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Professional Securities Market (PSM) meaning
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What does Professional Securities Market (PSM) mean?
In practice, the Professional Securities Market (PSM) is the London Stock Exchange’s exchange‑regulated venue for listing wholesale debt securities and depositary receipts intended for professional (qualified) investors. It is not a “regulated market” for MiFID/MiFIR purposes. Admissions take place under LSE rules alongside the FCA’s listing regime, with disclosure typically tailored to professional investors (for example, listing particulars rather than a UK Prospectus Regulation prospectus where no retail offer is made).
Key legal features include: admission to listing without admission to trading on a regulated market; disclosure and continuing obligations calibrated for wholesale issuers; and marketing focused on professional investors. In practice, secondary trading (if any) is usually among institutional investors and may occur OTC or on other platforms.
The term is not defined in legislation or case law; it is used in market practice and LSE/FCA materials. Usage is consistent across England and Wales, Scotland and Northern Ireland, and, for Irish practitioners, refers specifically to the LSE market (the closest Irish analogue is Euronext Dublin’s Global Exchange Market).
Many issuers now opt for the LSE’s International Securities Market (ISM), another exchange‑regulated market for professional debt, but the PSM remains available for issuers seeking listed status with a professional‑only focus.
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View the related Checklists about Professional Securities Market (PSM)
CHECKLISTS
Listing debt securities on the London Stock Exchange: UK Main Market and ISM admission processes, FCA prospectus approval, timetables and fees; PSM closed to new admissions from 19 January 2026
This Practice Note serves as an initial guide to listing debt securities on the London Stock Exchange (LSE). It outlines the ideas of listing and admission to trading, and centres on the main markets for listing debt instruments. It does not aim to detail every applicable requirement and provides links to relevant resources for further reading. It also excludes disclosure requirements and ongoing continuing obligations. Principal markets for debt securities listings The LSE operates several markets, but the venues commonly used for debt capital market listings are: the Main Market the International Securities Market (ISM) the Professional Securities Market (PSM) (Note: From 19 January 2026, the PSM is closed to new admissions) In addition, the LSE runs two markets tailored to particular segments of the debt securities space: the Order book for Fixed Income Securities (OFIS) the Sustainable Bond Market Listing or admission to trading––what is the difference? ‘Listing’ means admission of...
20 May
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View the related Practice Notes about Professional Securities Market (PSM)
PRACTICE NOTES
Principal London debt markets: UK framework and listing/admission processes (LSE Main Market, ISM, OFIS, Sustainable Bond Market; PSM closed to new admissions from 19 January 2026)
What does this Practice Note cover? This Practice Note offers an introduction to the principal London venues for listing and trading debt securities. It outlines the applicable regulatory framework and summarises, for each market, the key stages for listing and admission. It is not a detailed handbook for listing debt securities on these markets. For fuller guidance on listing debt securities on these markets, please refer to Practice Note: Guide to listing debt securities on the London Stock Exchange. This Practice Note delivers a high-level overview of the main available markets for listing debt securities in London. It signposts the regulatory framework governing listing and admissions to trading, explains the separate concepts of listing and admission to trading, the London Stock Exchange (LSE) markets that are relevant in a debt capital markets context, and the process for listing and/or admission to trading on those markets. It does not cover prospectus disclosure requirements or ongoing continuing obligations. Listing or admission to trading—what is the difference?...
26 May
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