London Stock Exchange

The London Stock Exchange has confirmed changes to its rules relating to the execution of worked principal agreements.

An examination of the disclosure obligations of listed companies and some problems that can arise.

The London Stock Exchange has amended its rules to avoid the publication of dual trade reports.

The Stock Exchange has published its plans to test the linking of customers’systems with its own central trading and information system on transition to Year 2000.

The High Court has given guidance on the principle that, on bankruptcy or liquidation, the assets of the insolvent debtor are not to be taken away from the insolvent estate but are to be available for distribution amongst the general body of creditors.

published 16 November 2006

The Stock Exchange proposes to amend its rules to accommodate changes to transaction reports submitted through CREST. The Exchange has also issued guidance on reporting lending agreements settled in CREST.

The Stock Exchange has published proposals for trading in the UK’s equity and fixed interest markets under EMU.

At close of business on 8th December, 1995 the Irish Stock Exchange and the London Stock Exchange separated. The London Stock Exchange's new name is "London Stock Exchange Limited".

The Stock Exchange has announced an initiative to encourage trading in smaller companies' shares, although it has not recommended that a new market be established to replace the USM. Its seven-point plan includes proposals to develop listing requirements for companies whose shares are traded under Rule 535.2 and to set up a specialist Smaller Companies Group at the Exchange.

The Stock Exchange is to alter its rules to accomodate a number of technical developments scheduled for later this year in relation to CREST and its Sequence programme.

The Stock Exchange is proposing to amend its rules prohibiting the display of contingent orders relating to stock switches.

The Stock Exchange has published a draft of a new rule obliging a member firm to take action where it becomes aware that a client or counterparty has published a materially inaccurate statement about a transaction.

The London Stock Exchange is consulting on changes to a number of rules which it considers require clarification and further guidance.

The Stock Exchange has launched a wide-ranging review of the market-making system introduced to its markets in 1986.

This document is a pdf of Stock Exhange Notice N02/02 on amendments to rule 8.30 of the Stock Exchange Rules which come into effect on 4th Feburary, 2002.

The London Stock Exchange has issued the final version of the principles of good governance and code of best practice as amendment 12 to its listing rules.

The London Stock Exchange has published a booklet which sets out the application, admission and annual fees payable by UK and international companies with effect from 1st April, 2000.

Amendments to the Listing Rules have been made which simplify listing procedures for euro-currency and certain other debt securities and harmonise listing requirements for domestic debt securities which are marketed to knowledgeable investors as far as possible with those for euro-currency debt securities.

On 19 September 2008 the Financial Services Authority (FSA) published Short Selling (No 2) Instrument 2008 which came into force on 19 September 2008. The Instrument prohibits short selling in relation to UK financial sector companies, defined as a company that is a UK bank, UK insurer or a UK incorporated parent undertaking of either of these. The FSA has published a list of the UK incorporated banks and insurers (29 in total) to which the Instrument applies.The publication of the Instrument follows the announcement by the FSA on 18 September 2008 of its intention to introduce temporary measures to prohibit short selling in relation to UK financial sector companies effective from midnight on Thursday.The new measures are due to remain in force until 16 January 2009 although the FSA has stated it will keep this date under review in the light of market conditions. The FSA stated in its 18 September 2008 press release that it will review the operation of the new measures after 30 days and will publish a comprehensive review of the rules on short selling in January 2009.

The recent stand taken by Sherborne Investors GP, LLC and its associates in deposing members of F&C Asset Management plc’s board is a rare example of this particular form of shareholder activism.

Before the London Stock Exchange withdrew from its proposed merger with Deutsche Börse, Clearstream and CRESTCo published details of a framework settlement solution for iX–international exchanges plc.

The London Stock Exchange has notified member firms of changes to its rules for iceberg orders and to certain rules for SETSmm.

The London Stock Exchange is consulting on rules for SETSmm and changes to its rules to facilitate the introduction of iceberg orders.

An examination of the key issues and features of the tripartite merger of Greenwich Resources, Danae Resources and Buka Minerals to form Scarborough Minerals.

The London Stock Exchange has published proposed changes to its buying-in regime and the rules on the reporting of transactions involving “introducing firms”.

The London Stock Exchange is consulting on changes to its rules to facilitate the introduction of its new RSP Gateway service.

The London Stock Exchange has consulted on the introduction of a rule which restricts the ability of member firms to roll over all, or part, of a trade on one occasion only.

The London Stock Exchange has published a Stock Exchange Notice setting out some changes to its Rules which, amongst other things, give effect to the Investment Services Directive.

The London Stock Exchange has revised its admission and disclosure standards.

This note provides an overview of the functions of the UK Listing Authority and the London Stock Exchange in relation to applications for the listing and trading of securities.

On 12 October 2006 the Government provided further details on how it plans to legislate to grant the FSA new power over recognised investment exchanges and recognised clearing houses (for background, see PLC Legal update, Recognised exchanges and Transparency Directive: Government announcements). It proposes to introduce a short stand-alone Bill of some half dozen clauses as soon as possible in the next parliamentary session, with second reading expected before Christmas. The Bill will seek to modify FSMA 2000 part 18, and it is expected that the provisions will: (1) extend to the full range of markets operated by recognised investment exchanges; (2) enable the FSA to veto changes to regulatory provisions introduced by recognised investment exchanges and clearing houses, or those applying for recognition, that impose an obligation or burden; (3) limit the circumstances in which the veto may be used to those where the requirement is excessive, i.e. disproportionate to the end it seeks to achieve or not in pursuit of a reasonable regulatory objective. Exercise of the veto will be subject to certain processes, e.g. where the FSA decides to determine whether a regulatory provision is excessive, it will need to specify a period during which representations can be made, and exercise of the power will be subject to judicial review. It is noted that the provisions are not intended to put into question existing regulatory provisions of investment exchanges and clearing hous

The homepage of the QCA. The QCA (formerly known as CISCO) was founded in 1992 to work on behalf of smaller quoted companies (companies outside the FTSE 350).

The Stock Exchange has published the key features of the new trading services it proposes to offer next year. The new service will consist of an order driven book for the FT-SE 100 stocks plus a separate block trading facility where large trades might be taken on.

In R (Yukos Oil Co & Anor) v the Financial Services Authority and the London Stock Exchange, the High Court declined to grant Yukos Oil permission to continue a claim for judicial review of the FSA's and LSE's decisions to approve the prospectus relating to the public offering of shares in Rosneft (a company owned by the Russian government), to approve the application for admission of those shares to the Official List, and to admit the shares to trading. The court found that Yukos had no arguable grounds on which to challenge the decisions, largely because of its finding that the Act of State doctrine clearly applied to the circumstances in which Rosneft acquired the share capital in a former subsidiary of Yukos. The court also found that the FSA was acting well within its permitted sphere of discretion in approving the prospectus, as the prospectus clearly alerted potential investors to the risk to Rosneft's assets from a pending claim brought by Yukos in the European Court of Human Rights; the prospectus did not need to set out the detailed pleadings and allegations in the ECHR claim, and it was the task of individual investors, not the FSA, to determine the merits of the claim and its prospects of success.

Important changes to the trading regime in London have been agreed in principle.

The Stock Exchange has now amended its rules so that it can impose trading halts for up to 24 hours, pending an announcement by the company, where trading has been stimulated by leaks of price sensitive information.

OM Gruppen AB’s offer for the London Stock Exchange has lapsed.

A working party has prepared plans for new UK stock markets indices.

The London Stock Exchange has announced that techMARK will be launched in November. techMARK aims to bring together both listed and new innovative technology companies, cutting across industrial sectors and size bands.

The Stock Exchange has announced that, in future, it is going to impose a trading halt in a particular security where it believes there have been leaks of price sensitive information. The trading halt could last for up to 24 hours. The Exchange is also to make more use of its powers to declare a security "indicative" - which means market makers no longer have to quote firm prices in that security.

The Stock Exchange has published its procedures and rules for implementation of the new transparency arrangements for large trades in UK equities. The effect of the new regime, which is to be introduced on 1st December, will be to give market makers longer between the trade and publication of it in which their risk can be laid off.

On 9th July, 2002, the London Stock Exchange announced its plan to launch a new market for covered warrants.

The FT-SE Actuaries Industry Classification Committee is introducing a new classification system for companies in the FT-SE indices, from 4th January, 1994. Many companies have objected to the new sector or sub-sector allocated to them and some have succeeded in persuading the Committee to re-classify them.

In connection with the implementation of the Markets in Financial Instruments Directive (MiFID), HM Treasury has published The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) (Amendment) (Regulations) 2006 (SI 2006/3386) (RIE Regulations). The RIE Regulations come into force on 1 November 2007. They amend The Financial Services and Markets Act (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001 (SI 2001/995) (the principal Regulations) to implement, in part, MiFID provisions relating to the organisation and operation of derivative and stock exchanges. The main amendments to the principal Regulations include new requirements: (1) relating to persons who effectively direct the business of the exchange and those exercising significant influence over its management (MiFID Articles 37(1), 38(1)); (2) requiring exchanges to make public information about transactions in shares (MiFID Articles 29, 30, 44, 45; MiFID implementing Regulation); (3) for exchange rules on admission of financial instruments to trading and new requirements relating to information disclosure (MiFID Articles 14, 40); (4) for exchange rules on access to/membership of facilities (MiFID Article 42); (5) for exchanges providing central counterparty, clearing or settlement (MiFID Article 34(1)); (6) for exchange rules to permit users and members to have a choice of settlement facilities (MiFID Article 34(

The European Commission has published legislative proposals to amend MiFID.

The London Stock Exchange has confirmed its European alliance short term market hamonisation proposals.

The London Stock Exchange has signed a new clearing services agreement with the London Clearing House and has reached an agreement with the Office of Fair Trading on issuer fees.

On 22nd February, 2002 the London Stock Exchange (LSE) published Stock Exchange Notice N05/02 on Notification of Rule Amendments regarding the dissemination of regulatory information by listed companies.

The London Stock Exchange has launched a new healthcare stock market index in partnership with FTSE International.

On 9th December, 2002 the LSE published guidance on 'give up' agreements in notice N41/02. The LSE consulted on proposed guidance in September, 2002. In line with responses to the consultation, the revised guidance has been substantially shortened and focuses principally on protected transactions and worked principal agreements.

On 20th September, 2002 the London Stock Exchange announced that its new covered warrant market would be launched on 28th October, 2002. The LSE had originally planned to launch the new market by the end of September 2002 (see legal update Covered warrants).

On 23rd July, 2002 the London Stock Exchange announced that it is consulting on a number of proposed changes to the AIM Rules for companies. Comments are invited on all proposed changes by 9th August, 2002.

The London Stock Exchange has issued a notice outlining changes to its Admission and Disclosure Standards, effective from 1 October 2008.

The London Stock Exchange and Deutsche Börse issued a joint information document on the proposed merger on 17th July, 2000.

Shares in the London Stock Exchange (LSE) have begun trading, the exchange has completed the launch of landMARK and has affirmed its plans to commercialise the Regulatory News Service (RNS).

The London Stock Exchange is proposing a new rule which would prohibit member firms from submitting orders, quotes or trade reports to its trading system for the purpose of testing systems and controls.

The London Stock Exchange has announced its intention to list its shares in July 2001.

This is a pdf of Stock Exchange Notice N03/02 on proposed amendments to rule 4.73 of the LSE rules in respect of worked principal agreements.

On 30th January, 2002 the London Stock Exchange (LSE) published Stock Exchange Notice N03/02 (Notice) outlining proposed changes to rule 4.73 which sets out the requirements in respect of timescales for executing worked principal transactions (WPTs) arising from worked principal agreements (WPAs) in order book securities.

On 18th February, 2002 the London Stock Exchange (LSE) published Stock Exchange Notice N04/02 on Amendment to the List of Approved Organisations and notification of change of name (the Notice).

The London Stock Exchange has proposed changes to rule 8.30 which provides for the delayed publication of certain large transactions.

The London Stock Exchange has issued a notice on proposed changes to the Rules of the London Stock Exchange as a result of the implementation of the Financial Services and Markets Act 2000.

The London Stock Exchange is consulting on a restructured and revised version of its rulebook.

The London Stock Exchange has clarified the reporting obligations for SETSmm market makers and has confirmed rule changes on the reporting of transactions involving introducing firms.

The London Stock Exchange has consulted on changes to its rules and guidance.

The London Stock Exchange (LSE) has published guidance for new applicants seeking admission to trading on the Specialist Fund Market which it launched on 12 July 2007 (see Legal update, LSE launches specialist fund market). This covers the following: (1) The regulatory status of the Specialist Fund Market. (2) Eligibility for admission to the Specialist Fund Market. (3) The admission process and related guidance. (4) The role of FSA. (5) Related regulatory considerations. (6) The trading system. (7) Transfers from AIM and the Main Market. (8) Refusal to admit, suspension and cancellation of trading.

The ‘B’ shareholders of the London Stock Exchange have voted in favour of demutualising the exchange.

The London Stock Exchange (LSE) is consulting on a proposal to introduce a new rule and supplementary guidance which would prohibit member firms from submitting orders, quotes or trade reports to the LSE trading system for the purpose of testing their systems and controls. According to the proposed guidance, such testing is not an acceptable market practice because it has the potential to impact the market by, for example, leading to unusually priced and/or sized orders, quotes or reports being entered. However, the rule is not intended to prevent member firms pursuing bona fide trading strategies or from using algorithms ("black boxes") to submit orders, quotes or trade reports to the trading system. Member firms are reminded that the LSE expects them to test their systems and controls prior to submitting orders, quotes or trade reports to the trading system. They can do this by taking advantage of the separate connection to a non-live testing environment which the LSE offers within its other member firm services and, also, the specific test segments on the LSE trading system. Member firms, software houses and other interested parties are invited to respond to the consultation by 16 September 2005.

On 25 November 2005 London Stock Exchange published Stock Exchange Notice N65/05 confirming amendments to its rules which will come into force on 5 December 2005. An attachment to the notice sets out the text of the amended rules. The rule amendments, which are unchanged from those proposed in its 18 October consultation (in Stock Exchange Notice N59/05 - see PLC Legal update, LSE consults on proposed rule amendments in relation to domestic and AIM trading enhancements), provide for migration onto the SETSmm trading service of the FTSE AIM 50 index and the reserves, along with migration of a further 100 small cap securities.

On 27th April, The Stock Exchange introduced a Company Bulletin Board Service to encourage the trading of illiquid shares.

The London Stock Exchange has renamed its approved organisation regime the “registered organisation” regime and has included the Bermuda Stock Exchange on its list of registered organisations.

The London Stock Exchange and Deutsche Börse are to merge to create a new company called iX-international exchanges plc.

On 29 October 2007, the London Stock Exchange published Notice N70/07 confirming that amendments to its Admission and Disclosure Standards proposed on 30 August 2007 (see PLC Legal update, Admission and Disclosure Standards: consultation on amendments) would be adopted as proposed. Minor changes have been made to Form 1 (application for admission). The Standards are being revised to reflect the additional requirements imposed by MiFID. The changes will be effective from 1 November 2007, the implementation date for MiFID in the UK. A brochure containing the revised Standards will be available on the LSE's website from that date.The Standards have also been revised to include references to the LSE's Specialist Fund Market which opens for admissions on 1 November.

The London Stock Exchange has published a notice outlining changes to its Admission and Disclosure Standards.

The London Stock Exchange (LSE) has launched its defence against the £815 million hostile offer made by OM Gruppen AB. OM Group's bid was the catalyst for the collapse of the merger between the LSE and Deutsche Borse, the Frankfurt based exchange to create iX-international exchanges plc.

The London Stock Exchange has released its trading statement for the three months ended 30 June 2004. Issuer services' turnover decreased 11% from the corresponding period last year. This reflects lower tarrifs effective from 1 April 2004, partly offset by an increase in the number of issues on the Main Market. There were 16 new issues on the Main Market and 76 new issues on AIM, each an increase on 2003. Broker services' turnover increased 15%. The total number of equity bargains increased 14%. Trading on SETS continued strongly, up 22%. This growth is partly attributable to trading on SETSmm, launched November 2003. The average value of a SETS bargain was unchanged from the corresponding period last year. The daily average number of UK off book bargains was 51,000 (down from 54,000) and the daily average number of international bargains was 45,000 (up from 40,000). Approximately 40 firms have used EUROSETS Dutch Trading Service since it went live on 24 May 2004. Information services' turnover was up 4% on last year, which shows a demand for the Exchange's range of information products despite a decline in the overall number of terminals receiving Exchange data on a real time basis since Q1 last year. Derivatives services, the newest division of the Exchange, contributed £2.0 million to turnover, with EDX London, launched 30 June 2003, contributing £1.9 million of the total. EDX continued to make good progress, with 5.1 million contracts traded over the quarter,

On 30th August, 2002 the LSE published notice N31/02 which confirms the amendment to rule 3010 concerning exceptions to on-Exchange transactions, as proposed in notice N29/02. The confirmed rule came into effect on 2nd September, 2002.

On 13 November 2007 the London Stock Exchange issued Notice N75/07 stating that, with effect from 26 November 2007, it will no longer issue Stock Exchange Notices to inform the market of when issued dealings. When issued dealing is a period of conditional dealing with deferred settlement that takes place before securities are admitted to listing. Information concerning when issued dealings will be disseminated through the LSE's Reference Data Service. The LSE has also published guidance on when issued dealing including on the application procedure and timetable.

On 31 March 2009, the London Stock Exchange publishes revised Admission and Disclosure Standards (N20/09).

On 30th August, 2002, the LSE announced in notice N32/02 that it would be consulting on proposed guidance on 'give up' agreements (increasingly used in the context of hedge funds and contracts for difference). The guidance aims to help firms establish whether a particular scenario is a 'give up' agreement or a settlement arrangement and to explain how 'give ups' should be reported to the LSE. Comments are required by 27th September, 2002.

On 12 July 2007 the London Stock Exchange announced its plan to launch a dedicated new market for issuers of specialist vehicles such as single strategy hedge funds, feeder funds and private equity vehicles. The new Specialist Fund Market will be a regulated market for the purposes of the relevant EU directives. Issuers will have to comply with the Prospectus, Transparency and Market Abuse Directives as well as other applicable EU requirements. The Specialist Fund Market will be open for new admissions from 1 November 2007. The new market will be complementary to the FSA's proposed unitary regime for investment entities listing on the main market. For further information on the FSA's proposals in this regard, see Legal update, Listing Rules: FSA Investment Entities Listing Review: consultation, feedback and policy).

The London Stock Exchange has agreed to reduce its main market issuer fees following an investigation by the Office of Fair Trading.

On 16 April 2004 the LSE published a correction of its revised Admission and Disclosure Standards released on 31 March 2004 (for background see PLC Legal update, London Stock Exchange: revised Admission and Disclosure Standards). The March amendment to Standard 3.19, which provided that an issuer must advise the Exchange no later than 20 business days before announcing its intention to cancel the trading of any of its securities, has been withdrawn. The revised standards instead provide (as previously) that the issuer must advise the Exchange no later than 20 business days before the date it intends trading in the securities to be discontinued. Once agreed, the Exchange will announce the intention to cancel through RNS.

On 29 October 2007, the London Stock Exchange published Notice N69/07 dealing with collection of the PTM Levy after implementation of MiFID. The PTM Levy is a charge levied on certain transactions executed on the London Stock Exchange, virt-x and OFEX and is a significant source of funding for the Panel on Takeovers and Mergers. There was a concern that some of this funding could be lost if a significant amount of trading activity moved to another trading system after implementation of MiFID. As the LSE found there was widespread support from shareholder groups and investment firms for shareholders to continue to contribute to the Panel's funding, it has amended its Rules to ensure that trades conducted by member firms on other exchanges, multi-lateral trading facilities or over the counter are also subject to the PTM Levy. This is reflected in revised and renumbered Rule 1092 which should be treated as taking effect from 22 October 2007. The Levy remains at £1 per transaction.

The London Stock Exchange has published AIM Notice AIM37 setting out changes to the AIM Rules for Companies.

On 10 February 2009 the London Stock Exchange (the Exchange) issued a notice outlining changes to its Admission and Disclosure Standards (the Standards) which will be effective immediately.

The London Stock Exchange has published Notice N05/11 setting out changes to the Admission and Disclosure Standards.

The London Stock Exchange has published Notice N05/13 outlining some minor changes to the Admission and Disclosure Standards.

The Office of Fair Trading published a merger notice under section 75A of the Fair Trading Act 1973 on 16th August, 2000 in respect of the proposed merger between London Stock Exchange Limited and Deutsche Börse AG (excluding Deutsche Börse's 50% stake in Clearstream).

On 4th January 1999, the pan-European equity market alliance between the London Stock Exchange and the Frankfurt Deutsche Börse opened.

The London Stock Exchange has decided not to implement its proposed rule changes for inter-dealer broker services (PLC, 1998, IX(2), 76).

The London Stock Exchange has published amendments to the rules of the London Stock Exchange.  

On 1 September 2004 the London Stock Exchange (LSE) issued Stock Exchange Notice N31/04 (the Notice) which announced that a cash market auction will be implemented from the 19 November 2004 FTSE 100 index expiry. The move follows a market consultation in 2003 by LSE, the London International Futures and Options Exchange (LIFFE) and the Financial Services Authority (FSA) on methods for calculating the Exchange Delivery Settlement Price (EDSP) of the FTSE 100 and 250 Index futures and options contracts. LSE will need to amend paragraph 4415 of the Stock Exchange Rules in order to implement the new intraday auction process. The Notice attaches the text of the proposed rule changes, on which comments are invited by 30 September 2004.

N75/07

Published 1 April 2010. http://www.londonstockexchange.com/traders-and-brokers/rules-regulations/change-and-updates/stock-exchange-notices/2010/n0710.pdf

This is a pdf of Stock Exchange Notice N04/02 published on 18th February, 2002.

N70/07

The London Stock Exchange's Monthly Market Report for October 2005 shows that new trading records were set across its markets. The average daily number of equity trades across the Exchange was 357,658, bringing the total number of trades during the month to a record 7.5 million (an increase of 30 per cent on October 2004). The average daily value traded was £22.8 billion, up 26 per cent on October 2004. The total value traded was £478.7 billion. The average daily value traded on SETS reached £5 billion for the first time, an increase of 39 per cent on October 2004. The average daily number of trades reached a new high of 228,793, an increase of 31 per cent on October 2004. There were 4.8 million trades on SETS worth £105.3 billion. There were 786,287 SETSmm trades, worth £6.9 billion and 39,795 trades on the International Order Book, worth £3.5 billion. The number of ETF trades rose 86 per cent on October 2004 to 12,008 and the value traded increased 226 per cent to £1.1 billion. There were 32 IPOs on the primary market raising just over £2.5 billion between them, the largest amount raised by IPOs in a month since February 2001. Of these, 10 were on the Main Market, raising £2.0 billion between them. There were 20 IPOs on AIM, raising £507 million between them. There were also two IPOs on the new Professional Securities Market for wholesale securities. Electrosteel Castings Limited and Lloyd Electric and Engineering, both from India, issued Global Deposit

On 9 November 2006, the London Stock Exchange published its Monthly Market Report for October 2006. A total of £3.5 billion was raised by companies undertaking an IPO on the London Stock Exchange's markets, up 40 per cent on October 2005. 11 IPOs on the Main Market raised £2.6 billion, one IPO on the Professional Securities Market raised £79.1 million and 22 IPOs on AIM raised £885.7 million. 8 IPOs were by international companies, raising £1 billion between them. There were 7.3 million trades on SETS, an increase of 52 per cent on October 2005. The value traded increased 29 per cent to £136.0 billon. The average daily number of trades increased 45 per cent to 331,378 and the average daily value traded increased 23 per cent to £6.2 billion. The number of trades on SETSmm reached 1.6 million, an increase of 108 per cent on last year. The total value traded was £12.8 billion, an increase of 85 per cent. The total value traded on the International Order Book was £5.0 billion, an increase of 42 per cent. The total number of trades was up 34 per cent to 53,321. The total number of trades in ETFs increased 117 per cent to 26,078 trades. The value traded was £1.9 billion, a 70 per cent increase on last year. Trading in all UK equities increased 44 per cent to 8.2 million. The total value traded was £285.7 billion, an increase of 24 per cent. RNS transmitted 15,187 announcements, including 5,596 news and results announcements, an increase of 21 per cent

The Monthly Market Report for November 2004 showed an increase of 31% on the average daily value of equities traded across the Exchange in November 2003. The total value of trading showed an increase of 44% on November last year. The number of UK and International equity trades on the Exchange in the year to the end of November already exceeded the number of trades in the whole of 2003 by 4.44 billion. During the month equity trades on SETS exceeded four million for the first time. The average daily number of trades on SETS reached a record 182,446, and the average daily value traded on SETS rose 14% on November 2003. SETSmm saw a total of 375,267 order book trades worth £4 million. There were 9,815 ETF trades over the month, and the average daily value traded in ETFs (£24.29 million) showed a 56% increase on November 2003. There were 8 IPOs on the main market during November raising £768.34 million, of which two were international IPOs raising £109.99 million between them. There were 23 IPOs on AIM, raising a total of £142.61 million between them.

The London Stock Exchange's Monthly Market Report for November 2005 shows that 2005 will be a record year for equity trading across the Exchange's markets, with a year to date growth rate in the number of trades to November of 23 per cent. From January to November 2005 there were 74.5 million trades (an increase of 8 million on 2004), the total value traded so far hitting £4.8 trillion. Of these trades, a record 47.3 million trades were carried out on SETS, an increase of 26 per cent on last year. The value traded so far is £970.2 billion, again higher than the total traded for the whole of 2004. The total number of trades carried out on the Exchange during November 2005 increased by 16 per cent to 7.5 million. The total value traded was £511.8 billion (an increase of 13 per cent on November 2004). The value traded on SETS during November 2005 increased by 33 per cent to £104.4 billion. There were 4.7 million SETS trades during the month (an increase of 18 per cent), raising the average value of a SETS trade to £22,000 (up by £2,000 on November last year). The average daily number of trades on SETS was 215,582 and the average daily value traded was £4.7 billion. The number of ETF trades was up 39 per cent on November 2004 hitting a record 13,631 trades. The total value traded increased 132 per cent to a new high of £1.3 billion. Trading in covered warrants totalled 6,975 and the value traded was £25 million, a 20 per cent increase on November 2004. There w

London Stock Exchange's Monthly Market Report for May 2005 reports that there was particularly strong growth during May on the hybrid trading system SETSmm, with a 110 per cent increase in average daily trades over May 2004. Daily value traded showed a 57 per cent increase compared with May 2004, at £251.6 million. SETS showed increases, of 29 per cent on total trades and 23 per cent on average daily trades, compared with May 2004. There was continued growth in ETF trading, which showed an increase of 14 percent on May 2004 in the average number of daily trades and an increase of 21 per cent on the average daily value traded. There were 28 IPOs in May, of which 5 were on the Main Market (raising £805.8 million between them) and 23 were on AIM (raising £328.6 million).

Press release 09 June 2004

On 7 April 2006, the London Stock Exchange (LSE) issued its Monthly Market Report for March 2006. March was another record month for SETS. The value traded was up 69 per cent to £141 billion and the total number of trades increased by 53 per cent to a record 6.7 million. Trading on SETS reached new records at £6.1 billion, an increase of 54 per cent. The average number of trades increased 40 per cent to 289,379, an increase of nine per cent on last month's record. The average daily number of trades on SETSmm securities more than doubled, up 145 percent on last year to 56,164. The average daily value traded was £459.4 million, an increase of 98 per cent. Across the LSE's markets, average daily trades were up 34 per cent on last year to 433,212, and the average daily value was £29.1 billion (up 39 per cent). The total number of trades reached 10 million and the total value traded was £668.8 billion. Trading in ETFs was up 137 per cent on the average daily number of trades in March 2005 to 1,164.The total value traded was £1.5 billion and the average daily value traded was up 104 per cent to £64.2 million. The average daily number of covered warrants trades was up 75 per cent on last year, and the daily value traded was up 205 per cent to £2.2 million. On the primary market, 56 IPOs raised £2.9 billion, including eleven IPOs on the Main Market, raising £839 million and 44 IPOs on AIM, raising £1.6 billion. One IPO on the Professional Securities Market raise

The LSE has published its Monthly Market Report for June 2005. This states that June 2005 was the strongest month for IPOs on the Main Market since 2001, with a total of 15 IPOs taking place during the month raising £1.9 billion between them. There were also 36 IPOs on AIM raising a total of £552.8 million. June was also a busy month for trading with a total of 6.7 million equity trades across the LSE's markets, worth £422.4 billion in total. The average number of daily trades was 303,371, an increase of 31% on June 2004, and the average daily value traded was £19.2 billion, an increase of 12% on June last year. Trades on SETS showed a 30% increase on June 2004 rising to 4.1 million trades. The total value traded on SETS was £82.3 billion, up 19% on June 2004. The average number of daily trades on SETS was 186,629 and the average daily value traded was £3.7 billion. SETSmm also saw continued growth, with a 119% increase in the number of trades during June 2005. The total value traded during the month increased by 91% to £5.5 billion.

The Monthly Market Report for July 2004 showed that July was a record month for IPOs on AIM, the Exchange's international market for smaller growing companies. There were 42 IPOs on AIM raising £562.7 million. There were also 4 IPOs on the main market. July saw year on year increases across the Exchange's markets, with a total of 5,259,545 trades worth £360 billion showing increases of 9% and 14% respectively on July 2003. SETS average daily trades were up 30% in number and 23% in value on July 2003. The total number of SETS trades for the month showed an increase of 25% on July 2003 and the total value traded for the month showed an increase of 18% on last year. The year on year increases are partly attributable to trading on EUROSETS, the Exchange's new platform for Dutch equities. Trades on EUROSETS showed almost a fourfold increase on trades in June, whilst the total value traded was almost five times the value traded in June. A record 288,279 equity trades were executed on SETSmm in July, contributing to the overall growth of SETS trades. July was another busy month for EFT trades. There was a small increase over the record number of EFT trades set in June. The value of EFT trades was £354 million.

On 6 February 2006, the London Stock Exchange (LSE) issued its Monthly Market Report for January 2006.The LSE has started 2006 with sizable increases in trading, most notably on SETS. The total value traded on SETS increased 63 per cent year on year to a record £117.7 billion.The number of trades on SETS increased 45 per cent to 5.4 million. The average daily number of trades on SETS was up 38 per cent to 258,045, while the average daily value traded climbed 56 per cent to £5.6 billion. The average size of a SETS bargain was £21,729, a 13 per cent increase on January 2005. Across the Exchange as a whole, the average daily number of trades was up 36 per cent on last year to 406,231. The average daily value traded was also a record at £27.1 billion, up 40 per cent on January 2005. The increase in the average daily value traded in UK equity over the year was 30 per cent. Trading in ETFs was up 181 per cent on January 2005, with the total value traded during the month reaching £1.2 billion, an increase of 119 per cent on January last year. Covered warrants trading also continued to show strong growth, with the number of trades during the month up 92 per cent on January last year, and the value traded up 110 per cent to £28.6 million. There were four IPOs on the Main Market, raising £27 million between them. There were seven IPOs on AIM, raising £76 million. There were also two IPOs on the Professional Securities Market for wholesale securities. These GDR issues

On 8 March 2006, the London Stock Exchange (LSE) issued its Monthly Market Report for February 2006. The LSE reported that trading on SETS continued to show very strong growth, reaching new record levels. The average daily value traded increased 43 per cent to £5.8 billion and the average daily number of trades increased 35 per cent to £266,577. February had some of the busiest trading days ever on SETS. 28 February set a new record for the highest number of SETS trades in a single day with 332,980 trades, an increase of 10,000. The total value traded on SETS was £116.4 billion and the total number of trades was 5.3 million. The average size of a SETS trade was £21,830, an increase of five per cent on last year. SETSmm figures also hit new records, with the average daily value traded reaching over £400 million for the first time. Trading across the Exchange was strong. There was a total of 8.2 million trades and the value traded was £561.3 billion (a 33 per cent increase for both). Trading on ETFs was up 147 per cent on February 2005. The total value traded reached £1.2 billion, an increase of 137 per cent. The number of trades on covered warrants was up 53 per cent, and the value traded was up 109 per cent to £28.7 million. There were 29 IPOs on the primary markets, of which eight were international. The seven IPOs on the Main Market raised £2.7 billion between them. The 22 IPOs on AIM raised £284 million. RNS transmitted 13,151 announcements, an increas

The Monthly Market Report for August 2004 shows further year on year increases in trading volumes across all markets, with a 22% increase on August 2003 in value traded and a 20% increase in the number of trades. The average daily value traded during the month on SETS, the Exchange's electronic order book, was £3.0 billion, up 16% on August 2003. The total number of trades on SETS was up 37% on last year, while the value traded increased 21% to £63.2 billion. There were a record 291,171 trades on SETSmm totalling £2.73 billion. August trading on EUROSETS, the Exchange's new service for Dutch equities, totalled Euro 1.03 billion. There were 8,213 ETF trades on the Exchange in August totalling £405.1 million, an increase of 131% by value on August 2003. The value of covered warrants traded during the month showed an increase of 80% on August 2003. There were 19 IPOs on the primary market, two of which were on the main market. There were 17 IPOs (including two from international companies) on AIM, which was more than twice the number of IPOs on AIM in August 2003. There were a total of 917 AIM companies by the end of the month.

The London Stock Exchange in its Monthly Market Report for September 2005, published on 10 October 2005, reports that trading on SETS continued to show strong growth during September 2005. This reflects the increasing impact of off-exchange derivatives trading, now estimated to account for approximately one third of the total value traded on SETS. The total number of trades and value traded on SETS during the month both increased 27 per cent on September 2004. There were 4.5 million SETS trades worth £97.9 billion in September 2005, compared with 3.6 million SETS trades worth £77.4 billion in the same month last year. The average daily number of order book trades on SETSmm, compared with September 2004, increased 131 per cent to 34,191 and the average daily value traded increased 94 per cent to £295.8 million. The total number of equity trades executed across the Exchange in September 2005 was 7.2 million, up 30 per cent on September 2004. The average daily number of trades during the month was up 30 per cent to 326,635 while the average daily value traded increased 19 per cent to £21.5 billion. The number of ETF trades rose 48 per cent on September 2004 to 10,189 and the value traded increased 167 per cent to £707.0 million. There were 5,591 covered warrant trades with a value of £22.1 million, up 87 per cent and 100 per cent on September 2004, respectively. Also, there were 33 IPOs on AIM raising £394 million between them.

On 10 October 2006, the London Stock Exchange published its Monthly Market Report for September 2006. The average daily number of trades on SETS increased 52 per cent on September 2005 to 313,188 trades, nearly double the growth between September 2004 and September 2005. This acceleration reflects the secular shift in equity trading facilitated by the TRM roll-out. There were 6.6 million trades on SETS in September 2006. The total value traded was £120.8 billion. The average daily value traded was £5.8 billion, a 29 per cent increase on last year. SETSmm had a strong month with the average daily number of trades increasing to 69,327, an increase of 103 per cent on last year. The average daily value traded was £530.4 million, an increase of 79 per cent. The average daily value traded on the International Order Book was £231.6 million, an increase of 81 per cent. The average number of daily trades was up 58 per cent. The total number of UK trades was up 42 per cent to an average of 352,115 trades per day. The value traded in UK equities was £11.7 billion, an increase of 18 per cent. The total number of trades in ETFs increased 72 per cent year on year to an average of 797 trades daily. The average daily value traded was £53.2 million, an increase of 65 per cent. The two IPOs on the Main Market raised £292 million. There were 12 IPOs on AIM, which raised £283.2 million, including two IPOs by international companies raising £153.6 million. RNS transmit

Press release published 29 November 2004

On 24 November 2004 the London Stock Exchange announced that, based on the feedback so far to its consultation launched on 8 November on proposed domestic trading enhancements, it would be extending the deadline for comments in relation to three of the items raised in that consultation. The deadline for comments will be extended to 31 January 2005 in respect of the proposals to: (1) transfer small cap securities onto SETSmm from SEAQ; (2) move the most liquid AIM securities onto SETSmm; and (3) pilot a new tick size regime. The consultation deadline of 10 December 2004 remains unchanged for all other proposals. For details on the consultation see PLC Legal update, London Stock Exchange consults on proposals to develop the London equity market.

On 11 July 2005, the LSE published Stock Exchange Notice N33/05 setting out its consultation on proposed amendments to the LSE rules on transaction reporting involving introducing firms and model B firms. The purpose of the amendments is simply to clarify the current position in order to help firms to comply with the rules in question: the amendments do not change the trade or transaction reporting obligations of any party involved in such transactions. The issue identified by the LSE, in the course of carrying out a number of rule breach investigations, is that some member firms are continuing to submit trade reports giving the name of the model B firm as the counterparty to the trade rather than the introducing firm. This contravenes changes made to the rules by virtue of Stock Exchange Notice N23/03 which came into force on 3 November 2003. As a result of these changes, transactions by an introducing firm were required to be trade reported in the name of the introducing firm and transaction reported in the name of the model B firm. The Attachment to the Notice outlines the proposed amendments to the rules and associated guidance. Member firms, other customers and interested parties are invited to submit their comments by 5 August 2005.

On 29 March 2005 London Stock Exchange (LSE) published Stock Exchange Notice N06/05 setting out its proposals to amend the stock exchange rules to accomodate proposed enhancements to the SETSmm trading service. FTSE small cap securities currently traded on SEAQ are to be migrated onto SETSmm in phases starting with the migration of the largest 200 FTSE small cap securities on 11 July 2005 (if this first phase is successful, the remainder will be migrated in December 2005). Existing SETSmm market making obligations will apply to these migrated FTSE small cap securities, however there will be some rules applicable specifically to those securities, such as rules relating to the maximum spread regime and the committed principal order refresh rate. The result will be that the stock exchange rules will distinguish between SETSmm mid cap securities and SETSmm non mid cap securities. Comments on the proposed rule amendments are requested by 29 April 2005. For background on this and other domestic trading enhancements proposed by LSE, see PLC Legal update, London Stock Exchange extends consultation on domestic trading enhancements .

On 16 May 2005, the London Stock Exchange (LSE) published Stock Exchange Notice N11/05 in which it confirmed that, following consultation, no changes have been made to the proposed rules as outlined in Stock Exchange Notice N06/05. The new rules, the full text of which is attached to the Notice, amend the stock exchange rules in order to accommodate enhancements to the LSE's SETSmm trading service. Together with associated guidance, the rules will come into force on 11 July 2005. For background on this, see PLC Legal Update, London Stock Exchange consults on enhancements to its SETSmm trading service

On 5 September 2005, the London Stock Exchange (LSE) made two announcements regarding SETSmm, its hybrid electronic order book for trading small and mid-cap securities. The first announcement concerns the migration of the remaining 100 Small Cap Index securities from SEAQ to the SETSmm segment with effect from 5 December 2005 (see further PLC Legal Update, London Stock Exchange consults on enhancements to its SETSmm trading service). The second announcement concerns the LSE's intention to extend SETSmm to cover the constituents of the FTSE AIM UK 50 index. This migration, which is also scheduled to take place on 5 December 2005, is designed to attract new investors, improve market efficiency and increase market liquidity. In view of the fact that LSE will need sufficient time to work with customers to make any changes required in advance of the implementation of the Markets in Financial Instruments Directive (MiFID), it is not proposing any further wholesale extension of the SETSmm platform until 2007.

The Stock Exchange has produced separate guides for issuers of depositary receipts, Eurobonds and shares when issuers are listing in London.

Deutsche Börse and the London Stock Exchange are set to merge. What are the crucial practical consequences for companies?

From November 2007, investment funds will have a wider choice than ever before of how and where to list in London. Investment funds have never had it so good: their biggest problem will be making up their minds which route to take to listing.

(Bill 4 54/2) published 16 November 2006

On 19 December 2006 Royal Assent was given to the Investment Exchanges and Clearing Houses Act 2006. No amendments were made to the Bill during its passage through Parliament, and it came into force the day after it was passed. For background and further information, see PLC Legal update, Exchanges and clearing houses: publication of Bill and the articles there linked.

The London Stock Exchange and OM AB are to create a new international equity derivatives business.

published 16 November 2006

The London Stock Exchange and Hong Kong Exchanges and Clearing Limited are developing a programme to make it easier for companies to list in both Hong Kong and the UK.

The London Stock Exchange has published the final rulebook for the High Growth Segment of the Main Market.

The Stock Exchange is reviewing its guidelines on "grey market" dealing. Such dealing is currently forbidden by its rules although the Exchange gives permission for grey market trading on a case-by-case basis.

The London Stock Exchange is consulting on draft guidance to clarify the treatment of “give-up” business under its rules.

The London Stock Exchange (LSE) has amended its rules relating to the calculation and payment of accrued interest on transactions in gilt-edged and fixed interest securities.

An examination of the impact of the Financial Services Authority's recent Final Notice to JJB Sports plc on disclosure of estimates of future contingent consideration.

Published 4 February 2005.

The London Stock Exchange has announced the creation of a new market called extraMARK for innovative products.

On 16 November 2006 the Government published the Exchanges and Clearing Houses Bill and related explanatory notes and regulatory impact assessment (for background, see PLC Legal update, Exchanges and clearing houses: Queen's speech). The Bill was scheduled to have its first reading in the House of Commons on the same day. The Bill provides for the amendment of Part 18 FSMA to enable the FSA to veto changes to the regulatory provisions of recognised investment exchanges and recognised clearing houses (but not overseas investment exchanges and clearing houses) if it appears to the FSA that the changes would be disproportionate to the end the provisions are intended to achieve or would not pursue a reasonable regulatory objective. There is a two-stage process for examining a proposed change. The RIE or RCH must notify the FSA, unless the proposed change does not need to be notified under the terms of a waiver or the FSA rules. The FSA then has 30 days (or until the end of the RIE's/RCH's consultation period, if later) to decide whether to call in the proposal for examination. If it does not call it in, the RIE or RCH may proceed with the change. If it does call it in, it must allow time for representations to be made and then has a further 30 days to consider whether to veto it. If the FSA does not disallow the change, the RIE or RCH may make it. The FSA may also apply its power of veto to similar excessive regulatory provisions of bodies applying to the FSA for recog

Stock Exchange Board Notice 71/90 announces extensive changes to the operation of the equity markets. These will become effective on 14th January, 1991.

The Stock Exchange has been examining the recent scrip dividend schemes under which companies offer their shareholders shares in the company as an alternative to a cash dividend but at an increased value, representing a premium over the cash dividend. It has imposed certain requirements on the member firms which act as sponsoring brokers to the ESDAs.

A bill is expected to be published shortly which would separate the Dublin Stock Exchange from the London exchange. Its effect will be to transfer the supervision of the Dublin Exchange and of Irish brokers to the Irish Central Bank. The Dublin Exchange will, however, continue to have day-to-day supervision of Dublin listed companies.

The London Stock Exchange has introduced a new regime for publication of market makers' holdings.

A standard document power of attorney for use by a director of a company seeking admission of its securities to AIM.

On 23rd October, 2002 the London Stock Exchange issued notice N38/02. Following confirmation of the covered warrant rules via notice N37/02 the Exchange has received some additional comments in relation to the obligations of committed principals on the covered warrant order book and covered warrant market makers. The amended rules are set out in the attachment to the notice and will come into effect on 28th October, 2002

The London Stock Exchange has consulted on changes to its rulebook to facilitate trading in covered warrants.

The London Stock Exchange launched its covered warrant market on 28th October, 2002.

On 23 August 2004 the LSE announced that it had published a practical guide to corporate governance. The guide is intended to provide practical advice to listed companies on how to implement the new Combined Code on Corporate Governance and covers issues such as selecting and developing the board, succession-planning, working effectively as a team, issues that should be addressed by the board to enable the company to reach its full potential (including input to strategy, effective risk management, communicating with shareholders and the development of an integrated approach to corporate social responsibility) and the work of board committees. It is intended that companies quoted on AIM should also find the guide useful even though the Combined Code does not formally apply to them. (For background, see PLC Practice note, Corporate governance and the Combined Code.)

N20/05 published 7 June 2005

Following its consultation paper, the London Stock Exchange has published rule changes removing any barriers to Exchange member firms' participation in markets operated by other recognised investment exchanges. The amended rules came into force on 2nd October, 1995.

The Stock Exchange has published a revised version of the Code of Dealing for the UK Equity Market.

The London Stock Exchange has signed a letter of intent with SIS x-clear AG to provide an alternative clearing provider for equity trades.

The Stock Exchange has re-issued its rule book to incorporate a number of recent amendments, including those proposed in February 1995. Other rules now included are those on trading halts for the maintenance of orderly markets and on when issued - or "grey market" - trading.

The London Stock Exchange is proposing to change its rules relating to Agency Stock Notes as a risk reduction measure.

On 11 August 2005 the London Stock Exchange published Stock Exchange Notice N43/05 confirming revisions to Rule 3010 of the Stock Exchange Rules (relating to off exchange transactions). Proposed rule changes were published for consultation on 9 March 2005 (see PLC Legal update, Alternative Trading Systems: London Stock Exchange consults on proposed rule amendments). The rule changes were proposed to allow member firms to report business transacted through the trading systems of another firm's ATS to that ATS operator, which would then have sole regulatory responsibility for those transactions. Following consultations the proposed wording has been amended to clarify that the proposed new rule will not apply to transactions in AIM securities. The new rules come into force on 22 August 2005.

The Financial Services Authority has published the final text of its rules on the operation of alternative trading systems, which will come into force on 1 April 2004.

The London Stock Exchange has proposed an expedited admission route to its alternative investment market for companies already quoted on certain international markets.

On 21 July 2005 the LSE published its final amendments to the Admission and Disclosure Standards, following consultation (see PLC Legal update, Admission and Disclosure Standards: correction of consultation draft). Changes to the amendments proposed in June include: (1) clarification that formal application for admission to trading will only be deemed to be made when a prospectus relating to the relevant securities has been approved and published in accordance with the FSA's Prospectus Rules; (2) a change to paragraph 2.9 of Part 2 of the Standards to provide that it applies to specialist securities issued under an issuance programme and not just asset-backed securities (as was the case under previous drafts); and (3) a change to paragraph 2.9 to provide that the amount of securities that may be issued under an issuance programme is no longer subject to a maximum limit. A separate application for admission to trading will need to be made in the case of an increase in the maximum number of securities which may be in issue and listed at any one time under an issuance programme. In addition, the LSE is to implement a new contingency plan to deal with the admission of securities to the Exchange's markets if the LSE's website is out of operation. In future, if the LSE website is unavailable, an RNS statement will be made. If it is not possible to make an RNS statement, a notice will be made available at the LSE's offices. The revised Standards are effective as of 1 July

On 7 June 2005 the LSE published an amended version of its draft amendments to the Admission and Disclosure Standards (see PLC Legal update, Admission and Disclosure Standards: consultation on amendments). The note after paragraph 1.4 of the draft Standards (which stated that, for the purpose of the Standards, listed shall also mean those companies which have had a prospectus approved by an EEA competent authority) has been removed from the consultation draft as the LSE has found that it is proving to be misleading. The LSE confirms that admission to official listing by an EEA competent authority or equivalent will continue to be a requirement for all issuers seeking admission to trading on the Main Market.

On 30 August 2007, the LSE published for comment proposed amendments to the Admission and Disclosure Standards, together with Form 1 (application for admission). The Standards are being revised to reflect the additional requirements imposed on the LSE's admission standards by MiFID. Changes proposed to the Standards published in July 2005 (see PLC Legal update, Admission and Disclosure Standards: revised version) include:- A wider scope of application: the Standards will apply to all securities admitted to trading on all LSE markets other than AIM, including all shares, debts, gilts, depositary receipts, covered warrants, Exchange Traded Funds and Exchange Traded Commodities.- Guidance to certain rules on admission conditions, settlement, communication, applications for admission and continuing obligations (many of the guidance notes derive from rules in the July 2005 version of the Standards).- Incorporation into the Standards of the LSE's compliance procedures.- Some additional conditions to admission: (1) in the case of transferable securities, all such securities must be freely negotiable; and (2) securities that are admitted to trading on any regulated market operated by the LSE must be capable of being traded in a fair, orderly and efficient manner.- A new continuing obligation on issuers to notify the LSE of any change of status of the information provided on an application for admission to trading, in respect of the listing or admission to, or cancellation

Version dated 16 April 2013.

The London Stock Exchange has issued a notice outlining changes to its Admission and Disclosure Standards with immediate effect.

The London Stock Exchange has published changes to the Admission and Disclosure Standards in respect of depositary receipt instruments, together with an attachment which sets out the changes.  

The International Stock Exchange (ISE) has recently issued a notice claryifying its rules on cum entitlement dealings. The normal position is that securities become ex an entitlement - for example, ex dividend - on a specified calendar day. According to Rule 600.6, all bargains done on that day will be deemed to be ex the relevant entitlement.