The buying-in process is initiated by the requesting party submitting a request by direct submission, (e-mail or fax). The latest version of the Exchange’s buying-in direct submission system is available on request. Please contact Market Supervision on +44 (0) 20 7797 3666 (option 1).
Firms may find that the direct submission system is the most convenient for CREST settled transactions. When using this system, member firms are required to set up a dedicated e-mail address. The Exchange should be advised immediately if this e-mail address changes.
For non CREST settled trades (inc DTS, IBB Japan and IBB Hong Kong), requesting parties should use the form on the right.
This form may then be either e-mailed to msu@londonstockexchange.com or faxed to +44 (0) 20 7920 4526.
The requesting party must indicate whether the undelivered transaction was dealt for guaranteed delivery. This would have been agreed with the counterparty at point of execution and be indicated by the inclusion of GD bargain condition on the trade report.
Where the transaction was executed on SETS with the central counterparty the requesting party should record LCH01 as the liable party.
The requesting party should submit the request in accordance with the timetables set out in section 3. The Exchange will then issue the liable party with a “Buying-in Notice” either by e-mail or fax in accordance with the applicable timetable. Prior notice to the liable party by the Exchange will not be given where buying-in is to take place immediately.
The timetable in section 3 indicates when the Exchange will make the first attempt to buy in. If this is unsuccessful then it shows when a second attempt will be made. It also gives details of when matching and settlement must take place. Where a security changes timetables, for example, following a transformation as a result of a corporate action, the shortest timetable will be applicable
Where the trade was executed with a central counterparty the “Buying-in Notice” will not identify the ultimate requesting party.
It is the responsibility of the requesting party to ensure that it provides full information in connection with the buying-in request submitted to the Exchange. The Exchange is not liable for any errors or omissions in the connection with information it receives.