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 EU 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.

Find out which market best suits your needs

  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

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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 (EU 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

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.

Fees for issuers

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