London Stock Exchange launches Bitcoin ETN market in May
The London Stock Exchange announced that it will begin accepting applications for Bitcoin cryptocurrency exchange-traded notes (ETNs) from April 8, 2024. This decision follows a previous notice issued by the exchange on March 11, indicating its intention to allow Bitcoin trading. Cryptocurrency ETN in the second quarter of this year.
JUST IN: 🇬🇧 Scheduled for market launch on the London Stock Exchange #Bitcoin Exchange notes traded on May 28th. pic.twitter.com/hEStU4xUrc
— Bitcoin Magazine (@BitcoinMagazine) March 25, 2024
Subject to approval by the Financial Conduct Authority (FCA) for the base prospectus, the exchange plans to commence trading of these ETNs on Tuesday, May 28, 2024. These measures aim to maximize issuer participation and enable issuers to participate on the first trading day. Sufficient time is needed to prepare documentation and meet regulatory requirements.
“We have decided to launch the cryptocurrency ETN market on May 28, 2024 to ensure the maximum number of issuers present in the market on the first day of trading,” the notice states. “In selecting this date, we took into account the need to ensure that issuers meet the considerations detailed in the Crypto ETN factsheet, and importantly, we ensure that issuers wishing to admit securities on the launch date can have their documentation ready. Establishing a Crypto ETN program that would require a base prospectus to be approved by the FCA.”
Issuers interested in listing securities on the primary market on May 28 will have until April 15 to submit the required information to the exchange. This includes details and drafts of how the issuer and/or ETN will meet the requirements outlined in the Crypto ETN Factsheet. A basic prospectus that highlights relevant disclosures.
However, issuers that do not meet the specified requirements, submit their application after 15 April or do not have their framework prospectus approved by the FCA by noon on 22 May 2024 will not be able to participate on the first day of trading.
