INTERNATIONAL SECURITIES MARKET RULEBOOK

INTERNATIONAL SECURITIES MARKET RULEBOOK

Section 1 – General requirements for admission 
to trading
1. Specialist securities
The Securities to be admitted to trading must be specialist securities.
2. No conditional admission
The Exchange is not able to make the admission of Securities to trading conditional on any 
event. The Exchange may, in particular cases, seek confirmation from an issuer before the 
admission of Securities that the admission does not purport to be conditional on any matter.
3. Incorporation
An issuer must be duly incorporated or otherwise validly established according to the relevant 
laws of its place of incorporation or establishment and operating in conformity with its 
constitutional documents.
4. Validity
The Securities to be admitted to trading must conform with the law of the issuer’s place of 
incorporation, be duly authorised according to the requirements of the issuer’s constitutional 
documents and have any necessary statutory or other consents.
5. Transferability
Securities to be admitted to trading must be freely transferable. The Exchange may allow partly 
paid Securities to be admitted to trading if it is satisfied that their transferability is not restricted 
and investors have been provided with appropriate information to enable dealings in the 
Securities to take place on an open and proper basis.
6. Whole class to be admitted to trading
An application for admission to trading of Securities of any class must, if no Securities of that 
class are already admitted to trading, relate to all Securities of that class issued or proposed to
be issued and after admission relate to all further Securities of that class issued or proposed to 
be issued which are intended to be fungible with existing Securities.
7. Market capitalisation
The expected aggregate market value of Securities to be admitted to trading must be at least 
£200,000 or its equivalent in another currency except where Securities of the same class are 
already listed. The Exchange may admit Securities of a lower value if satisfied that there will be 
an adequate market for the Securities concerned.

8. Financial information
8.1 Save as provided for in paragraphs 8.2 and 8.3 below, or in respect of an issuer of asset-

backed securities or insurance linked securities, an issuer must have published audited 
financial statements that cover at least the last two years.
8.2 The Exchange may accept financial statements relating to a period shorter than two years if 
it is satisfied that:
(1) users of ISM have the necessary information available to arrive at an informed judgment 
concerning the issuer and the Securities for which admission to trading is sought; or
(2) where the application is in respect of guaranteed Securities, the guarantor has 
published financial statements which cover at least two years.
8.3 In exceptional circumstances, the Exchange may waive the requirement for financial 
statements. The Exchange must be consulted at an early stage.
9. Refusal of applications
9.1 The Exchange may refuse an application for admission to trading if it considers that:
(1) the issuer’s situation is such that admission to trading of the Securities may be 
detrimental to the orderly operation of ISM or to the integrity or reputation of the 
Exchange; or
(2) the issuer does not comply or will not comply with these rules or with any special 
requirements imposed upon the issuer by the Exchange.
9.2 Without prejudice to paragraph 9.1 above, the Exchange retains sole discretion to refuse an 
application for admission to trading of any Securities if it considers that the Securities are 
better suited to another of the Exchange’s markets or segments.
10. Special requirements
The Exchange may make the admission to trading of Securities subject to any special 
requirement that it considers appropriate to maintain the orderly operation, integrity or reputation 
of the Exchange’s markets and must explicitly inform the issuer of any such special requirement.
11. Electronic settlement
To be admitted to trading, Securities must be eligible for electronic settlement.
12. Admission particulars
To be admitted to trading, the admission particulars for the Securities must have been 
submitted to the Exchange and, except in the case of insurance linked securities, Published.
13. Convertible securities
Convertible securities may be admitted to trading only if the Securities into which they are 
convertible or for which they are exchangeable or over which they give a right to buy or subscribe 
are already, or will become at the same time, admitted to trading on a suitable market. In 
exceptional circumstances, the Exchange may dispense with this requirement if it is satisfied that 
holders of the convertible securities have at their disposal all the information necessary to form an 
opinion about the value of the underlying Securities.

INTERNATIONAL SECURITIES MARKET RULEBOOK