Primary Market Rules

ICAP Securities & Derivatives Exchange operates two primary markets.

ISDX Growth Market

ISDX admits companies to its ISDX Growth Market in accordance with the ISDX Growth Market Rules for Issuers. The ISDX Growth Market Rules for Issuers contain:

  • The application requirements for admission to the ISDX Growth Market;
  • The continuing obligations of ISDX Growth Market issuers once admitted
  • The guidance notes on the ISDX Growth Market Rules for Issuers

A fast-track admission procedure is available to applicants from Qualifying Markets. For the purposes of the fast-track procedure ICAP Securities & Derivatives Exchange recognises (i) the Alternative Investment Market of the London Stock Exchange (AIM), and (ii) the Access Market of the Munich Stock Exchange (Bayerische Boerse).

Membership rules for ICAP Securities & Derivatives Exchange Corporate Advisers and guidance on their detailed responsibilities are available here

Issuers admitted to trading on the ISDX Main Board and ISDX Growth Market are also subject to the following legislation:

  • The UK Companies Acts (if applicable for UK incorporated issuers)
  • The Prospectus Directive 2003/71/EC (as amended)
  • The Criminal Justice Act 1993 (in particular the Insider Dealing Provisions in part V)
  • The Market Abuse Directive 2003/6/EC (as amended)
  • The Financial Services and Markets Act 2000 (“FSMA”) (in particular the Financial Promotions regime)
  • The City Code on Takeovers and Mergers (which applies to ICAP Securities & Derivatives Exchange-listed issuers as well as ICAP Securities & Derivatives Exchange-quoted issuers falling within its scope)
  • Liability of Issuers Regulations 2010

ISDX Main Board

The ISDX Main Board is an EU Regulated Market and issuers will be subject to the Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority (FCA). To join the ISDX Main Board issuers will be required to produce a prospectus approved by the UK Listing Authority (UKLA) (or other EU competent authority under the Prospectus Directive).

The application for admission to the ISDX Main Board will be made in conjunction with the issuer's application to the UKLA (or other EU competent authority for listing) for admission to the Official List under a Premium or Standard Listing.

Eligible instruments for admission to the ISDX Main Board include:

  • Equity shares – Commercial Companies (Premium Listing)
  • Equity shares – Closed-ended Investment Funds (Premium Listing)
  • Equity shares – OEICs (Premium Listing)
  • Equity shares and non-equity shares (Standard Listing)
  • Global Depositary Receipts (GDRs) (Standard Listing)
  • Debt and debt-like – Debt, Asset-Backed Debt Securities, Convertible Securities, Preference Shares (Standard Listing)
  • Securitised Derivatives (Standard Listing)
  • Miscellaneous Securities – Options, Warrants (Standard Listing)

Issuers can apply to join the ISDX Main Board in accordance with the ISDX Main Board - Admission and Disclosure Standards. Issuers are asked to provide ICAP Securities & Derivatives Exchange with a copy of its approved prospectus (or confirmation of exemption to ICAP Securities & Derivatives Exchange) in order to gain admission to the ISDX Main Board.

Related downloads Format
ISDX Growth Market - Rules for Issuers (July 2013)
ISDX Main Board - Admission and Disclosure Standards
ISDX Corporate Adviser Handbook (July 2013)
ISDX Disciplinary Procedures
ISDX Growth Market - Practice note on working capital for issuers seeking admission