Technical Notice and Guidance

• ECB announces end of its Asset Purchase Programme on 1 July 2022
• London Stock Exchange’s listed securities gain ECB collateral eligibility via automatic admission to MTS BondVision Europe MTF
• Securities admitted to London Stock Exchange’s markets and meeting BondVision requirements will continue to be automatically admitted post 1 July 2022

This pulse provides information for issuers of fixed income securities and advisors following the ECB announcement to end net asset purchases under its asset purchase programme (APP as of 1 July 2022).

Prior to the 1 July, the European Central Bank’s (“ECB”) eligibility criteria allow, under certain conditions, bonds to be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem. Currently, issuers of existing and new bonds listed on London Stock Exchange’s markets are able to maintain ECB collateral eligibility via automatic admission to MTS BondVision Europe MTF (“BondVision”), subject to the securities meeting the MTS admission criteria and satisfying all the other ECB eligibility criteria.

After the 1 July, Bonds listed on London Stock Exchange’s Main Market will still be automatically admitted to trading on BondVision at the same time that they are London listed, provided that they satisfy MTS’ admission criteria. London Stock Exchange notes that its collaboration agreement with MTS will not be affected by the ECB announcement and offers certainty for issuers on London Stock Exchange’s debt primary markets.

See the full list of bonds available for trading on BondVision.

If you have any questions, or need any additional information, please contact the fixed income team at London Stock Exchange - bonds@lseg.com