Securitised Derivatives
Securitised derivatives cover options or contracts for differences which, in either case, are listed under LR 19.
Issuers currently have two markets on which to have their securitised derivatives admitted to trading:
• the London Stock Exchange (LSE) Regulated Market, which is an EU regulated market under MiFID; and
• the LSE Professional Securities Market (PSM) which is regulated by the LSE but is not an EU regulated market under MiFID.
Under the EU prospectus directive, the issuer must publish a prospectus in relation to the securitised derivatives if these are being admitted to trading on an EU regulated market and/or if they are being offered to the public.
When a prospectus is not required under the prospectus directive and the issuer is seeking admission to the exchange regulated PSM, listing particulars regarding the securitised derivatives must be prepared in line with the relevant listing rules and approved by the Global Debt Group
Where a prospectus or listing particulars is required, it must be prepared in line with the relevant prospectus and listing rules, and approved by the Global Debt Group.
To be eligible for admission to the Official List, issuers of securitised derivatives must meet the requirements set out in LR 2 and LR 19.