London Stock Exchange Group PLC (LSE) is launching a new international debt market that aims to serve professional investors and institutions from around the world.
The new trading facility, which will be known as the International Securities Market (ISM), will operate alongside the LSE’s other markets. It aims to give global issuers a new listing option, while also providing investors with a place to access new debt issues.
The LSE expects to launch the new market in the second quarter, subject to regulatory approval. Its proposed rulebook will be issued for consultation at the end of March.
The ISM “will provide greater choice for a variety of fixed income issuers seeking access to London’s uniquely deep pool of international capital, providing an efficient and customer focused admission approach, underpinned by appropriate standards of regulation,” the LSE says in a news release.
“The International Securities Market will provide U.K. and international fixed-income issuers an additional efficient London listing venue, giving them access to the city’s deep pool of global capital and an international investor base,” notes Nikhil Rathi, LSE’s CEO, in a statement.
Currently, almost 1,200 international issuers have issued debt in 37 currencies on London’s debt markets. More than £3.4 trillion has been raised across almost 13,000 debt instruments.