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United Kingdom
United Kingdom
Key definition
Secondary market definition What does Secondary market mean? Secondary market describes trading in existing securities (for example, shares and bonds) after their initial issue in the primary market. It covers on‑exchange and off‑exchange transactions between investors, including on‑book trades, block trades, issuer buy‑backs and off‑market transfers. The expression is descriptive rather than a defined legal term, but secondary trading is regulated. In England & Wales, Scotland and Northern Ireland, the framework includes FSMA 2000, UK MiFID II/MiFIR, the UK Market Abuse Regulation and market rules (such as the Listing Rules and AIM Rules). In Ireland, the equivalent EU regimes (MiFID II/MiFIR and MAR) and Euronext Dublin rules...
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Structuring Project Finance for Energy and Infrastructure: Risk Allocation, Political Risk Mitigation and Credit Enhancements, illustrated by the Azura Edo independent power project (PCOA and World Bank Guarantees)
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Practice notes
Introduction to project finance structures
This Practice Note explores what ‘structure’ signifies within a project finance deal and flags the principal considerations that shape how such transactions are put together. It examines the Azura Edo independent power project in Nigeria (Azura Edo IPP) as a detailed case study, using it to highlight and clarify several recent, inventive structuring approaches in project finance that have been deployed successfully to address specific risks and hurdles. It is not a primer on project finance and therefore presumes readers have a basic grounding in the subject. For a starting point on project finance, see Practice Note: Introduction to project finance. The emphasis here is on construction financings—that is, brand‑new schemes built from the ground up (often called ‘greenfield projects’)—rather than the disposal or acquisition of already operating assets (commonly known as secondary market transactions), which account for a significant share of overall market activity. Broadly, the guidance applies to the asset class typically described as ‘energy and infrastructure’ projects, covering endeavours as varied as power plants and oil, with examples showing how defined risks and challenges have been addressed to enable successful implementation in the structuring of project finance transactions described in this Note and referenced...
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Web page updated on 21/05/2026
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