An issuer wishing to have its securities listed on the Exchange is required to engage the services of a Listing Member who will act as a sponsor.
An issuer must have a sponsor appointed at all times while it is an applicant for listing or is listed. The sponsor acts as an intermediary between the issuer and the Exchange. Responsibilities include preparing and lodging the formal listing application.
The sponsor must be a Listing Member of the Exchange which has met the eligibility criteria to act in respect of a particular product:
|Category 1||Specialist debt|
|Category 2||Investment vehicles|
|Category 3||Trading companies, extractive industries and Special Purpose Acquisition Companies (SPACs)|
Our range of Listing Members already includes banks, fund administrators, law firms and trust and corporate service providers. They have the ability to list their own in-house products as well as those of their clients.
Listing Members are approved by the Exchange's market authority to be sponsors in one or more category. This range can be expanded as and when a Listing Member is able to demonstrate sufficient expertise in sponsoring particular products.
We are seeing an increasing number of Listing Members seeking to expand their categories of membership as this allows them to provide another service to clients, which is especially pertinent where a firm wants to deliver a holistic solution. For example, a number of fund administrators are considering widening their membership to include not just Category 2 but also Category 1 so that they can list the debt vehicles which are often found within the wider investment structure.
There is an established process for on-boarding new Listing Members or expanding the categories of membership of existing Listing Members and we encourage early discussions with our team to ensure that this is as efficient as possible.
Rules governing the eligibility criteria of sponsors and their responsibilities can be found under Chapter 3 of the Membership Rules.
|Initial Membership Fee (Listing or Trading Member)||£10,000|
|Initial Membership Fee (Listing and Trading Member)||£15,000|
|Annual Membership Fee (a Listing and Trading Member will pay both annual fees)||£6,300|