RULES OF THE LONDON STOCK EXCHANGE Rulebook Effective Date 5 February 2024

RULES OF THE LONDON STOCK EXCHANGE Rulebook Effective Date 5 February 2024

Introduction to the Rulebook
Reference to any statute and statutory provision shall be construed as those in force from time to time. References 
to time shall mean the time in London unless stated otherwise. References to days are business days unless 
otherwise stated.
Chapter headings, section headings and the titles and numbers of rules are for guidance and ease of 
reference only.
For the purpose of these rules, an act or course of conduct includes both acts and omissions. Terms in bold are 
defined terms and shall have the meanings set out in the Definitions unless the context otherwise requires, and 
cognate expressions shall be construed consistently with them.
Rules with supplementary guidance are flagged with the notation “G” with the relevant guidance located 
immediately after the rule. A breach of the guidance is evidence of a breach of the rule.
A breach of the Rules would be subject to the disciplinary processes currently in place.
These rules shall be construed in accordance with, and governed by, the laws of England and Wales. References 
to any EU regulation as applied in the UK means a reference to the relevant regulation as it is applied in the UK 
pursuant to the European Union (Withdrawal) Act 2018 following IP Completion Day (as defined in the European 
Union (Withdrawal Agreement) Act 2020).
The Exchange shall not be liable in damages for anything done or omitted in the discharge of these rules unless it 
is shown that the act or omission was done in bad faith. 
The Exchange’s rules make a clear distinction between a member firm acting as principal and as agent. Two 
trades with a member firm interposed as agent is deemed to be a single transaction. Two trades with a member 
firm interposed as principal are deemed to be two transactions.
Structure
This Rulebook is structured as follows:

RULES OF THE LONDON STOCK EXCHANGE Rulebook Effective Date 5 February 2024