The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

LSE counter-attacks Swiss upstarts

The London Stock Exchange might be willing to countenance merger discussions once again with Deutsche Börse, but it is not content to stand idly by while the Swiss Exchange (SWX) tries to poach its lucrative Eurobond business.

As of the beginning of this year, EU issuers have had to report under International Financial Reporting Standards. The EU prospectus directive, to be introduced in July, will mean that those issuing in the EU will have to produce annual reports and greatly enhance disclosure. The rule is designed to protect retail investors ? bonds with a face value of more than e50,000 are excluded from compliance to avoid adversely affecting the institutional market. But many market players say this is an artificial distinction. Some institutions issue bonds for less than e50,000 and no convertible bonds of any value at all are exempted under the prospectus directive.

SWX announced new listing rules last November that will make it possible to issue bonds under foreign law and list them outside the EU in Switzerland, as of the beginning of next month, to avoid these new restrictions. The aim was to help Switzerland take more business away from the two centres where most Eurobonds are listed, Luxembourg and London.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree