Module 1 · Chapter 2

Choosing the Market: Euronext Dublin’s Regulated Market

Professional investors can buy a bond without a prospectus, but listing it on a regulated market needs one. The issuer chooses where to list, which regulator approves the document, and which market to use.

≈ 7 min read 8-question test

In this chapter

  • Why a company lists its bond, and why the listing needs a prospectus when the sale does not
  • How the issuer chooses its regulator and its market, and why
  • Who approves the prospectus, who admits the bonds, and what you file

2.1Choosing the market in one paragraph

Valkenrade sells its Notes only to professional investors, and it lists them on Euronext Dublin, the Irish stock exchange. The sale needs no prospectus. The listing does, because the Notes join the exchange’s regulated market, the kind of market with the strictest rules for issuers.

So Valkenrade had two choices to make: which country’s regulator approves the Prospectus, and which of the exchange’s markets to join. It chose the Central Bank of Ireland and the regulated market.

Key point

The listing, not the sale, needs a prospectus. So the choice of market also decides who approves the document and which rules apply.

Also in this chapter

  1. Why a company lists its bond
  2. The sale and the listing: two different tests
  3. Choosing the home Member State
  4. The regulated market or the Global Exchange Market
  5. Who approves, who admits and who files
  6. Your job

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