London Stock Exchange announces improvements to International Order Book

  • Moves to bring Global Depositary Receipt market in line with SETS order book
  • Underlines rapid development and growing international popularity of International Order Book

London Stock Exchange today announced several important changes to its International Order Book – the world’s leading trading venue for Global Depository Receipts (GDRs) – to bring it in line with the SETS market, home to FTSE 100 and FTSE 250 index constituents.

The changes below, which follow a market-wide consultation, will be implemented from 10 February, 2014.

—     IOB opening time to match that of SETS market

—    Tick sizes for the most liquid IOB securities to be reduced to align with FTSE 100 stocks

—    Move from T+3 to T+2 settlement cycle in line with wider EU harmonisation (October implementation)

Anastasia Kutsepalova, Head of International Business, London Stock Exchange said:

“These important changes recognise the exceptional growth and development of the IOB market. Many of its securities trade as heavily, if not more so, than the most liquid FTSE 100 stocks and it’s appropriate to provide our customers with a market structure that matches its status as the world’s leading GDR market. These improvements will mark the next stage of the IOB’s development and support the strong interest we are seeing from new issuers and international investors.”

There are 207 GDRs listed on the International Order Book with issuers from over 44 countries. Since its launch in 1998, more than $110bn has been raised by companies on the market which sees an average annual daily turnover of more than $700m. High profile IOB securities include: Lukoil, Sberbank, Samsung, Reliance Industries (India) and Gazprom.

Full details of the changes can be found here: http://www.londonstockexchange.com/traders-and-brokers/rules-regulations/change-and-updates/stock-exchange-notices/sen-home.htm

 

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For further information:

Tom Gilbert
+44 (0) 20 7797 1222
newsroom@lseg.com

 

Notes to editors:

About London Stock Exchange Group:

London Stock Exchange Group (LSE.L) is a diversified international exchange Group that sits at the heart of the world's financial community. The Group can trace its history back to 1801.

The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and the pan-European equities platform, Turquoise. Through its markets, the Group offers international business, and investors, unrivalled access to Europe's capital markets.

Post trade and risk management services are a significant and growing part of the Group's business operations. LSEG operates CC&G, the Rome headquartered CCP and Monte Titoli, the significant European settlement business, selected as a first wave T2S participant. The Group is also a majority owner of leading multi-asset global CCP, LCH.Clearnet.

The Group offers its customers an extensive range of real-time and reference data products, including Sedol, UnaVista, Proquote and RNS. FTSE calculates thousands of unique indices that measure and benchmark markets and asset classes in more than 80 countries around the world.

London Stock Exchange Group is also a leading developer of high performance trading platforms and capital markets software. In addition to the Group's own markets, over 30 other organisations and exchanges around the world use the Group's MillenniumIT trading, surveillance and post trade technology.

Headquartered in London, United Kingdom with significant operations in Italy, France, North America and Sri Lanka, the Group employs approximately 2,800 people. 
Further information on London Stock Exchange Group can be found at: www.lseg.com