Both markets offer an efficient and convenient listing process. The table below explains in more detail the differences between the markets.
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 |
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.
London Stock Exchange’s International Securities Market (ISM) operates alongside our other fixed income markets, offering a full suite of options for issuers.