ICAP Securities and Derivatives Exchange Limited is a Recognised Investment Exchange
under section 285 of the Financial Services and Markets Act 2000. ICAP Securities
& Derivatives Exchange must satisfy the requirements of the Financial Conduct
Authority’s Recognition Requirements for Recognised Investment Exchanges and is
responsible for maintaining neutral, well regulated and orderly markets.
ICAP Securities & Derivatives Exchange regulates the conduct of member firms
and issuers on its markets, monitors trading and market activity, and maintains
rules and guidance to provide a neutral and transparent venue for raising capital
and trading securities.
ICAP Securities & Derivatives Exchange operates two primary traded markets and
a single secondary traded market:
ISDX Main Board is an EU Regulated Market for officially listed
securities which are regulated by the UK Listing Authority or another EU Competent
Authority and are subject to the ISDX Main Board Admission and Disclosure Standards
ISDX Growth Market is a market for unlisted securities
with a regulatory framework dedicated to the needs of smaller companies – an SME
Market (primary market).
The ISDX Secondary Market is a trading venue for listed or unlisted
(i.e. non-Regulated Market) securities admitted to trading on other EU markets.
Primary Market Rules
The rules and guidance for the ISDX Growth Market and ISDX Main Board set out the
admission requirements and guidance for both markets, as well as the continuing
obligations of issuers once admitted to trading. ICAP Securities & Derivatives
Exchange also maintains a rulebook for ISDX Corporate Advisers acting for ISDX Growth
Market issuers and disciplinary rules for member firms and issuers.
View our Primary
Secondary Market Rules
ISDX Secondary Market offers a quote-driven trading venue for both listed and unlisted
securities that is governed by the ISDX Trading Rules.
View our Secondary
As a Recognised Investment Exchange, ICAP Securities & Derivatives Exchange
conducts public consultations from time to time relating to proposed rulebook amendments.
View our current
Market notices related to issuers and members on the Exchange.
View current market
Useful documents and forms are available here.
Download forms and documents
relevant to regulation