What we do
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Our business has four core areas:

Markets

The Exchange enables companies from global giants to smaller enterprises around the world to raise the capital they need to grow, with a choice of four primary markets:

Main Market – regarded by investors and companies as the world’s most prestigious listing and trading environment.


AIM – equities market for smaller growing companies


Professional Securities Market - for listed debt and depository receipt securities


Specialist Fund Market - which is dedicated to specialised investment entities


Once companies have been admitted to trading, we help companies maximise the value of their listing.



Trading services


The Exchange provides a highly active and efficient market for trading in a wide range of securities, including UK and international equities, debt, covered warrants, exchange traded funds (ETFs), reits, fixed interest, contracts for difference (CFDs) and depositary receipts.
In June 2007 the Exchange launched TradElect, a new trading system giving us greater ability to develop and enhance our range of services. Both capacity and speed of trading have increased with over 600,000 trades executed daily and each trade completing in 6 milliseconds.



Market data information


Direct from the source, we supply high quality, real-time and historical prices, news, and other financial data information to the global financial community. We also have strong relationships with other leading data vendors, helping to ensure the markets receive the information they depend upon.
We invest heavily in the best technology to create new applications for our data. We work closely with world-class partners to constantly upgrade our products and services.





Derivatives


Our derivatives business is a pioneering diversification beyond our core equity markets. EDX London is our international equity derivatives exchange and our aim is to become the world’s most efficient and liquid market for equity derivatives. The UK covered warrants market is one of the world's fastest growing investment markets. We host five blue-chip issuers offering over 800 warrants and certificates on single stocks and indices in the UK and around the world.

Access and network services
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Member firms connect to the Exchange to receive real-time trading, information and other services. This section tells you more about connecting to the Exchange and about other network services available to member firms.


Trading and Information access
Connecting to the Exchange, either directly or through a licensed data distributor.


Extranex
Our communications network, the direct link to our trading and information services.


CREST network service
A secure and cost effective way to connect to the CREST settlement system.


STX
The private telephone network for securities professionals.


Exchange reporting service
Enabling member firms to report trades online.


Network Service Providers
Here you will find details of our NSP partners and also documentation relating to the service.


Exchange Hosting
Exchange Hosting is a new connectivity service that provides customers with the fastest access to the Exchange’s trading and information systems.


Member Authorised Connection (MAC)
MAC enables non-member firms to connect directly to the Exchange's centrally cleared order driven markets under an authorising member firm's trading codes

Security Types
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This section details the security types traded on our markets.

Bonds
More on the issuing and listing of bonds on our market.

Covered Warrants
More on the opportunities presented by the fast-growing market in covered warrants.

Exchange Traded Commodities
Simple and efficient securities that provide exposure to a range of commodities and commodity indices

Exchange Traded CFDs
The Exchange is introducing a new service enabling participants to trade Contracts for Difference (CFDs) on the same liquid, centrally cleared order book as the underlying.

Exchange Traded Funds
Simple, low-cost and flexible investments that track indices and sectors in the UK, US and European markets.

Global Depositary Receipts (GDRs)
Enabling overseas companies to gain access to London's pool of liquidity whilst giving investors greater exposure to emerging markets.

Ordinary Shares
The most common security type traded on the London Stock Exchange.

Structured Products
From plain trackers to products with more sophisticated expiry profiles, discover the opportunties presented by listed structured products.

Membership and trading
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We provide a secondary market for trading in a wide range of securities including, UK and international equities, AIM securities and depositary receipts.

Located at the centre of the financial industry, the London Stock Exchange is universally recognised as the world's most international exchange.

Our dedication to excellence is demonstrated through our world class technical and trading offering combined with our superior client service and partnership.

This section of our website is a source of information for all those interested in our trading services and products.

Key areas within Membership and trading:

How to become a member firm including a list of existing members.

Learn about trading access and trading services and products we offer, along with their prices and contract details.

For guidance on the business and technical aspects of our systems you can turn to the technical library.

Our rules and regulations section contains information on our regulatory forms and Stock Exchange Notices.

Information products & services

Every second of the trading day the London Stock Exchange generates information ranging from data on individual trades and share price movements to company announcements.

You can receive this valuable data direct from the Exchange, plus a range of information services to keep you informed and help you analyse our markets.


UnaVista

UnaVista is the Exchange’s global data integration, validation, matching and reconciliation service. By standardising global reconciliations in one service, UnaVista can reduce the risk and costs associated with maintaining multiple applications while automating and streamlining operations.


Analytical & historical products

Our Specialist Information Products are reference tools allowing users to research and cross-reference historical data on share activity. Detailed statistics on individual trades help users validate trades and settlements, reconcile portfolios and calculate performance. Other Information Products give advance warning of corporate actions and shares’ ex-dividend status.


Company News - RNS

RNS™ is the leading publisher of company announcements to the global investment community. Traders and investors all over the world rely on RNS to bring them price-sensitive information quickly and securely.


Corporate Actions

Information on the Exchange’s corporate actions products including details of the new ISO15022 Corporate Actions service.


Extranex

Our communications network, the direct link to our trading and information services.


Participant services

The Participant Trading Service provides intraday, tick by tick trading data filtered specifically for that participant including Participant Trade Data, Execution Quality, Market Share, Named Market Share and ITC.


Real-time market data

All the activity of the London Stock Exchange markets broadcast live, as it happens. All real-time data is delivered by our data feed system: Infolect™. This section provides more details on the different levels of data available.


SEDOL Masterfile™

Information on our Reference Data products, including SEDOL Masterfile enhancements and the new ISO15022 Corporate Actions service.

Current Status
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The Exchange is currently in Phase 2 of its default process. Data collection and data verification between the numerous parties concerned is complex and highlights a number of inconsistencies. As soon as reconciliations are complete on a counterparty by counterparty basis the Exchange will issue clarification and / or confirmation emails to both the counterparties in question and to the Defaulter.

Phase 1 - Declaration

Declare Default
Fix Hammer Prices
Stop Settlement
Request Data

Phase 2 - Data Collection and Reconciliation of on-Exchange market contracts

LSE trade report data collection
EUI data collection
Euroclear Bank data collection
DTCC data collection
Defaulter's data collection
Member firm counterparties data collection
Non member firm counterparties data collection
Conduct reconciliation
Issue clarification emails and data extracts to counterparties & defaulter
Issue confirmation emails and data extracts to counterparties & defaulter

Phase 3 - Issue of Net amount certificates ("NACs")

LSE to issue NACs to member firms and non member firm counterparties.

Lehman Brothers International (Europe) Default
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Below you will find some information that can be used by member firms in their queries in relation to the default of Lehman Brothers International (Europe) Limited ("Lehmans") which was declared at 11:00 on Monday 15 September 2008. The Exchange will continue to update this information.


Administrator information - PricewaterhouseCoopers LLP ("PWC")
Here is a link to PWC's website which provides information in relation to the administration of Lehman Brothers International (Europe).


Trading on Monday 15 September 2008

The Exchange confirms that Lehmans has not effected any on-Exchange transactions on 15 September, including any transactions on the International Order Book.


Default Procedures

The operation of the Exchange's default procedures, in accordance with the provisions of the companies act 1989, is designed to produce a net sum calculation of the liabilities owed to and by the defaulter with respect to each of its counterparties to unsettled non CCP on-exchange trades. Under the rules of the London Stock Exchange the Exchange will determine the net amount payable between Lehman and each of its counterparties in respect of unsettled on Exchange trades as at the time of default (11:00 hrs on Monday 15 September 2008).


In accordance with paragraph D121 of the rules, this net amount will be certified by the Exchange and may be proved as a debt by the defaulter or counterparty as applicable. Following this certification, it is for the defaulter and it's counterparties to organise the associated payments. The Exchange is not authorised to engage in the payment process and its role in the default will cease once it certifies the net amount payable.