The London Stock Exchange announced that it will accept applications to accept Bitcoin exchange-traded crypto-notes (ETNs) starting April 8, 2024. This decision follows an earlier notice by the exchange on March 11, indicating its intention to allow trading of cryptocurrencies. Crypto ETNs in the second quarter of the year.
Only in: 🇬🇧 The London Stock Exchange launches a market for #Bitcoin Securities traded on the stock exchange on May 28. pic.twitter.com/hEStU4xUrc
– Bitcoin Magazine (@BitcoinMagazine) March 25, 2024
Subject to the FCA approving the basic prospectuses, the exchange plans to commence trading of these exchange-traded securities on Tuesday, 28 May 2024. This move is intended to ensure maximum issuer participation on the first trading day and to allow issuers sufficient time to prepare their documents and meet the requirements Organizational.
“We have decided to launch the market for Crypto ETNs on May 28, 2024 to enable as many issuers as possible to be present in the market on the first day of trading,” the notice said. “When choosing this date, we took into account that we need to ensure that issuers meet the consideration requirements detailed in the Crypto ETN Fact Sheet and, importantly, that it will also enable issuers that plan to accept securities on the launch date, to prepare documentation. Crypto ETN program which will require FRA approval of the basic prospectus.”
Issuers interested in listing securities on the main market on May 28 must submit the necessary information to the exchange by April 15. This includes details on how the issuer and/or ETN meets the requirements set out in the Crypto ETN Fact Sheet and the draft Base Prospectus highlighting the relevant disclosures.
However, issuers who fail to meet the specified requirements, submit their applications after April 15, or do not have their base prospectus approved by the FSA by midday on May 22, 2024, will not be eligible to participate on the first day of trading.
