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.

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
Reveiw	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

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