team with any questions ahead of a formal application in order to ensure predictable timelines
Typical Transaction Process Normal LSE Admission Pre-Submission Submission Eligibility Review Process Admission Conditions to trading
Direct submission to • Final form 1 LSE Primary LSE PMR Team Markets LSE PMR Team confirms • Sanctions Regulation there are no more questions Securities Legal advisors/issuers can LSE PMR Team liaison confirmation (PMR) Team Assessment of – securities will be admitted approved submit documentation with issuer and advisors Team accessible Eligibility Criteria for to trading subject to • Admission for directly to LSE – no within pre-defined and available to requirement for listing Admission satisfactory completion of particulars Admission timeframes answer agent normal LSE admission to Trading (to be received 1 questions ahead conditions day before of submission Disclosure requirements in line with LSE Rulebook admission)
COMPETITIVE TURNAROUND TIMES (MAXIMUM 3 DAYS FOR INITIAL COMMENTS + 2 DAYS FOR SUBSEQUENT COMMENTS)
4 International Securities Market Rulebook Overview
Through extensive dialogue with a number of market participants, LSE has sought to address certain highlighted issues with the current market offerings and has incorporated a number of enhancements into the International Securities Market Rulebook
Stock Exchange responsible for the admission process – efficient and transparent process
Full integration in the London financial community
Clear and consolidated rulebook
Simplified disclosure regime for certain issuers
Common derogation requests have been hard-wired into the rulebook itself to simplify the process and circumvent the need to submit derogation requests
Enhanced incorporation by reference provisions
No requirement for a listing agent
5 Disclaimer
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Exchange. The Exchange does not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of the presentation/document or any of the Information. No responsibility is accepted by or on behalf of the Exchange for any errors, omissions, or inaccurate Information in this presentation/document.
No action should be taken or omitted to be taken in reliance upon Information in this presentation/document. We accept no liability for the results of any action taken on the basis of the Information.
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