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Introduction to London Stock Exchange Capital Markets

Introduction to London Stock Exchange Capital Markets Capital... · 01 Capital Markets introduction London Stock Exchange Group is a diversified international market infrastructure

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Page 1: Introduction to London Stock Exchange Capital Markets Capital... · 01 Capital Markets introduction London Stock Exchange Group is a diversified international market infrastructure

Introduction to London Stock Exchange Capital Markets

Page 2: Introduction to London Stock Exchange Capital Markets Capital... · 01 Capital Markets introduction London Stock Exchange Group is a diversified international market infrastructure

Background 01

Raising capital 02

Main Market 02

AIM 03

Global Depositary Receipts (GDR) 04

London Stock Exchange – Providing China Access to global Markets 04

Trading equities 05

SETS 05

SETSqx 05

SEAQ 05

International Order Book 05

Top 50 most trade equity securities 06

Exchange Traded Funds 07

ETFs on London Stock Exchange 07

RMB Development in London 07

Dim Sum bonds 08

Green bonds 09

What are green bonds? 09

How to list green bonds 10

London Stock Exchange ‘green bond’ milestones 10

Contents

Page 3: Introduction to London Stock Exchange Capital Markets Capital... · 01 Capital Markets introduction London Stock Exchange Group is a diversified international market infrastructure

01 Capital Markets introduction

London Stock Exchange Group is a diversified international market infrastructure and capital markets business sitting at the heart of the world’s financial community. This guide provides an overview of some of the key offerings from London Stock Exchange’s Capital Markets.

225 Asian equity issuers listed on London Stock Exchange markets

Since 2005, growing companies from China have raised over £2.6 billion on our markets

Over 1/3 of the 204 securities in the IOB DR markets are from Asia

£5.3 billion daily turnover on London Stock Exchange’s cash equities

FTSE was the first index provider to create a comprehensive range of China indices covering the full spectrum of Chinese share-types and asset classes

ETFs and funds tracking the FTSE China A50 Index and FTSE China 50 Index have respectively $12.6 billion and $9.6 billion of Assets Under Management*

31 Dim Sum bonds and 6 RQFII ETFs on London Stock Exchange markets

RMB and HKD trading currency lines offered for ETFs trading service.

* as of 30 April 2015

Background

Access to London’s deep pool of liquidity

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02 Capital Markets introduction

London Stock Exchange is home to about 2,500 companies and offers a choice of four markets: the Main Market, the Professional Securities Market (PSM), the Specialist Fund Market and AIM, reflecting our responsiveness to the differing needs of companies from around the world, and across all sectors.

Benefits for issuers

— Fundraising opportunities on a wide choice of public markets to suit issuers of different sizes and development status

— Cost-efficient access to a deep liquidity pool featuring the most international and diverse investor base

— Increased visibility and profile alongside an international peer group

— A pragmatic approach of principle based regulation and the highest standards of corporate governance

— High-quality services by a strong community of experienced and sophisticated financial professionals.

Main MarketThe Main Market is our flagship market for larger, more established companies.

London Stock Exchange is home to some of the world’s largest and most dynamic global companies. Underpinned by London’s balanced and globally-respected standards of regulation and corporate governance, the Main Market represents a badge of quality for every company admitted and traded on it and an aspiration for many companies worldwide. There are different routes to market catering for a range of businesses and securities:

PremiumCorporations in the Premium segment are constituents of the FCA’s Official List and are subject to the highest standards of regulation and governance.

StandardOpen to shares, depositary receipts and debt securities, the Standard segment is subject to EU minimum standards and is also part of the Official List.

High Growth SegmentThis segment has been specifically designed for equity securities of high growth, revenue generating businesses that are over time seeking to become Premium listed companies.

Joining the Main Market

— UK Listing Authority (UKLA), a division of the Financial Conduct Authority (FCA) to approve the prospectuses and admission of companies to the Official List

— London Stock Exchange to admit companies to trading on the Main Market.

Capital raisings by our issuers

Money raised USDm

70k

Graph key

New issues Follow on issues FTSE 100 Index

2004

2013

2014

2015

2005

2006

2007

2008

2009

2010

2011

2012

60k

50k

40k

30k

20k

10k

0k

Raising capital

8k

7k

Index points

6k

5k

4k

3k

2k

1k

0k

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03 Capital Markets introduction

AIMAIM is regarded by advisers, investors and companies as the most successful growth market in the world, having helped thousands of ambitious companies raise the capital they need to fund their growth and development. With the support of a dedicated community of advisers, AIM has grown from ten UK companies in six sectors to over 1,000 companies worth over £68 billion operating in more than 90 jurisdictions across 40 sectors.

Preparing to join AIMOnce you have decided that being a public company on AIM is the right option for your company’s future growth, you should consider the following points:

Business strategyAs a prospective AIM company you should have a clear vision and well-thought-out business plan showing how you will deliver growth and shareholder value.

Appropriate board structureCompany directors must be appropriate and capable of acting on a board of an AIM company. They will be responsible for ensuring your company’s compliance with the AIM Rules at admission and on a continuing basis. Your company’s board must consist of executive directors, managers of the business and non-executive directors serving as representatives of all shareholders. Non-executive directors can be an invaluable resource providing your company with a wealth of industry and financial markets experience and contacts.

Corporate structureYour business will need to have an appropriate legal structure in place, allowing external investors to buy a share of the business. The structure of a sole trader or a partnership is not suitable for a public market.

Appoint a Nomad and other key advisersThe Nomad will be the main adviser to your company during the admission process and thereafter. Other advisers also perform critical roles in the admission process and in supporting your company. They include a broker, a reporting accountant, legal advisers, public relations and investor relations firms.

Communicating with investorsBecoming a quoted company will involve changes in the way your company is run. Outside shareholders will receive a stake in your business in return for the capital they provide and will expect the business to be run for the benefit of all shareholders. Clear communication with investors will create an awareness and understanding of your company and help your company gain access to capital, increase liquidity in the company’s shares and achieve a fair valuation.

At a glance

Number of AIM companies 1,077

International AIM companies (by country of incorporation)

211

Aggregate market value £72.6 billion

Total number of admissions since launch— UK— International

3,5912,947644

Total capital raised since launch— New— Further

£92 billion£40 billion£52 billion

Transfers to Main Market 167

Number of admissions in 2014 YTD 118

Total capital raised in 2014 YTD— New— Further

£5.7 billion£2.6 billion£3.1 billion

Number of Nomads 40

Value traded in 2014 YTD £42.8 billion

Number of bargains in 2014 YTD 6.7 million

Number of Market Makers 52

Source: London Stock Exchange statistics – September 2014

Equity primary markets

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04 Capital Markets introduction

Global Depositary Receipts (GDR)London is a leading global GDR market. Close to 200 DR programmes (204 securities) from 43 countries are listed and traded on London Stock Exchange. London Stock Exchange operates the only dedicated GDR trading platform in the world – the International Order Book to admit companies to trading on the Main Market.

GDR issuers have raised close to USD 50 billion in London in 119 transactions over the last decade. In the process, a diverse and well established market infrastructure that supports overseas listings developed in London.

The London financial community has a long standing tradition in cross border transactions, drawing upon the wealth of knowledge and expertise of the large network of investment banking advisers, leading research analysts, legal advisers and other specialist consultants.

Today more international equity is managed out of London (c USD 1.9 trillion) than anywhere else in the world.

London Stock Exchange – Providing China Access to global Markets

Main Market AIM

Number of Chinese companies 8 49

Total market capital $171 billion $4 billion

Total money raised in last 10 years (USD)

£4.2 billion

48%Europe

37%North America

14%Asia

1%Other

Investor diversification – ownership of London Stock Exchange listed Chinese businesses

25%Financials

13%Basic materials

5%Technology

15%Consumer goods

12%Consumer services

3%Health care

13%Industrials

12%Oil & gas

2%Utilities

Number of China-focused companies by ICB industry

Blackrock Investment Management

Fidelity Worldwide Investment

Invesco Asset Management

JPMorgan Asset Management

Norges Bank Investment Management

Henderson Global Investors

Legal & General Investment Management

Lazard Asset Management

Selected institutions with holdings in London Stock Exchange listed Chinese companies

London is a leading global GDR market. Close to 200 DR programmes from 43 countries are listed and traded on London Stock Exchange.

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05 Capital Markets introduction

London Stock Exchange trading services are designed to maximise liquidity for all participants, including about 360 members. Four key trading services are available.

SETSSETS is London Stock Exchange’s flagship electronic order book, trading FTSE 100, FTSE 250, FTSE Small Cap index constituents, Exchange Traded Funds and Exchange Traded Products as well as liquid AIM, Irish and London Standard Listed securities.

— Underpinned by the provision of Market Makers’ electronically executable quotes throughout the trading day, providing liquidity in at least one Exchange Market Size (EMS)

— Ability to participate in the price formation process through placing order types such as ‘limit’ and ‘immediate or cancel’ directly onto the order book

— Opportunity to trade at the day’s actual closing price through the provision of the closing auction and the follow-up Closing Price Crossing Session.

SETSqxSETSqx (Stock Exchange Electronic Trading Service – quotes and crosses) is a trading service specifically designed for securities less liquid than those traded on SETS. SETSqx combines a periodic electronic auction book with standalone non-electronic quote-driven market making providing guaranteed liquidity in at least one Exchange Market Size (EMS) throughout the trading day.

— Suitable for less liquid instruments that are more reliant on Market Makers’ quotes

— Possibility to participate in the closing formation

— Process by trading in the closing auction

— Choice of trading in either the quote-driven or order book auction service

— Auctions are scheduled at 9.00, 11.00, 14.00 and 16.35. Electronic orders can be named or anonymous on submission and, for most securities, order book executions will be centrally cleared

— Closing price is set by the mid of the Market Makers collective Best Bid Offer, where there are no matched closing auctions orders.

SEAQLondon Stock Exchange’s non-electronically executable quotation service that allows Market Makers to provide firm quotes in AIM securities that are not traded on SETS or SETSqx. It is not available for new securities.

— Liquidity provided by Market Makers

— Provision of two-way prices in at least one EMS

— Suitable for less liquid instruments that would be more reliant on Market Maker quotes

— Only registered Market Makers can directly participate on-screen in the price formation process

— No maximum spread regime or CCP provision.

International Order BookLondon Stock Exchange operates the International Order Book (IOB), which offers cost-efficient, secure and transparent access to invest in some of the world’s fastest growing markets.

— Direct access to depository receipts from 43 countries including Russia, Central and Eastern Europe, Asia and the Middle East

— Largest market in Russian instruments outside of Moscow

— Growing sharing of trading on Asian securities including Samsung Electronics, Hyundai Motors, Reliance Industries and State Bank of India

— Deep pool of liquidity and Central Counterparty clearing service for approximately 100 members

— Member firms can register as Market Makers in any IOB security

— Provides a deep and liquid market through the similar underlying technology infrastructure found on SETS.

IOB issuers by country as of incorporation as of end of April 2015

Trading equities

Daily average value traded in equity securities

£5.3bn

average daily turnover on IOB

$520m

39 Russian Federation 9 Cyprus

29 India 6 Greece

27 Taiwan 5 Turkey

17 South Korea 4 Kazakhstan

10 Egypt 58 Other

922SETS

523SEAQ

958SETSqx

Equity securities by trading service

204IOB

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06 Capital Markets introduction

Top 50 most traded equitiy securities on London Stock Exchange Q1 2015

Market segment code Issuer Value traded (£ billions)

Value traded ($ billions)

Number of trades

SET0SET0SET0SET0SET0SET0SET0SET0SET0SET0SET0SET0SET0SET0SET0SET0SET1SET0SET1SET0IOBESET1SET1SET1IOBESET0SET0SET1IOBESET1SET1SET1SET1SET1SET1SET1SET1SET1SET1SET1SET1SET1SET1SET1IOBESET1SET1SET1SET1SET1

ROYAL DUTCH SHELL PLCBP PLCHSBC HLDGS PLCRIO TINTO PLCBHP BILLITON PLCGLAXOSMITHKLINE PLCVODAFONE GROUP PLCASTRAZENECA PLCGLENCORE PLCBRITISH AMERICAN TOBACCO PLCBG GROUP PLCBARCLAYS PLCSTANDARD CHARTERED PLCSABMILLER PLCDIAGEO PLCLLOYDS BANKING GROUP PLCUNILEVER PLCNATIONAL GRID PLCSHIRE PLCANGLO AMERICAN PLCLUKOIL (OAO)IMPERIAL TOBACCO GROUP PLCRECKITT BENCKISER GROUP PLCBT GROUP PLCOAO GAZPROMTESCO PLCPRUDENTIAL PLCROLLS-ROYCE HOLDINGS PLCSBERBANK OF RUSSIAWPP PLCCRH PLCREED ELSEVIER PLCSSE PLCCENTRICA PLCAVIVA PLCARM HOLDINGS PLCCOMPASS GROUP PLCINTL CONSOLIDATED AIRLINES GROUP SASKY PLCROYAL BANK OF SCOTLAND GROUP PLCBAE SYSTEMS PLCPEARSON PLCSMITH & NEPHEW PLCRANDGOLD RESOURCES LDMMC NORILSK NICKELLEGAL & GENERAL GROUP PLCNEXT PLCCARNIVAL PLCITV PLCEASYJET PLC

13.728.838.287.657.186.956.956.485.705.685.425.045.014.754.704.674.584.184.133.943.883.763.593.533.523.413.393.323.123.032.892.612.452.452.432.382.372.342.262.172.052.051.891.771.721.671.621.611.591.58

20.7613.3612.5311.5910.8810.5310.53

9.818.628.598.217.627.597.197.117.066.936.346.255.975.885.685.455.365.345.175.125.044.734.594.363.963.713.713.673.603.593.543.443.283.103.102.872.682.612.522.442.432.402.39

1,296,4501,204,266

776,1661,032,829

929,294586,136738,250800,013

1,050,176663,259

1,101,373696,707897,075644,386535,737821,365414,048590,125447,202577,352

544,991387,561271,820450,933717,357648,677357,787400,616791,132271,557307,987267,369238,918391,268322,334281,613237,619384,422273,614371,392228,056234,741215,274322,830330,797210,390160,844272,455262,245261,336

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07 Capital Markets introduction

ETFs on London Stock Exchange

— London Stock Exchange Group won the global ETF award as the biggest European exchange for volume and the most proactive exchange

— London Stock Exchange ETF trading is the largest in Europe with 34.4% market share in April 2015

— Total ETF/ETP on-exchange turnover for 2014 was £186.3 billion with 2.3 million trades

— Since the first ETF listing in 2000, London Stock Exchange has become home to over 1,100 ETFs and other ETPs with 25 issuers, the largest and most diverse product range in Europe

— Strong demand from both institutional and retail investors for investing in cost-efficient, diversified products has contributed to this growth

— There are 22 registered market makers and over 100 other member firms actively trading ETFs and providing liquidity throughout the trading day

— Possible to trade each ETF or ETP in up to six currency lines (GBP or GBp, EUR, USD, CHF, HKD and RMB)

— All ETFs and ETPs on London Stock Exchange are supported by at least one market maker committed to providing two-way prices within maximum specified spread and minimum quote size

— Market transparency through the reporting of all order book trades as well as off-book trades in London Stock Exchange ETFs and ETPs

— OTC Trade Reporting allowing the print of non-London Stock Exchange listed European ETFs.

Daily average on-exchange turnover

£775m

RQFII ETFs listed 6

Did you know that…?

— Assets in ETFs/ETPs listed in Europe reached a new record of US$511 billion at the end of April 2015

— European ETF’s share of the region’s cash equities turnover has grown from 5% in 2009 to 9.6% as of the end of January 2015

— European ETFs comprised 3.4% of the continent’s mutual fund industry as of February 2015

RMB Development in London London is at the forefront of RMB development and has taken key steps to support this new initiative:

— RQFII provides UK investors access to Chinese mainland domestic markets

— 5 RQFII Equity ETFs listed since 2014 giving investors direct exposure to Chinese A-Share equities for the first time

— The first London listed RMB denominated money market ETF was launched in March 2015, giving European investors access to China Interbank Bond Market securities

— London Stock Exchange offers off-shore CNY and HKD as trading currencies for ETFs listed on our market, supported by clearing and settlement

— These developments reflect great investor demand for access to China and contribute to London’s emergence as a leading global centre for RMB trading.

Exchange Traded Funds

RMB ETFs – the First Step into China

International investors have the opportunity to access Chinese Equities and Fixed Income

markets on London Stock Exchange

London Stock Exchange has established secondary market trading arrangements for trading, clearing and settlement in Chinese

Renminbi (CNY) and Hong Kong Dollar (HKD).

Post trade infrastructure becomes easier as the system is already set up for RMB

denominated securities listed in London.

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08 Capital Markets introduction

There are currently 31 Dim Sum bonds listed on London Stock Exchange’s markets with a combined outstanding amount of CNY 23.6 billion.

Benefits of listing debt in London

— Listing on a highly visible market allows companies to raise their profile with investors globally

— Great flexibility for issuers, in terms of bond structuring and currencies

— Choice of two routes to market, Main Market listing or Professional Securities Market (PSM)

— A single gateway to access European and global investors

— Competitive listing cost, London Stock Exchange does not charge an annual fee for debt issuers.

Listing debt in London – a two-stage process

31Dim Sum bondslisted on LondonStock Exchange’smarkets

RMB Bonds – growing momentum

17th June 2010 First RMB denominated bond – Listed on London Stock Exchange

May 2012 First RMB retail denominated bond – Listed and traded on London Stock Exchange

January 2014 The largest RMB bond issue outside Greater China

June 2014 The first green dim sum bond

October 2014 UK Government issues the first non-Chinese sovereign offshore RMB bond

March 2015 CCB lists first ever RMB-denominated money market ETF in international form

Dim Sum bond issues in 2015

Issuer Issue date Issue size

Commonwealth Bank

26 February 2015 CNY 260 million

Commonwealth Bank

9 March 2015 CNY 187 million

NBAD 17 March 2015 CNY 200 million

QNB Finance 26 March 2015 CNY 160 million

QNB Finance 1 April 2015 CNY 190 million

QNB Finance 2 April 2015 CNY 200 million

First Gulf Bank 9 April 2015 CNY 400 million

Commonwealth Bank

9 April 2015 CNY 150 million

ListingAdmission to the UK Official List (UK Listing

Authority / Exchange Admissions Team)

Admission to tradingAdmission to London Stock Exhange’s

markets managed by the Exchange Admissions Team

Dim Sum bonds

Access the most liquid debt market in Europe

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09 Capital Markets introduction

Green bonds

What are green bonds?‘Green bonds’ are any type of bond instrument where the proceeds will be exclusively applied to finance or re-finance in part or in full new and/or existing eligible ‘green’ projects.

The key feature of green bonds is the use of proceeds, which are described in the bond’s legal documentation, separately managed within the company, as well as monitored and reported throughout the life of the instrument. Categories of potential eligible green projects include renewable energy, energy efficiency, sustainable waste management, sustainable land use, biodiversity conservation, clean transportation, climate change and adaption.

With growing investor emphasis on sustainability, green bonds are one of the fastest growing market segments internationally. A record $36 billion of green bonds were issued in 2014, almost tripling 2013 total green bond issuance, and global green bond issuance is expected to reach the $100 billion mark in 2015.

LSEG is a partner exchange of the United Nations Sustainable Stock Exchanges (SSE) initiative.

London Stock Exchange Group’s activity in green financing is focussed on two key areas: fixed income products and information services/indices. Through a range of new initiatives, LSEG intends to broaden its offering and support London in becoming the preferred listing venue for debt and equity Low Carbon Economy (LCE) financial instruments.

Through its FTSE Russell business, LSEG is looking at further opportunities to increase transparency in the green bond market, by providing issuers with a more efficient tool to report on sustainable initiatives, and offering investors a comprehensive product to assess a wide range of financial instruments against an innovative LCE framework.

$ billions

2011

100

80

60

40

20

0

Global issuance (USD)

Sources: actual data from Bloomberg; projections from Climate Bond Initiative (www.climatebonds.net)

2012 2013 2014 2015 projection

0.00673

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10 Capital Markets introduction

How to list green bondsGreen bonds have the same regulatory status of equivalent “non-green” bonds and can normally be issued through standard base prospectuses. To admit green bonds to London Stock Exchange’s dedicated ‘green bond’ segments, issuers are required to provide the Exchange with the relevant “second opinion” document that certifies the ‘green’ nature of the bonds (see below). The choice of the certification provider is up to the issuer and its advisers. London Stock Exchange has outlined guidance on a set of criteria that the certifier should meet in order for the certified instruments to be included in the relevant LSE green bond segment.

Issuers admitting bonds to the “green bond” segments on London Stock Exchange must provide a third party certification that the instruments are considered “green bonds” and a written confirmation that the entity that has been appointed to conduct the green bond certification meets the following criteria:

— Be a legal entity with a registered office in the European Economic Area or Switzerland and that such entity have the required financial resources to conduct the verification

— Be independent of the entity issuing the bond, its directors, senior management and advisers. In particular, the organisation providing the second opinion must not be a subsidiary or owner, either in full or in part, of the entity issuing the bond

— Be remunerated in a way that prevents any conflicts of interests arising as a result of the fee structure

— Have the required financial resources to conduct the verification

— Be an entity* specialising in assessing the framework of the bonds’ environmental objectives, with sufficient financial and market-specific expertise to perform a comprehensive assessment of the use of proceeds. Such expertise could be demonstrated for example by:

– Affiliation with relevant and widely recognised industry bodies; or

– Significant and appropriate previous experience in providing second opinions on green bonds.

* e.g. a research organisation or a certification company, or an entity of which one of its departments offer services in the relevant certification industry

London Stock Exchange ‘green bond’ milestonesQ4 2009First green bond listed by World Bank on London Stock Exchange’s markets

May 2014London Stock Exchange Group joins UN’s Sustainable Stock Exchanges (SSE) initiative

Q2 2014International Finance Corporation (IFC) issues the first Renminbi-denominated green bond, raising RMB 500 million. This was the first green bond issued by a multilateral institution in the offshore Chinese markets

Q2 2015Transport for London lists its debut green bond, raising £400 million, to improve sustainability of London transport network

Q3 2015London Stock Exchange expands its range of dedicated green bond segments to offer increased flexibility for issuers

LSEG has welcomed 15 green bonds to its markets, raising more than $2.5 billion. In 2014, nine green bonds were listed on LSE. London Stock Exchange has recently launched two new dedicated ‘green bond’ segments as part of the Order book for Fixed Income Securities and an additional set of ‘green’ segments offering trade reporting, end-of-day and continuous quoting options. No other global exchange has such a comprehensive specialist offering for green bonds.

Issuers can benefit from the additional transparency of secondary market trading and global reach of the London markets.

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11 Capital Markets introduction

Notes

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12 Capital Markets introduction

Notes

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London Stock Exchange 10 Paternoster SquareLondon EC4M 7LSTelephone +44 (0)20 7797 1000www.lseg.com

Primary Markets TeamTelephone +44 (0)20 7797 3429www.londonstockexchange.com/aimwww.londonstockexchange.com/mainmarket

Equity & Derivatives TradingTelephone +44 (0)20 7797 [email protected]/iob

ETF TeamTelephone +44 (0)20 7797 [email protected]/etfs

Fixed Income TeamTelephone +44 (0)20 7797 [email protected]/rmbbonds

London Stock Exchange plc is authorised by the Hong Kong Securities and Futures Commission under Part III of the Hong Kong Securities and Futures Ordinance to offer to provide automated trading services in Hong Kong. The contents of this brochure have not been reviewed by any regulatory authority in Hong Kong. This brochure is for information purposes only. London Stock Exchange plc has made reasonable efforts to ensure that the information contained in this brochure is correct at the time of printing, but shall not be liable for any decisions made in reliance on it.

© June 2015 London Stock Exchange plc. Registered in England & Wales No 02075721.