How to admit securities to the International Securities Market
Admitting securities to ISM requires a direct submission to London Stock Exchange. To support ISM issuers and advisers, the Primary Market Regulation team, with a depth of regulatory and fixed income experience, are responsible for managing the admission process.
Full details on how to make an application are set out below.
How to be admitted to trading
Admission to trading on ISM requires a direct submission (no listing agents are required). Full details on how to be admitted to trading are set out in Section 3 of the ISM Rulebook and summarised below. Any queries should be submitted to ISM@lseg.com.
- Submit your (a) draft admission particulars, if applicable; (b) draft ISM Form 1 (which should be completed to the extent possible); (c) eligibility checklist (unless it is a tap issue of a security already admitted to ISM) and relevant information checklists to ISMapplication@lseg.com (checklists only need to be submitted with initial draft and no annotation of the admission particulars is required); and any omission of information request, if applicable to ISMapplication@lseg.com.
The table below provides a summary of the information checklists that need to be completed for an issuer and for the securities which are seeking admission to trading on ISM. Please contact the Exchange at the earliest possible stage if in doubt about which checklists are applicable to your transaction.
Type of Securities Sch 1 Sch 2 Sch 3 Sch 4 Sch 5 Sch 6 Sch 8 Sch 9 Debt*
x ✔ x x x x x Asset backed* ✔ ✔ ✔ x ✔ x x x Convertible* ✔ x ✔ x x ✔ x x Derivative* ✔ x ✔ ✔ x x x x Securities issued or guaranteed by non-OECD Sovereigns or their regional and local authorities* x x x x x x ✔ x Simplified Disclosure* x x x x x x x ✔**
*If guaranteed, the requirements of Schedule 7 must be complied with and the corresponding checklist completed. If completing any of the other checklists on behalf of a guarantor, please note that all references to the “issuer” in such checklists should be interpreted as references to the “guarantor”.
**Schedule 9 checklist will set out which, if any, other information checklists will also need to be completed and submitted.
- We will provide our comments within three days of your first submission.
- Your reply to our comments email should include (a) any responses to our comments; and (b) revised draft admission particulars, if applicable.
- We will provide our comments within two days of your subsequent submissions.
- Submit your (a) final admission particulars, if applicable; and (b) final and signed ISM Form 1 to ISMapplication@lseg.com by 9 a.m. (UK local time) one business day before the day on which admission to trading is sought.
- When we confirm eligibility of your admission particulars, we will announce the decision to admit the securities to ISM via a Dealing Notice which will be announced on RNS.
- For pricing supplements issued under a programme facility established on ISM, the pricing supplement needs to be submitted to email@example.com before 2 p.m. (UK local time), one business day prior to admission to trading.
Supplementary admission particulars
- Submit supplementary admission particulars to ISMapplication@lseg.com and we will endeavour to process within one business day.