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United Kingdom
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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

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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 securities to the Official List maintained by the Financial Conduct Authority (FCA). ‘Admission to trading’ means securities are admitted to trading on the relevant market operated by the LSE...

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Web page updated on 20/05/2026

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