| Main Market | ISM | |
|---|---|---|
| Issuer Domicile | Issuers from any domicile can admit securities to both the Main Market and ISM | Issuers from any domicile can admit securities to both the Main Market and ISM |
| Type of Investor | Securities may be offered to both retail and professional investors | Suitable for Professional Investors only as defined by MIFID |
| Review | FCA | London Stock Exchange |
| Disclosure Obligations | Prospectus Regulation/Market Abuse Regulation/Transparency Directive | ISM Rulebook/Market Abuse Regulation |
| Admission | Submission of listing particulars to FCA for approval and the London Stock Exchange for admissions | Direct submission to London Stock Exchange |
| Financial records | IFRS accounting standard or equivalent | IFRS or national accounting standards |
| Issue size | Market capitalisation of minimum £200,000 | Market capitalisation of minimum £200,000 |
| Listing Documents | Full prospectus (UK PR compliant) | Admission particulars based on ISM Rulebook |
| Listing Rules | Chapter 2 and 17 of UK Listing Rules | Listing Rules not applicable. Comply with ISM Rulebook |
| Tax Exemption | Eurobond exemption eligible | Eurobond exemption eligible |
| Fees | See London Stock Exchange Fees for Issuers document for more details | See London Stock Exchange Fees for Issuers document for more details |
| Listing agents | It is not mandatory to use listing agents | It is not mandatory to use listing agents |
Compare our Debt Markets
Our debt markets at a glance
- Main Market is London Stock Exchange’s Regulated Market, with disclosure rules aligned to Prospectus Regulation. The Financial Conduct Authority (FCA) approves Prospectuses for admission to the Main Market. As a Regulated Market, securities admitted to other Regulated Markets can be passported onto the Main Market. LSEG works closely with the FCA and key advisers on deals to provide an efficient listing process that best suits the needs of issuers.
- International Securities Market (ISM) is LSEG’s Exchange Regulated Market and operates as a Multilateral Trading Facility (MTF) under UK law. ISM operates under its own Rulebook, which provides for tailored Admission and Disclosure requirements. ISM’s dedicated and knowledgeable Primary Markets Regulation team is responsible for reviewing Admission Particulars and assessing the eligibility of issuers and their securities for admission to ISM.
Both markets offer an efficient and convenient listing process. The table below explains in more detail the differences between the markets.
Useful links
Find out which market best suits your needs
| Main Market | ISM | |
|---|---|---|
| Transferability | Must be freely transferable | Must be freely transferable |
| Trading functionalities available | Both the Main Market and ISM offer Trade Reporting Only and Order Book functionalities | Both the Main Market and ISM offer Trade Reporting Only and Order Book functionalities |
| Post-trade - Settlement | Electronic settlement required | Electronic settlement required |
Ongoing obligations
All securities admitted to London Stock Exchange's various markets must comply with the London Stock Exchange Admission and Disclosure Standards (PDF).
Choose from our leading global markets
Main Market
London Stock Exchange's Main Market is the UK's principal regulated market for bond issuance and is a globally recognised listing venue for domestic and foreign issuers, including a number of sovereigns.
International Securities Market
London Stock Exchange’s International Securities Market (ISM) operates alongside our other fixed income markets, offering a full suite of options for issuers.
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