The Main Market
The Main Market is our flagship market and provides access to Europe’s deepest capital pool. Listing on the Main Market exposes your debt securities to a wide audience of financial market experts.
The value of debt securities admitted to the Main Market exceeds £1.65 trillion, which accounts for almost a quarter of the £6 trillion total of all securities listed on this market. There are more than 14,500 debt securities from all over the world listed on the Main Market, including a number of sovereign issues. It is the listing venue of choice for all UK government issues.
The Main Market’s status as a listed and regulated market offers flexibility both to issuers and holders of debt finance. Its focus, therefore, is on the broadest range of institutional and retail investors. If you would like to find out more about listing debt on the Main Market, please click here.
The Professional Securities Market
The PSM provides a more flexible alternative to the requirements regarding denomination and financial information compared to other markets regulated in the context of the EU directives, and is aimed issuers targeting professional investors. There are currently more than 550 debt securities admitted to the PSM.
The PSM is an exchange regulated market that admits listed securities. This gives issuers on the PSM substantial flexibility and offers a favourable tax regime – e.g. “quoted Eurobond” status.
On the PSM, debt securities, regardless of the denomination, can be admitted under a wholesale regime. By following the PSM route to listing, companies are able to admit any type of debt security.
The PSM offers a wide range of benefits for issuers, including a less onerous listing process; the ability to submit listing particulars as defined in Chapter 4 of the UKLA's Listing Rules; also, issuers do not need to submit accounts according to International Financial Reporting Standards (IFRS); instead, local GAAP suffices. For more information on listing debt on the PSM, please CLICK HERE (link to be added once PSM section completed)
Comparison of the Main Market and PSM
|
|
Main Market |
PSM |
|
EU Regulated market |
Yes |
No |
|
Instruments on the Official List
|
Yes |
Yes |
|
Prospectus Requirement |
Prospectus |
Listing particulars |
|
Accounting Standards |
Local GAAP
for denominations
>EUR 50,000* |
Local GAAP |
|
IFRS**
for denominations
<EUR 50,000* |
* Wholesale denomination issuers from EEA which produce consolidated accounts need to adopt IFRS**
**or equivalent for any financial year on or after 20 Jan 07