Reported by The Block, two weeks after announcing it was accepting applications for bitcoin and ether crypto exchange-traded notes, the London Stock Exchange has announced May 28 for trading to begin.
"In choosing this date we have taken into consideration that we 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," the LSE said in a market notice issued Monday.
Among the requirements detailed in the Crypto ETN factsheet was, "Crypto ETNs admitted to trading on LSE are only appropriate for professionals and are only available under trading segments specifically designated as 'Professional investors only.'"
ETNs are essentially debt securities that track an underlying asset. Thus, Crypto ETNs will enable investors to trade securities that mirror the performance of crypto assets on the exchange.
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