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Admission to trading
Practical Law UK Glossary 9-207-0143 (Approx. 5 pages)
Glossary
Admission to trading
Broadly, refers to shares, or other securities, of an issuer being admitted to trading on a market but has specific meanings, depending on the context:
- In the Listing Rules (LR), admission of a company’s shares, or other securities, to trading on a market for listed securities of a UK recognised investment exchange (UK RIE). In effect, this means admission to a UK regulated market, such as the Main Market of the London Stock Exchange (LSE), or admission to the LSE's Professional Securities Market (PSM), which is a UK multilateral trading facility (UK MTF) aimed at professional investors for listed debt securities, convertibles and depositary receipts.
- In the Prospectus Regulation Rules (PRR), admission of shares, or other securities, of an issuer to trading on a UK regulated market.
- In the Disclosure Guidance and Transparency Rules (DTR), admission of shares, or other securities, of an issuer to trading on a UK regulated market.
- In the Admission and Disclosure Standards (ADS), admission to trading on the markets of the LSE, other than AIM, such as the Main Market.
The AIM Rules for Companies do not define "admission to trading" but refer to securities being admitted to trading on AIM, which is a UK MTF.
When considering this term in the context of financial services, reference should be made to the FCA Handbook glossary definition of admission to trading.