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London Stock Exchange upgrades international order book

13 January 2014  |  1105 views  |  0 Source: London Stock Exchange

London Stock Exchange today announced several important changes to its International Order Book - the world's leading trading venue for Global Depository Receipts (GDRs) - to bring it in line with the SETS market, home to FTSE 100 and FTSE 250 index constituents.

The changes below, which follow a market-wide consultation, will be implemented from 10 February, 2014.

— IOB opening time to match that of SETS market

— Tick sizes for the most liquid IOB securities to be reduced to align with FTSE 100 stocks

— Move from T+3 to T+2 settlement cycle in line with wider EU harmonisation (October implementation)

Anastasia Kutsepalova, Head of International Business, London Stock Exchange said:

"These important changes recognise the exceptional growth and development of the IOB market. Many of its securities trade as heavily, if not more so, than the most liquid FTSE 100 stocks and it's appropriate to provide our customers with a market structure that matches its status as the world's leading GDR market. These improvements will mark the next stage of the IOB's development and support the strong interest we are seeing from new issuers and international investors."

There are 207 GDRs listed on the International Order Book with issuers from over 44 countries. Since its launch in 1998, more than $110bn has been raised by companies on the market which sees an average annual daily turnover of more than $700m. High profile IOB securities include: Lukoil, Sberbank, Samsung, Reliance Industries (India) and Gazprom.

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