London Stock Exchange to Launch Bitcoin Crypto Exchange-Traded Notes (ETNs) Market
TLDR:
- London Stock Exchange to accept applications for Bitcoin Crypto Exchange-Traded Notes (ETNs) starting April 8, 2024.
- Trading of Crypto ETNs is set to commence on May 28, 2024, subject to FCA approval of base prospectuses.
- Issuers must submit necessary information by April 15 to participate in the first day of trading; failure to meet requirements will render them ineligible.
The London Stock Exchange has announced its decision to accept applications for the admission of Bitcoin Crypto Exchange-Traded Notes (ETNs) starting April 8, 2024.
This move follows the Exchange’s earlier notice on March 11, signaling its intent to permit the trading of Crypto ETNs in the second quarter of the year.
Subject to approval by the Financial Conduct Authority (FCA) of the base prospectuses, the Exchange plans to initiate trading of these ETNs on Tuesday, May 28, 2024.
This strategic timing aims to ensure maximum issuer participation on the first trading day and provide ample time for issuers to prepare documentation and meet regulatory requirements.
JUST IN: 🇬🇧 London Stock Exchange to launch market for #Bitcoin exchange traded notes on May 28. pic.twitter.com/hEStU4xUrc
— Bitcoin Magazine (@BitcoinMagazine) March 25, 2024
“We have decided to launch the market in Crypto ETNs on 28 May 2024 to enable the maximum number of issuers to be present in the market on the first day of trading,” stated the notice.
“In choosing this date, we have taken into consideration the need to ensure that issuers meet the requirements for consideration detailed in the Crypto ETN factsheet, and importantly, it will also enable those issuers planning on admitting securities on the launch date, time to prepare documentation to establish a Crypto ETN programme which will require a base prospectus to be approved by the FCA.”
Issuers seeking to list securities on the Main Market on May 28 must submit requisite information to the Exchange by April 15.
This includes details on how the issuer and/or the ETN will meet the requirements outlined in the Crypto ETN factsheet, along with a draft of the base prospectus highlighting relevant disclosures.
However, issuers failing to meet specified requirements, submit applications after April 15, or have their base prospectus unapproved by the FCA by midday on May 22, 2024, will not be eligible to participate in the first day of trading.
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