Managing your London Stock Exchange Membership FAQ

Member firm changes
How do I change my firm’s name?

To change a member firm’s name please send a notification of the new legal entity name together with a copy of the Name Change Certificate to the Membership Team. Once the details of the change have been confirmed, the Member Firm Directory and Datasync will be updated accordingly and a Member Firm Information Sheet will be published on the Exchange’s website. If your firm is recognised as an Intermediary for Stamp Duty Reserve Tax relief, you should complete an updated Recognised Intermediary Self-Declaration and send this to the Membership Team.

Please be aware that if your company is changing its legal structure or identity (e.g. a change from a limited company to a limited legal partnership), a new membership application and related documentation may be required. Please contact the Membership Team for further guidance in advance of any such change.

How do I update my firm’s contact details?

To update your company’s address, phone, fax or email, please send notification of the new contact details to the Membership Team. Once the details have been confirmed by the Membership Team, the Member Firm Directory will be updated accordingly.

To update your company’s compliance contact, membership contact or senior executive officer, please send details of the new contact (name, job title, telephone number, email address) to the Membership Team together with details of any individuals to be removed from your company’s records.

If you wish to update the list of individuals who are authorised to request order deletions, you should complete an updated Persons Authorised to Request Order Deletions Schedule and return this to Market Supervision.

How do I notify the Exchange of a change of control of my firm?

If you need to notify us of a change of controller or significant beneficial owner, please send details of your firm’s revised control structure together with the name, date of birth and nationality of any named individuals to the Membership Team.   

How do I make changes to trading codes?

Please send a notification detailing the request to update your firm’s trading codes to the Membership Team.

A membership consultant will contact you and advise whether any further documentation is required in order to update your firm’s trading access and post-trade arrangements.

How do I apply for Stamp Duty Reserve Tax Relief as a Recognised Intermediary or Recognised Options Intermediary?

In order to apply for recognition as an Intermediary/ Options Intermediary, you should complete a Recognised Intermediary Self-Declaration/ Recognised Options Intermediary Self-Declaration as appropriate and return this to the Membership Team.  Prior to doing this, you should ensure that you qualify for the Recognised Intermediary/ Recognised Options Intermediary relief from Stamp Duty Reserve Tax and do not undertake any excluded business. Member firms should take appropriate professional advice or contact HM Revenue & Customs if they are uncertain as to their eligibility for the relief.

If you intend on using a third party Crest Participant ID in order to receive the SDRT relief, you must ensure that you have obtained permission of the owner of the Crest Participant ID to use their account for this purpose. A membership consultant will then liaise with you regarding the process and any documents required in order to update your firm’s trading access and post-trade arrangements.

Access to the Exchange’s markets
How can my firm start trading on the Exchange’s cash markets, including SETS and/or the International Order Book?

If your firm already has trading access to the Exchange’s markets, please contact the Membership Team who will advise of any requirements based upon your existing trading access.

If your firm doesn’t have access to any trading services, you will need to complete a Change of Profile – Equities form and  Trading Services Order Form as well as providing us with details of your clearing (where required) and settlement arrangements.  If you wish to access SETS and / or the International Order Book, you will also need to provide us with details of your proposed system and order entry controls.  Please contact the Membership Team for further guidance.

The Exchange’s Client Technology Services can provide you with guidance and technical support for establishing connectivity to the Exchange’s trading systems and trading software conformance.

How can my firm start trading on the Derivatives Market?

If your firm already has access to the Exchange’s cash markets, you will need to complete a Change of Profile – Derivatives form as well as providing us with details of your clearing arrangements. If you wish to have order entry access to our SOLA trading system, you will also need to provide us with details of your proposed system and order entry controls; your firm may also require further technical configuration. Please contact the Membership Team for further guidance.

If your firm does not access to the Exchange’s cash markets, you will need to complete a Change of Profile – Derivatives form and Trading Services Agreement as well as providing us with details of your clearing arrangements. If you wish to have order entry access to our SOLA trading system, you will need to establish connectivity and either use an accredited 3rd party trading application or complete application conformance. In addition, your firm will need to provide us with details of your proposed system and order entry controls.  Please contact the Membership Team for further guidance.

If your firm already has access to the Exchange’s Derivatives Market and you wish to add or remove access to trade derivatives contracts, please contact the Membership Team who will provide you with an updated Static Data Form for signature.

How can I remove market access from my firm’s profile?

Please notify the Membership Team of your requested change and your desired effective date for the change. The Membership Team will advise you if any further actions are required.

Market Making
How do I register as a market maker?

To register as a market maker for the first time on the Exchange’s cash markets (including SETS, SETSqx, SEAQ, IOB and ORB securities), your firm will need to complete a Registration Information Form (RIF)and return this to the Membership Team. The obligations of market makers can be found in the LSE Rulebook - to ensure you understand these obligations, please review the rules here. Once the details of the change have been confirmed, the Member Firm Directory and Datasync will be updated accordingly and a Member Firm Information Sheet will be published on the Exchange’s website.

For any subsequent changes to your market making instrument registrations (additions/ deletions), you should complete an amended Registration Information Form (RIF) and return this directly to the Market Supervision Team.

If you have any questions relating to completion of the Registration Information Form (RIF), please direct these to our Market Supervision Team.

 

How do I register as a derivatives market maker or derivatives liquidity provider?

In order to register as a market maker or liquidity provider in products traded on the Derivative Market, you will need to complete a Market Making Agreement and specify the listed products in which your firm agrees to make a market/ provide liquidity. You should review the Market Making Obligations document in order to understand your responsibilities as a market maker/ liquidity provider.

In addition, you may need to update your firm’s clearing arrangements by completing an updated Static Data Form – where you use a third party General Clearing Member (GCM), your GCM will need sign the updated Static Data Form. You should return the completed (s) to the Membership Team.

How do I de-register from market making in a security on the Exchange’s cash markets?

Firms are reminded that a market maker on the Exchange’s cash markets may not de-register from a security within three months of its initial registration or re-register in a security within three months of de-registration in respect of the same security.

Any request for withdrawal or de-registering should be completed using a Registration Information Form (RIF) and returned Market Supervision Team.

Clearing & Settlement Changes
How do I change my settlement provider?

Please send notification and details of the change to the Membership Team. A Membership Consultant will advise you on the required documents and the process to follow. The exchange requires that you complete a Settlement Agreement to confirm the new arrangement. Dependent on how your firm settles its business you will need to complete one of the following forms which will need to be signed by your settlement provider:

-       Settlement Agent Settlement Addendum

-       Model B Settlement Addendum

Where your firm trades on centrally cleared markets (such as SETS or IOB), you will also need to complete a new Static Data Form(s) reflecting your new settlement provider details. Please arrange for the completion and signature of the form – if you are using a third party GCM, the Static Data Form must be signed by the GCM.

Once the details of the change have been confirmed, the Member Firm Directory and Datasync will be updated accordingly and a Member Firm Information Sheet will be published on the Exchange’s website.

How do I change my clearing provider?

Please send a notification detailing the change of clearing provider to the Membership Team.

With the help of your new clearing provider, you will need to complete a new Static Data Form(s); the form must be signed by your new clearing provider. Following validation by the Exchange and the related CCP, you will need to inform your current clearer of the change and the effective date for the change. Your existing clearing provider will need to ensure that the relevant CCP is notified in accordance with any of their termination requirements.

How do I change dealing capacity?

Please send a notification detailing the change in dealing capacity to the Membership Team.

Please ensure that your firm has the relevant authorisation from your Home State Regulator in place with respect to the dealing capacity.

In addition, you will need to supply an updated Static Data Form including the new dealing capacity. If the change in dealing capacity alters your current settlement arrangements then you will also need to complete a new Settlement Agreement. Please arrange for the completion and signature of both forms – if you are using a third party General Clearing Member (GCM), the Static Data Form must be signed by the GCM.

If you are adding Principal dealing capacity to your trading profile and your firm qualifies as an intermediary then you can apply for intermediary recognition for the purposes of UK Stamp Duty & Stamp Duty Reserve Tax relief.