The London Stock Exchange
|
|
- Norma Booker
- 8 years ago
- Views:
Transcription
1 The London Stock Exchange 15 CHAPTER 2 The London Stock Exchange 2.1 What is the London Stock Exchange? The market place The Main Market AIM Dealing on the markets Investors in the markets Regulation of the Stock Exchange The role of the Stock Exchange in the flotation process Admission and Disclosure Standards Future developments WHAT IS THE LONDON STOCK EXCHANGE? London Stock Exchange plc (the Stock Exchange) is a listed company. It has four principal areas of business: (a) (b) (c) (d) a market place for trading in company securities; a provider of trading platforms on which brokers can buy and sell securities; a supplier of market information to the financial community, and a market place for trading in equity derivatives. The focus of this book is on the Stock Exchange s role as a market place for trading in a specific type of company securities shares. The Stock Exchange is at the centre of one of the world s three main financial centres London, New York and Tokyo with over 2,400 companies listed on it worth an estimated 4,000 billion, and is the most international stock market in the world, with companies from over 80 countries and territories, from the USA and China to Malawi, Bangladesh, Papua New Guinea and the Marshall Islands, listed on it. It also has one of the world s largest pools (and Europe s largest pool) of capital, with an estimated 2,500 billion available from UK-based sources, such as pension and insurance funds. 2.2 THE MARKET PLACE The Stock Exchange has two markets for shares, the Main Market and the Alternative Investment Market (AIM). Both markets serve two main functions. First, they enable companies to raise funds by issuing new shares to the public. This is referred to as the primary market for shares. Secondly, they allow those issued shares to be traded (bought and sold) by the public. This is referred to as the secondary market for shares. The Main Market has both a primary and secondary market, therefore, as does AIM. 2.3 THE MAIN MARKET The Main Market is the Stock Exchange s principal market for listed companies and is what the layman will think of as the stock market. This is the market on which the shares of many household-name companies, such as Vodafone, BP, HSBC and Marks & Spencer (as well as a host of lesser-known companies), are listed. Within the Main Market, there are specific groupings for certain sectors: techmark for innovative technology companies; landmark
2 16 Public Companies and Equity Finance 2.4 AIM for UK regional companies. There is also a High Growth Segment (HGS), established in 2013 for companies which may grow in size very quickly, such as internet-based companies. Note, however, that companies on the HGS, although part of the Main Market, do not have to join the Official List. They are therefore treated differently from listed companies. There are currently about 1,300 companies listed on the Main Market, which includes not only UK companies but also approximately 420 overseas companies. The 100 largest companies make up the FTSE 100, which is used as a measure for judging the market value of these Main Market companies at any one given time. It is this FTSE 100 value which is used in the press to describe the current market, for example when a newspaper headline states, The FTSE 100 has dropped below 5,000. The 100 largest companies are selected every three months. The AIM is the Stock Exchange s Alternative Investment Market. It is a global market for smaller and growing companies. The AIM is a separate market from the Main Market, and while some companies may choose to move from AIM onto the Main Market at some point (such as Sportingbet plc, the online betting company in May 2010), there is no obligation to do so. In fact, lately, the trend has been for Main Market companies to move to AIM (such as Pinewood Shepperton plc in June 2012), where the regulatory burden can be lower than on the Main Market, or to leave it altogether to avoid the regulatory burden and costs. There are currently approximately 1,100 companies listed on AIM (such as Mulberry, Glasgow Rangers FC, Prezzo and Majestic Wine), which includes over 350 overseas companies. The AIM has been a rapidly expanding market, but over the last couple of years the number of new admissions has slumped as a result of the global recession. As stated at 1.3 above, the focus of this book is on companies which are listed on the Main Market. However, Chapter 24 provides a brief overview of the regulation of AIM companies, compares AIM with the Main Market, and considers the advantages and disadvantages of joining AIM. 2.5 DEALING ON THE MARKETS Dealing (ie, buying and selling shares) is not an area in which a corporate lawyer typically will have much involvement. The focus of the lawyer s role is to help to bring a client company to the market successfully, and then ensure that the company is advised of the regulatory regime it must follow in order to maintain its listing. However, the corporate lawyer s clients may well have an in-depth knowledge of dealing and the markets, and those clients may be unsettled if the lawyer helping to bring the company to market has no comprehension of how that market works. The following, therefore, is intended to provide some basic information on the mechanics of dealing. There are two elements to buying and selling shares. The first is usually referred to as trading, and this is the process by which a seller is matched with a buyer. The second element is settlement, which is the process of paying the purchase price and transferring the shares Member firms Member firms carry out most of the trading on the Stock Exchange s markets. They are investment firms (banks, stockbrokers and fund managers) which trade either on behalf of clients, or on behalf of their firms. Examples of current member firms are Barclays Bank plc, Citigroup Global Markets, Crédit Suisse Securities, Deutsche Bank AG, Goldman Sachs International, Merrill Lynch International and UBS.
3 The London Stock Exchange Mechanics of trading The Stock Exchange has fully automated trading systems. This means that any pictures you may see of people shouting and waving on a trading floor are either very out-of-date (this was discontinued in London in 1986 after the Big Bang ), or show one of the stock exchanges abroad (eg NYSE) which retains that system. The Stock Exchange has devised various electronic systems for trading shares. These apply regardless of whether the shares are held in paper form (with a share certificate) or electronically (via CREST, see ). For the large Main Market-listed companies, including those on the FTSE 100 index, and for the most highly traded AIM-quoted companies, there is the Stock Exchange Electronic Trading Service (SETS), which is known as the order book. This electronic system matches buy and sell orders for the same shares and executes the trade automatically. A further system, SETSqx, supports the trading of shares in companies with turnover which is insufficient for the SETS system (such as the least liquid Main Market companies and most AIM companies). Finally, there is the Stock Exchange Automated Quotations (SEAQ) system for AIM securities not traded on SETS or SETSqx. With this system certain member firms act as competing market makers in relation to certain shares. They will set the buy and sell prices for these shares, using current news about the company, the market sector and the strength of demand for shares as a guide. Member firms acting as brokers will then buy and sell the shares when they think the price set by the market makers is right. On average, over half a million trades a day in shares are executed on the Stock Exchange s markets Settlement Once a share has been traded on the market, it needs to be transferred from the seller to the buyer, and the consideration monies need to be transferred from the buyer to the seller. This process is known as settlement. There is a risk during the time between the trade being struck and settlement being made that the transaction will fail (for example, if one of the parties is declared bankrupt). The settlement system discussed in covers shares held in uncertificated form only, as these represent the vast majority of shares traded on the Stock Exchange CREST CREST was introduced in 1996 and is a paperless (that is, the shares are held in electronic form and no share certificates exist, ie they are uncertificated) share settlement system through which trades on the Stock Exchange s markets can be settled. The system has legal backing under the Uncertificated Securities Regulations 2001 (SI 2001/3755). Euroclear UK and Ireland Limited operates this system. As the system is electronic and paperless, settlement can be made swiftly (within two business days of any trade), so the risk period between trade and settlement is reduced. Approximately 85% of the UK share market s value is voluntarily traded through CREST. There are various options for a shareholder wishing to hold shares through CREST. CREST member A CREST member must be linked up to CREST by computer network, so typically it is the member firms of the Stock Exchange (see above) who have this type of membership. CREST members hold shares as nominees for individual clients (institutional or private investors), so the name of the CREST member, rather than the client, will be entered into the company s register of members as legal owner. The client will be the beneficial owner of the shares.
4 18 Public Companies and Equity Finance Each CREST member has an identification number for itself ( participant ID ) and at least one other identification number for specific accounts it holds, such as an account for shares beneficially held on behalf of a specific institution ( member account ID ). CREST sponsored member This type of membership is designed to attract private investors (institutions and individuals). The benefit to the private investor is that its name will appear on the company s register of members (in contrast to the position if it holds shares through a CREST member, where the CREST member s name will feature on the register). Sponsored members who are individuals are known as personal members to distinguish them from sponsored members which are corporate bodies. However, one drawback is that the CREST personal member does not have the required computer link-up to CREST. A CREST sponsor, who will be a CREST member, will provide this for the sponsored member, and will charge for the service. Nominee shareholder Other investors who are not CREST members or sponsored members, who hold their shares in electronic form, will hold them as nominees. This means that the shareholder will be the beneficial owner of their shares rather than the legal owner, and the name of the nominee (usually a CREST member) will appear on the share register. The corporate lawyer and CREST In practice, the impact of CREST for the corporate lawyer is not dramatic. For example it may involve ensuring that some standard wording is drafted into certain documents, such as how CREST shareholders can accept an offer and receive consideration (in a takeover) or take up shares (when raising equity finance), or being aware of CREST shareholders when considering the mechanics of an AGM. Some standard wording is available on the Euroclear website. The lawyer should be aware that Stamp Duty Reserve Tax is collected on paperless share transactions such as the transfer of shares within CREST. CREST itself, however, is responsible for collecting this tax. 2.6 INVESTORS IN THE MARKETS Members of the public Members of the public have significant involvement with the Stock Exchange. They can invest directly in shares listed on the Main Market or on AIM, either in the primary market (by subscribing for new shares issued by a company on flotation) or in the secondary market (by buying or selling shares which are already in issue). They can also invest indirectly (because, for example, their pensions, other savings schemes or employment incentive schemes are tied up in the Stock Exchange s markets). Obviously, the aim of the member of the public who invests is to realise a healthy profit on the sale of the investment but, as has been seen all too clearly in the current recession, what is intended and what is achieved can be very different Institutional investors Institutional investors (also known as institutional shareholders), such as pension funds and investment funds, have sizeable funds available for investment. The amount they have available to invest means that institutional investors have considerable influence over the companies in which they invest. By way of example, BT plc has approximately 5,970 institutional investors who own around 90.03% of its issued share capital. One hundred and ninety-eight of them hold over 5 million shares each. By contrast, the remaining 928,090 shareholders (mainly members of the public) own 9.97%. The main institutional investors have formed their own representative bodies called Investment Protection Committees (IPCs). Well known IPCs include the Investment
5 The London Stock Exchange 19 Association (formerly the IMA) and the National Association of Pension Funds (NAPF). The IPCs issue guidelines as to how members should exercise their shareholder vote. While these guidelines do not have the force of law, listed companies do generally treat them as binding, such is the influence of the institutional shareholders. Chapter 14 looks at some of these guidelines in more detail. Chapter 8 also considers the role of institutional investors in relation to corporate governance. 2.7 REGULATION OF THE STOCK EXCHANGE Section 19 of the FSMA 2000 prohibits any person from carrying on any regulated activity in the UK unless that person is either authorised or exempt. This is known as the general prohibition (see 9.4). The Financial Conduct Authority (FCA) has granted a recognition order to the Stock Exchange under s 290 of the FSMA This means that the Stock Exchange is a recognised investment exchange and, therefore, under s 285(2) of the 2000 Act, is exempt from the general prohibition. To remain a recognised investment exchange, the Stock Exchange must continue to satisfy various requirements drafted pursuant to s 286 of the FSMA 2000, including the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001 (SI 2001/ 995), as amended, and the rules in the specialist sourcebook, Recognised Investment Exchanges, which form part of the FCA Handbook of Rules and Guidance. These requirements include that the Stock Exchange must: (a) (b) (c) (d) ensure that business conducted by means of its facilities is conducted in an orderly manner and so as to afford proper protection to investors; make arrangements for the provision of pre-trade and post-trade information about share trading; make clear and transparent rules concerning the admission of securities to trading on its financial markets; and be able to promote and maintain high standards of integrity and fair dealing in the carrying on of regulated activities by persons using facilities provided by the Stock Exchange. 2.8 THE ROLE OF THE STOCK EXCHANGE IN THE FLOTATION PROCESS The Stock Exchange shares responsibility with the FCA for regulating IPOs. The FCA has responsibility for the official listing of securities in the UK. Chapter 3 considers this role more closely. The Stock Exchange has responsibility for admitting shares to trading on its markets. Any company seeking to be a listed company (as defined in 1.3 above) must seek to have its shares: (a) (b) admitted to listing on the Official List (for which it must liaise with the FCA); and admitted to trading on the Main Market (for which it must liaise with the Stock Exchange). Chapter 5 considers this process in more detail. 2.9 ADMISSION AND DISCLOSURE STANDARDS The Stock Exchange has its own set of rules for companies joining the Main Market (they do not apply to companies joining AIM). These rules are called the Admission and Disclosure Standards, and they set out the requirements for companies seeking admission to trading, as well as the continuing obligations for companies already admitted to trading. They apply to both companies incorporated in the UK and overseas. The Admission and Disclosure Standards are available on the Stock Exchange s website.
6 20 Public Companies and Equity Finance 2.10 FUTURE DEVELOPMENTS Trading Under ss 783 to 790 of the CA 2006, there is the power for BIS to make regulations to enable shares to be owned or transferred without written documentation. At the time of writing, no such regulations exist. Replacing paper share certificates and stock transfer forms with an electronic system is known as dematerialisation. The EU is currently in the process of agreeing a new regulation, the CSD (Central Securities Depositories) Regulation. This will standardise the procedure for the settlement of securities in the EU (see above for what settlement entails). As part of this new Regulation all shares in listed companies would have to be dematerialised and their shareholders would no longer be able to hold shares in paper form. The European Commission is aiming to have the CSD Regulation come into force by Current proposals suggest the Regulation will include a final deadline for dematerialisation of 2025.
Exchange Traded Funds and the UCITS Framework
Exchange Traded Funds and the UCITS Framework 0 EXCHANGE TRADED FUNDS AND THE UCITS FRAMEWORK Introduction An Exchange Traded Fund ( ETF ) is an investment vehicle that, in its typical form, is designed
More informationUnited Kingdom: Main Market - IPO Overview
United Kingdom: Main Market - IPO Overview 1 Regulatory Background 1.1 Overview of Regulatory Requirements The requirements for listing on the Main Market (premium and standard) of the London Stock Exchange
More informationEngland and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014]
England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014] Contact Greg Scott, Partner Memery Crystal LLP gscott@memercrystal.com 1 Contents Page SCOPE OF THIS REPORT... 3 GENERAL
More informationEuroclear UK & Ireland. Becoming a client. What you need to know about the CREST system and how to become a member
What you need to know about the CREST system and how to become a member Why become a client of? 1 Who can become a client of? 2 How to become a client of 3 How does the CREST system work? 5 Tariff 9 Further
More informationHow To Trade In China
Introduction to London Stock Exchange Capital Markets Contents Background 02 Equity primary markets 03 Main Market 03 AIM 04 Trading services for equity securities 05 SETS 05 SETSqx 05 SEAQ 05 International
More informationOrder book for Retail Bonds. Efficiency and transparency in trading bonds for private investors
Order book for Retail Bonds Efficiency and transparency in trading bonds for private investors We aim to respond to private investor demand by offering a cost-effective, transparent and efficient mechanism.
More informationOrder book for Retail Bonds. Listing and admitting retail bonds
Order book for Retail Bonds Listing and admitting retail bonds ORB aims to offer retail investors efficient access to an on-screen secondary market in London listed debt instruments. Order book for Retail
More informationCredit Suisse Asset Management Limited UK Order Execution Policy December 2013
Credit Suisse Asset Management Limited UK Order Execution Policy December 2013 Table of Contents 1. General information about this Policy 1 2. CSAML s Core Best Execution Obligations 2 3. Placing Orders
More information3I INFRASTRUCTURE LIMITED (THE COMPANY ) PLACING AND OPEN OFFER OF 108,132,277 NEW ORDINARY SHARES AT 106 PENCE PER NEW ORDINARY SHARE
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR AUSTRALIA 3I INFRASTRUCTURE LIMITED
More informationWhat are Shares? What is a Stock Exchange? Why do Companies go Public? IPO explained.
What are Shares? Shares, as the name says, are shares in a limited company. Each shareholder is a partial owner of the company in which they have bought shares and investors can buy and sell their shares
More informationConsidering a London listing?
Considering a London listing? About us Over the last five years Capita Asset Services has been appointed to more Initial Public Offerings (IPO) than any other registrar. Our experience of flotation projects
More informationScrip Dividend Scheme Terms and Conditions
Scrip Dividend Scheme Terms and Conditions If you are in any doubt about the action you should take with this document, you should immediately consult an appropriate independent advisor duly authorised
More informationL I S T I N G A N D A D M I T T I N G R E T A I L B O N D S. Order book for Retail Bonds
L I S T I N G A N D A D M I T T I N G R E T A I L B O N D S Order book for Retail Bonds Contents Introduction...3 Requirements for admission to the Order book for Retail Bonds...4 Listing and admission
More informationInvesco Property Income Trust Limited
THIS DOCUMENT AND THE ACCOMPANYING FORM OF PROXY ARE IMPORTANT AND REQUIRE YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you should consult your stockbroker, bank
More informationInvestor Guide ALL YOU NEED TO KNOW. (Vol: II)
Investor Guide ALL YOU NEED TO KNOW (Vol: II) TABLE OF CONTENTS 1. INTRODUCTION 2. IMPORTANT THINGS TO KNOW ABOUT EQUITIES 03 03 3. 3.1 3.2 3.3 3.4 HOW TO TRADE? Introducing Stockbrokers The Mechanics
More informationTHIS PROSPECTUS AND ANY ACCOMPANYING DOCUMENTS ARE IMPORTANT AND REQUIRE YOUR IMMEDIATE ATTENTION. 1 3) 2007 1995 2000 ( FSMA
THIS PROSPECTUS AND ANY ACCOMPANYING DOCUMENTS ARE IMPORTANT AND REQUIRE YOUR IMMEDIATE ATTENTION. If you are in any doubt as to what action you should take, you are recommended to consult immediately,
More informationLAND SECURITIES GROUP PLC (incorporated and registered in England and Wales under the Companies Act 1985 with registered number 4369054)
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you are recommended to seek immediately your own personal financial advice from
More informationGuide to Services and Charges
Redmayne-Bentley s Guide to Services and Charges Established in 1875, Redmayne-Bentley is one of the leading independently owned private client stockbroking and investment management firms in the UK and
More informationExchange Traded Funds (ETFs)
Exchange Traded Funds (ETFs) Advisers guide to ETFs and their potential role in client portfolios This document is directed at professional investors and should not be distributed to, or relied upon by
More informationThe BT Dividend investment plan A convenient, easy and cost effective way to grow your BT shareholding
The BT Dividend investment plan A convenient, easy and cost effective way to grow your BT shareholding April 2016 1 CONTENTS IMPORTANT INFORMATION 2 INTRODUCTION 3 ABOUT THE PLAN 4 CONTACTS 10 PLAN TERMS
More informationEXCHANGE Traded Funds
EXCHANGE TRADED FUNDS EXCHANGE Traded Funds Guide to listing on the Cayman Islands Stock Exchange Contents Introduction... 3 What CSX has to offer... 4 The listing process... 6 Conditions for listing...
More informationDividend Reinvestment Plan Service Terms and Conditions
Dividend Reinvestment Plan SHARE REGISTRATION EMPLOYEE BENEFITS INVESTMENT SERVICES BUSINESS PROCESS OUTSOURCING Dividend Reinvestment Plan Service Terms and Conditions PARTNERSHIP THROUGH INSIGHT, INTEGRITY
More informationST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010. Approved by shareholders of the Company on. Adopted by the board of the Company on
DISPLAY VERSION ST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010 Approved by shareholders of the Company on Adopted by the board of the Company on The Plan is a discretionary benefit offered by St Ives
More informationROYAL DUTCH SHELL PLC SCRIP DIVIDEND PROGRAMME TERMS AND CONDITIONS
ROYAL DUTCH SHELL PLC SCRIP DIVIDEND PROGRAMME TERMS AND CONDITIONS This document is important and requires your immediate attention. If you are in any doubt about what action to take, you should seek
More informationCertificate for Introduction to Securities & Investment (Cert.ISI) Unit 1
26cis Certificate for Introduction to Securities & Investment (Cert.ISI) Unit 1 Lesson 26: World Stock Markets London Stock Exchange NYSE Nasdaq Euronext Tokyo Stock Exchange Deutsche Borse Stock markets
More informationBefore you accept the Terms and Conditions and engage in our Services, it is important that you read these Risk Warnings.
Important information Investment Risk Warnings Before you accept the Terms and Conditions and engage in our Services, it is important that you read these Risk Warnings. Definitions used in these Risk Warnings
More informationAn IFA can broaden your investment horizons
An IFA can broaden your investment horizons Introduction Although the idea of investing to provide for your future financial security is gaining wider acceptance, for the would-be investor, finding the
More informationBringing ETFs to Market. Listing in Europe
Bringing ETFs to Market Listing in Europe The European ETF Market It has been 15 years since the first ETF came to market in Europe. Assets under management in the European ETF market reached $491 billion
More informationObtaining a premium or standard listing on the London Stock Exchange
Obtaining a premium or standard listing on the London Stock Exchange An overview 16 Old Bailey, London EC4M 7EG tel: +44 (0)20 7597 6000 fax: +44 (0)20 7597 6543 www.withersworldwide.com Contents 1. Introduction...1
More informationGuide to Services and Charges
Redmayne-Bentley s Guide to Services and Charges Established in 1875, Redmayne-Bentley is one of the leading independently owned private client stockbroking and investment management firms in the UK and
More informationDIVIDEND REINVESTMENT PLAN RIO TINTO PLC
DIVIDEND REINVESTMENT PLAN RIO TINTO PLC TERMS & CONDITIONS Computershare Investor Services PLC has arranged to provide a Dividend Reinvestment Plan to Rio Tinto plc and a number of other clients that
More informationShareholders of the Company previously approved the AIM delisting at Velti s extraordinary general meeting held on July 30, 2010.
FREQUENTLY ASKED QUESTIONS REGARDING VELTI PLC SHAREHOLDER MATTERS The following information addresses questions concerning the Velti U.S. public offering and trading of its ordinary shares as a result
More informationA guide to London Stock Exchange trading services for equity securities
A guide to London Stock Exchange trading services for equity securities Contents Background 01 Trading services for equity securities 03 SETS 04 SETSqx 06 SEAQ 08 Criteria and process for allocating securities
More informationScrip Dividend Scheme
Scrip Dividend Scheme Scrip Dividend Scheme The following explains how the Scheme operates and sets out further details and terms of the Scheme. 1. What is the Scheme? The Scheme enables you to receive
More informationThe Bermuda Securities Depository (BSD) Participants User Guide WEB VERSION
The Bermuda Securities Depository (BSD) Participants User Guide WEB VERSION November 2001 Table of Contents INTRODUCTION...1 LEGAL STRUCTURE...5 PARTICIPANTS...7 SYSTEM...10 ACCOUNTS...12 TRADING...17
More informationswitch to more enlightened trading A guide to Level 2 market data
switch to more enlightened trading A guide to Level 2 market data Switch to more enlightened trading Sophisticated investors are already using and harnessing the advantages that Level 2 market data provides
More informationWHERE EXPERIENCE COUNTS
Investment Services Guide Retail & Corporate Stockbrokers WHERE EXPERIENCE COUNTS Our Advisory Investment Services are designed specifically for investors seeking specialist expertise and advice on investments
More informationTHE CO-OPERATIVE BANK p.l.c. (the Bank ) NOTICE OF A MEETING. of the holders of those of the
THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF HOLDERS. IF HOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD CONSULT THEIR OWN PROFESSIONAL ADVISERS AUTHORISED UNDER
More informationASIAN CITRUS HOLDINGS LIMITED (Incorporated and registered in Bermuda, registered number 33747)
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the contents of this document or the action you should take, you should immediately seek your own personal
More informationIMPORTANT DISCLOSURES AND CONSIDERATIONS FOR INVESTORS IN AUCTION RATE SECURITIES
IMPORTANT DISCLOSURES AND CONSIDERATIONS FOR INVESTORS IN AUCTION RATE SECURITIES Goldman, Sachs & Co., as a Broker-Dealer of Auction Rate Securities, provides the following important information about
More informationExchange Traded Funds. Reasons to Consider. For professional clients only
Exchange Traded Funds Reasons to Consider For professional clients only Exchange Traded Funds (ETFs) have been designed to provide low-cost and transparent access to the world s markets, combining the
More informationFOR IMMEDIATE RELEASE 10 July 2006 RECOMMENDED FINAL OFFERS * AIRPORT DEVELOPMENT AND INVESTMENTLIMITED. a company held by
FOR IMMEDIATE RELEASE 10 July 2006 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO CANADA RECOMMENDED FINAL OFFERS * by AIRPORT DEVELOPMENT AND INVESTMENTLIMITED a company
More informationExploring the Intermediated Shareholding Model
BIS RESEARCH PAPER NUMBER 261 Exploring the Intermediated Shareholding Model JANUARY 2016 Contents Figures and tables... 6 Glossary... 7 Executive summary... 14 Introduction... 20 Objectives... 21 Methodology
More informationFREQUENTLY ASKED QUESTIONS. When will Eros Pre-IPO Shares (as defined below) be consolidated?
FREQUENTLY ASKED QUESTIONS REGARDING EROS INTERNATIONAL PLC SHAREHOLDER MATTERS The following information addresses questions concerning the trading of Eros International Plc s ( Eros ) A ordinary shares
More informationRolls-Royce Holdings plc. Shareholder guide June 2014
Rolls-Royce Holdings plc Shareholder guide June 2014 Contents Payments to Shareholders Payments to shareholders............................................3 Receive cash.....................................................4
More informationRules of the London Stock Exchange. Rule Book
Rules of the London Stock Exchange Rule Book EFFECTIVE 1 SEPTEMBER 2015 Table of Contents Contents Introduction to the Rulebook and the Markets in Financial Instruments Directive Page Number 3 Definitions
More informationThe Scottish Investment Trust PLC
The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC
More informationCONTRACTS FOR DIFFERENCE
CONTRACTS FOR DIFFERENCE Cornhill Capital helps private client investors realise significant value in an innovative trading environment. Cornhill Capital Limited is a leading independent investment company
More informationIndividual Savings Account Supplementary Terms
Individual Savings Account Supplementary Terms Individual Savings Account Supplementary Terms and Conditions for Stocktrade Retail Clients forming part of the Agreement between Stocktrade (a division of
More informationSelf-Directed Options Guide
Self-Directed Options Guide Contents 03 Introduction 04 The Policy Cash Account 05 Deposits 08 Execution-only stockbroking 15 Direct Property 15 General Information 02/16 Self-Directed Options Guide Introduction
More informationDIVIDEND REINVESTMENT PLAN THE SCOTTISH INVESTMENT TRUST PLC
DIVIDEND REINVESTMENT PLAN THE SCOTTISH INVESTMENT TRUST PLC TERMS & CONDITIONS The Scottish Investment Trust PLC has arranged a dividend reinvestment plan that gives shareholders the opportunity to use
More informationThe Warsaw Stock Exchange Rules
The Warsaw Stock Exchange Rules (text according to legal condition at 1 June 2015)* *The Warsaw Stock Exchange Rules adopted in Resolution No. 1/1110/2006 of the Exchange Supervisory Board dated 4 January
More informationSasol Inzalo Public Limited (RF) How to trade Sasol Inzalo shares on the JSE
Sasol Inzalo Public Limited (RF) How to trade Sasol Inzalo shares on the JSE Please ensure that you read and understand the following about what is said in this booklet: This booklet summarises information
More informationA stock is a share in the ownership of a company. Stock represents a claim on the company s assets and earnings.
Stock Market Basics What are stocks? A stock is a share in the ownership of a company. Stock represents a claim on the company s assets and earnings. As an owner (shareholder), you are entitled to your
More informationAccrual of Interest Income that builds up over time (e.g. on a bond) but has not yet been paid out.
This document is intended to explain some of the jargon terms which are associated with the services we provide to our customers. However, this is not intended to be an all encompassing guide and if there
More informationProvided by. Saga Share Direct. Trading Guide. Trading Account Stocks and Shares ISA Investment Clubs Trading Account
Provided by Saga Share Direct Trading Guide Trading Account Stocks and Shares ISA Investment Clubs Trading Account Welcome Thank you for choosing to open a Saga Share Direct share dealing account, provided
More informationOrder Execution Policy
Order Execution Policy 1 Overview The purpose of this document is to provide clients of Stocktrade ( Stocktrade or we or us ) with information about our Order Execution Policy and to seek your consent
More informationCORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS
1. INTRODUCTION CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1.1 This note, prepared on behalf of the Company Law Committee of the City of London Law Society ( CLLS ), relates to BIS request for
More informationMAIN CHARACTERISTICS OF PILOT PROGRAMME SECURITIES
PILOT PROGRAMME FOR TRADING US SECURITIES Informational Documentation For Clients of Exchange Participants The material contained herein is for general information and investors should only consider participating
More informationNotice of Annual General Meeting 2012
Notice of Annual General Meeting 2012 This document is important and requires your immediate attention. 1 If you are in any doubt about the action you should take, you should seek your own personal financial
More informationA Guide to Capital Markets YOUR ROUTE TO THE HEART OF GLOBAL FINANCE
A Guide to Capital Markets YOUR ROUTE TO THE HEART OF GLOBAL FINANCE Contents London the place to raise capital 3 The world s capital market 5 Benefits of joining our markets 7 Cost effective, efficient
More informationStructured products. Precision tools. A guide for private investors.
Structured products Precision tools. A guide for private investors. Structured products are listed securities available for trading on London Stock Exchange s regulated Main Market. Structured products
More informationSIPP ISA Dealing Junior ISA A guide to IPOs
SIPP ISA Dealing Junior ISA A guide to IPOs Contents What is an IPO? 3 Why do companies float 3 Why are IPOs popular? 3 Where do I get information on IPOs? 4 The admission document and prospectus 4 Where
More informationLecture Notes on MONEY, BANKING, AND FINANCIAL MARKETS. Peter N. Ireland Department of Economics Boston College. irelandp@bc.edu
Lecture Notes on MONEY, BANKING, AND FINANCIAL MARKETS Peter N. Ireland Department of Economics Boston College irelandp@bc.edu http://www2.bc.edu/~irelandp/ec261.html Chapter 2: An Overview of the Financial
More informationWhen Issued Dealing on the Order book for Retail Bonds. London Stock Exchange Group
When Issued Dealing on the Order book for Retail Bonds London Stock Exchange Group When Issued Dealing on ORB This guide outlines the process and timetable for the submission of documentation to support
More informationEUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) CONSULTATION PAPER
EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) CONSULTATION PAPER 22 City Road Finsbury Square London EC1Y 2AJ Tel: +44 (0) 20 7448 7100 Fax: +44 (0) 20 7638 4636 Email: info@apcims.co.uk DRAFT TECHNICAL
More informationNotice of Annual General Meeting
Notice of Annual General Meeting Croda International Plc Cowick Hall Snaith Goole East Yorkshire DN14 9AA England Tel +44 (0)1405 860551 Fax +44 (0)1405 861767 Holders of ordinary shares are entitled to
More informationPre-trade and execution services under MiFID LEADING SOLUTIONS FOR A PAN-EUROPEAN MARKET
Pre-trade and execution s under MiFID LEADING SOLUTIONS FOR A PAN-EUROPEAN MARKET Working with the market, we have extended our range of trading s, enhancing them to meet your pre-trade obligations whilst
More informationSchedule of Allowable Investments
Schedule of Allowable Investments for the Suffolk Life MasterSIPP This document is part of a set, all of which should be read together. Key Features Your Personal Illustration Schedule of Fees Schedule
More informationThe Warsaw Stock Exchange Rules
(text consolidated at 20 June 2012)* * 1) The Rules adopted by the Supervisory Board by Resolution No. 1/1110/2006 dated 4 January 2006, as amended by the Exchange Supervisory Board: - by Resolution No.
More informationPREMIER OIL plc ("Premier") Result of Extraordinary General Meeting. 20th April 2009
Not for release, publication or distribution in or into Australia, Canada, the Dubai International Financial Centre, New Zealand, the Republic of South Africa, the State of Israel or the United States
More informationTransferring to Alliance Trust Savings
Transferring to Alliance Trust Savings ATS TERMINOLOGY ATS uses some terminology that you may not be familiar with as a Stocktrade client. Here are a few of the main examples to help explain. INVESTMENTS
More informationInternational Equity Markets. Dora Chen, Zhen Zhang, Daisy Guo, Spencer Hu,
International Equity Markets Dora Chen, Zhen Zhang, Daisy Guo, Spencer Hu, International Equity Markets Chapter Objective: This chapter continues discussion of international capital markets with a discussion
More informationA new landmark in trading
A new landmark in trading DERIVATIVES MARKET Equity Derivatives Dividend Futures www.jse.co.za Johannesburg Stock Exchange The JSE in collaboration with Deutsche Bank and Investec Capital Markets is launching
More informationTransact Guide to Investment Risks
Integrated Financial Arrangements plc Transact Guide to Investment Risks Integrated Financial Arrangements plc A firm authorised and regulated by the Financial Conduct Authority INTRODUCTION Transact operates
More information27 June 2014 SANCTION OF SCHEME
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION 27 June 2014 RECOMMENDED
More informationZurich Stocks and Shares ISA. Terms and conditions
Zurich Stocks and Shares ISA Terms and conditions Contents Introduction 3 The Terms and conditions 3 Roles and responsibilities 3 Risks 3 Terms and conditions 4 21) Your contract with us 4 22) Roles and
More informationare recognised as stable, international finance centres with top-tier reputations
April 2008 Briefing Listing Offshore Companies on the London Stock Exchange s Alternative Investment Market ( AIM ) PREFACE This briefing is intended to provide a summary of some of the legal requirements
More informationINVESTING IN THE CAPITAL MARKET: BENEFITS & PROSPECTS
DYNAMIC PORTFOLIO LIMITED (Member of The Nigerian Stock Exchange) Registered by Securities and Exchange Commission INVESTING IN THE CAPITAL MARKET: BENEFITS & PROSPECTS INTRODUCTION Unlike other types
More informationwww.pwc.com/mn/capital-markets
www.pwc.com/mn/capital-markets Listing in London A guide to premium and standard listings of equity and flotation on AIM Capital Markets About this brochure This brochure summarises the different London
More informationReport of the Alternative Investment Expert Group: Developing European Private Equity
Report of the Alternative Investment Expert Group: Developing European Private Equity Response from The Association of Investment Trust Companies The Association of Investment Trust Companies (AITC) welcomes
More informationContracts for Difference (CFDs)
Contract for Difference (CFDs) and FCA Disclosure Requirements What are Contract for Difference (CFDs) CFDs (also known as Synthetic Equity Swaps (SES)) are Over the Counter (OTC) transactions which allow
More informationManaged Fund Service. Terms and Conditions
Managed Fund Service Terms and Conditions Important Information These are the Terms and Conditions for your Balkerne Asset Management Managed Fund Service. You are advised to read them carefully. The terms
More informationJ.P. Morgan ISA and J.P. Morgan Investment Account
110487-GB H961 0615 Key Features (24pp A4).qxp:110487 10/6/15 14:35 Page 1 Key Features and Terms and Conditions Effective from 25 September 2015 J.P. Morgan ISA and J.P. Morgan Investment Account For
More informationThis is a guide to how funds and managed accounts work, how they are regulated and the pros and cons of each.
GUIDE TO FUNDS AND MANAGED ACCOUNTS This is a guide to how funds and managed accounts work, how they are regulated and the pros and cons of each. Glossary These are some of the common words used in this
More informationIn these Rules, the following expressions have the meaning set out below, unless the context requires otherwise:
2. DEFINITIONS In these Rules, the following expressions have the meaning set out below, unless the context requires otherwise: Expression Act announcement applicant approved settlement facility the Corporations
More informationM&G HIGH INCOME INVESTMENT TRUST P.L.C
This document is issued by M&G Securities Limited as the alternative investment fund manager (AIFM) of M&G High Income Investment Trust PLC (the "Company") solely in order to make certain information available
More informationTHIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION
Notice of Meeting Strategic report THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to what action you should take, you are recommended to seek your own financial
More informationDEFINITIONS. In this document, the following expressions have the following meanings, unless the context requires otherwise:
In this document, the following expressions have the following meanings, unless the context requires otherwise: AMS the Stock Exchange s Automatic Order Matching and Execution System AMS/2 an upgraded
More informationYour guide to IPOs Simply Smarter Investing
Your guide to IPOs Simply Smarter Investing Produced in partnership with Shares magazine. The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back
More informationC Evolution General Brochure 1114:C Gen Evolution Broch 0314 24/11/2014 12:22 Page 1 Evolution Strategy
Evolution Strategy Introduction to Chryson Chryson is a boutique stockbroking firm, operating from Glasgow. We are regulated by the Financial Conduct Authority, reference 491208, and have been trading
More informationBLACKROCK GREATER EUROPE INVESTMENT TRUST PLC
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action you should take, you should immediately consult your stockbroker, bank manager, solicitor, accountant
More informationJoint Lead Managers. With this Prospectus, Chairman s letter and forms. Change of details form. Pre-paid envelope
P R O S P E C T U S Joint Lead Managers Credit Suisse First Boston Deutsche Morgan Grenfell Australia Limited With this Prospectus, you received: Chairman s letter and forms Letter from the Chairman, containing
More informationNew UK Premium and Standard Listing Regime.
March 2010 New UK Premium and Standard Listing Regime. The new premium and standard segments of the UK listing regime take effect on 6 April and the FSA has now published the final rule amendments needed
More informationExchange Traded Funds. An Introductory Guide. For professional clients only
Exchange Traded Funds An Introductory Guide For professional clients only Exchange-Traded Funds (ETFs) started to be used in Europe in the early 2000s but over the past few years they have grown their
More informationNotice of Annual General Meeting
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in doubt about what action to take, you should obtain your own financial advice from your stockbroker, bank manager, solicitor,
More informationQUICK GUIDE TO ISAs 2014/2015
INDIVIDUAL SAVINGS ACCOUNTS 2014/2015 An Individual Savings Account (ISA) is not an investment in its own right rather it is a type of account that can be used to undertake tax-advantageous investment.
More informationA guide to joining AIM - the LSE s market for smaller and growing companies
A guide to joining AIM - the LSE s market for smaller and growing companies Contents Introduction 2 AIM - Key questions 3 AIM - Key issues 4 Routes to Admission 6 Advisers - Who needs to be involved?
More information