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 (primary market).

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 Market Rules

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 Market Rules


As a Recognised Investment Exchange, ICAP Securities & Derivatives Exchange conducts public consultations from time to time relating to proposed rulebook amendments.

View our current consultations

Market notices

Market notices related to issuers and members on the Exchange.

View current market notices


Useful documents and forms are available here.

Download forms and documents relevant to regulation